Vancouver, British Columbia, March 2, 2012 - Tolima Gold (TSXV:TOM) is now drilling a 10,000 metre diamond drill program on the Remedios Gold Project in Columbia, located on the southwest border of the Gran Colombia's Frontino gold mine, the largest producing underground gold mine in Colombia.
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The Remedios Gold Project hosts the underground La Bartola mine, which is in the development stage. The La Bartola mine has been around for more than 100 years and between 1950 and 1980 it was one of the richest mines in the Remedios area.
The company has two other targets in this area, the San Pablo mine, 500 metres to the west, and the La Gabriela, three kilometres north of the San Pablo mine. There is a gold processing and recovery plant located on the San Pablo property, with a capacity of approximately 100 tons per day.
For a six month period, Gran Colombia Gold will be shipping their ore to Tolima's plant for processing, with Tolima receiving 30% of the proceeds, thereby providing immediate cash flow.
The company expects to complete approximately 6,000 metres of drilling during 2012, to explore in depth the main veins and define the existence of more veins that possibly occur below and over the main structure. Of the 31 drill holes planned, 22 will target San Pablo, with 5 at La Gabriela and 4 at La Bartola.
The Remedios Gold Project is just one of three projects, which in total comprise 78,000 hectares and 67 different properties, all with geological studies. The others projects are the Ancal and the Nortol, which includes the El Papayo underground mine. These projects are all located in mining friendly jurisdictions with excellent infrastructure and access to technical and logistical support.
The company has a strong board and management team, led by Chairman, Andy DeFrancesco, and President Jamie Lopez, both with a substantial track record of generating shareholder value in Colombia and Internationally. In addition, they will have future support from IAMGOLD as a large and strategic investor, with access to IAMGOLD's strong and dynamic management and technical team.
Tolima Gold is currently trading at $0.45 and with 117 million shares outstanding, is capitalized at approximately $53 million.
For a more information, please visit Tolima's website at www.tolimagold.com (http://www.tolimagold.com/), or email Marcela Ospina at mospina@tolimagold.com (mailto:mospina@tolimagold.com).
In Canada, their investor relations is handled by Contact Financial, who can be reached at 604-689-7422, or email kirk@contactfinancial.com (mailto:kirk@contactfinancial.com).
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