Tolima Gold Inc. Management Purchase Shares of the Company

TORONTO, ONTARIO--(Marketwire - June 14, 2012) - Tolima Gold Inc. ("Tolima" or the "Company") (TSX VENTURE:TOM) announces the purchase of common shares of the Company ("Shares") by members of management.

Andrew DeFrancesco, the Executive Chairman of Tolima, purchased 360,000 Shares on the open market at a price of $0.32 per Share on May 25, 2012, as well as 180,000 Shares by private sale at a price of $0.65 per Share on May 29, 2012. As of the date of this press release, Mr. DeFrancesco holds approximately 3,165,000 Shares (representing approximately 2.63% of the issued and outstanding Shares), as well as warrants to purchase 675,000 Shares and options to purchase 1,250,000 Shares.

Jaime Lopez, the Chief Executive Officer of Tolima, purchased 31,000 Shares on the open market at a price of $0.32 per Share on May 25, 2012. As of the date of this press release, Mr. Lopez holds approximately 900,733 Shares (representing approximately 0.75% of the issued and outstanding Shares), as well as options to purchase 750,000 Shares.

Augusto Lopez, a Director of Tolima, purchased 310,000 Shares on the open market at a price of $0.32 per Share on May 25, 2012. As of the date of this press release, Mr. Lopez holds approximately 1,751,667 Shares (representing approximately 1.45% of the issued and outstanding Shares), as well as warrants to purchase 187,500, Shares and options to purchase 250,000 Shares.

Information Concerning Tolima

Tolima is a gold exploration and development company with contractual interests in gold properties in Colombia. Tolima's properties include the Remedios Project, located in the Remedios/Segovia mining district in the Antioquia Department of Colombia, with over 12,000 hectares of exploration ground, several exploration targets, two old mines being rehabilitated (the "San Pablo" and "Bartola" mines) and a gold processing and recovery plant located in the area of the "San Pablo" mine with capacity of approximately 100 tons per day; the Marmato Project, located in the Marmato/Caramanta district in the Caldas and Antioquia Departments of Colombia, including more than 28,000 hectares of exploration ground; and the Nortol project, located in the Tolima Department of Colombia, including more than 40,000 hectares of exploration ground and the "Papayo" mine, which is also being rehabilitated. Tolima is continuing to explore opportunities for the acquisition of additional mining interests in prospective mining districts in Colombia.

Cautionary Statements

The ownership interest in the Company's mining properties derive from applications for concessions or mining titles beneficially held, which are subject to formal assignment to the Company's operating subsidiaries. Such applications and assignment are subject to review by the relevant mining authority and to registration before the National Mining Registry of Colombia in order to confirm current compliance with the terms of each mining property and meeting with certain legal, financial and technical criteria. There is no certainty as to if or when issuance of mining titles from applications or formal registration of assignments will be achieved.

Forward-looking statements

This news release contains certain "forward looking statements" including, for example, the ability of Tolima to achieve formal assignment and registration of its mining properties and the ability to carry out exploration activities. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: receipt of government and third party approvals in respect of transferring assets, the state of the capital markets; tax issues associated with doing business internationally, the ability to successfully manage the political and economic risks inherent in pursuing mineral exploration opportunities in Colombia; and the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner to develop the business. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, Tolima does not intend, and disclaims any duty or obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise.