Tolima Gold Announces US$500,000 Private Placement of Debentures

NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO U.S. NEWS WIRE
SERVICES 


Tolima Gold Inc. (TSX VENTURE:TOM) (the "Company" or "Tolima"), is pleased to
announce a private placement offering of secured debentures in the principal
amount of US$500,000. The Company has issued US$250,000 principal amount of
secured debentures and expects to issue a further US$250,000 principal amount of
secured debentures in the next week. Tolima will use the proceeds for working
capital and general corporate purposes. 


The debentures are secured by a first ranking security interest against Tolima's
assets, bear interest at a rate of 18% annually and mature on October 25, 2014.
In addition, holders of debentures were also issued 2,000,000 common shares in
the capital of Tolima (the "Common Shares"). 


PowerOne Capital Markets Limited acted as arranger and collateral agent for the
lenders and received a US$25,000 fee in consideration therewith.


Information Concerning Tolima

Tolima is a gold exploration and development company with contractual interests
in gold properties in Colombia. Tolima's mineral properties are the Remedios
Project, located in the Remedios/Segovia mining district, including the San
Pablo and Bartola mines, located in the Antioquia Department of Colombia; the
Ancal/Marmato Project, located in the Marmato/Caramanta district in the Caldas
and Antioquia Departments of Colombia; and the Nortol project, including the
newly acquired Papayo property, located in the Northern part of the Tolima
Department of Colombia. Tolima continues to explore opportunities for the
acquisition of additional mining interests in prospective mining districts in
Colombia. 


Forward-Looking Statements

Certain statements in this press release that are predictive in nature, that
depend upon or refer to future events or conditions, or that include words such
as "expects", "anticipates", "intends", "plans", "believes", "estimates", or
similar expressions, are forward-looking statements within the meaning of
securities law. 


NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Tolima Gold Inc.
Andrew DeFrancesco
(416) 362-4441


Tolima Gold Inc.
Lisa-Marie Iannitelli
(416) 362-4441

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