Tolima Gold Inc. Awards Drilling Contract for Exploration of its Remedios Project in Colombia

TORONTO, ONTARIO--(Marketwire - Jan. 12, 2012) -

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Tolima Gold Inc. (TSX VENTURE:TOM) (the "Company" or "Tolima") is pleased to announce the awarding of a US$ 1.2M and 6,000 meters drilling contract to Serviminas S.A.S, in order to carry out the first diamond drilling campaign in the exploration program for the "San Pablo", "La Bartola" and "La Gabriela" areas of its Remedios project, located in the Remedios mining district of the Department of Antioquia, Colombia. Drilling operations will start in the fourth week of January and are expected to go on for approximately 6 months with the completion of 30 drill holes in an area of 411.2 hectares and with proposed locations as shown in the map linked below:

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Given that the area of ΓÇïΓÇïRemedios of 12,399.33 hectares is located within a favorable geological environment for vein type deposits, the objective of the preliminary exploration program is 6,000 meters of diamond drilling in the areas of San Pablo, La Bartola and La Gabriela for a total of 30 drill holes to ensure continuity in the depth of the quartz veins with significant amounts of precious metals that are known in the area, and also to be able to locate new veins, and to increase gold resources of the mineralization presented in Remedios.

Serviminas S.A.S will operate state of the art machinery such as the HIDRACORE 2000 surface drill rig and the DIAMEC 262 underground drill. Drilling will be executed under HQ and NQ standard diameters.

Tolima will also continue the exploratory drilling program in other properties such as Ancal with 7,500 meters of diamond drilling in Orofino (16 holes) aiming to define the presence of disseminated mineralization in the area. There are also exploratory drilling plans for the area of NORTOL to establish the presence of mineralization and vein type formation at depth and consolidate the geological and mining potential of all areas that the Company has in the northern department of Tolima.

Serviminas S.A.S is a reputed drilling contractor in Colombia with more than 30 years of experience and recognized as social and environmentally responsible by the Asociacion Nacional de Empresarios de Colombia - National Business Association of Colombia (ANDI) and Asociacion Colombiana de Mineros - National Mining Association of Colombia (ASOMINEROS- ANDI). It is also certified with Quality Management System ISO 9001:2008 awarded by SGS for its drilling operations and has high quality standards in Industrial Safety, Occupational Health and Environment.

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.

Cautionary Statements

Some of the interests in mining properties in Colombia held by Tolima are held beneficially and are subject to formal assignment to Tolima subsidiaries. Formal assignment is subject to review by the relevant mining authority and to registration before the National Mining Registry of Colombia, and is also subject to current compliance with the terms of each mining property and to meeting certain legal, financial and technical criteria. There is no certainty as to when such formal registration will be achieved.

Many of the interests are also held pursuant to preliminary or conditional documentation with the legal holders or beneficial holders of the respective mining titles or applications and are subject to further definitive agreements and conditions, and there is no certainty as to when such definitive documents will be completed or if the conditions will be satisfied.

Forward-looking statements

This news release contains certain "forward looking statements" including, for example, completion of the proposed acquisition, the acquisition of additional mining interests by Tolima, the ability of Tolima to complete definitive documentation in respect of certain acquisitions and assets and the ability of Tolima to achieve formal assignment and registration of its mining properties. 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 of Tolima to successfully manage the political and economic risks inherent in pursuing mineral exploration opportunities in Colombia; and the ability of Tolima to obtain qualified staff, equipment and services in a timely and cost efficient manner to develop its 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 intent 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.