Tolima Gold Announces Private Placement of Common Shares

Tolima Gold Inc. (TSX VENTURE:TOM) ("Tolima" or the "Company") is pleased to
announce a non-brokered private placement offering of 16,100,000 common shares
at price of $0.05 per share for aggregate gross proceeds of $805,000 (the
"Purchase Price").


Tolima intends to use the Purchase Price for working capital and general
corporate purposes. The common shares issued under the private placement will be
subject to a four month hold period from the closing date under applicable
Canadian securities laws. The private placement is subject to all necessary
regulatory approvals including from the TSX Venture Exchange.


Some subscribers are insiders of the Company, and the private placement
constitutes a "related party transaction" within the meaning of Multilateral
Instrument 61-101 Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company is relying upon the exemptions from the
formal valuation and minority shareholder approval requirements in relation to
the private placement pursuant to sections 5.5(a) and 5.7(1)(a), respectively,
of MI 61-101 on the basis that neither the fair market value of the subject
matter of, nor the fair market value of the consideration for, the private
placement, exceeds 25% of the Company's market capitalization calculated in
accordance with MI 61-101.


The Company is not in a position to file material change report more than 21
days before the advance of the Purchase Price under the private placement as the
details of the private placement were settled on an expedited basis for sound
business reasons.


About Tolima Gold Inc.

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 Service 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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