CB Gold Receives Study Indicating the Vetas Gold Project Not Affected by the Paramo of Santurban

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/27/13 -- CB Gold Inc. (TSX VENTURE: CBJ) ("CB Gold" or the "Company") is pleased to announce that the results of the environmental study entitled "Delimitation and Identification of the Environmental Protection Area for the Municipality of Vetas, Santander", and prepared by the Fundacion Estacion Biologica Guayacanal ("Fundacion Guayacanal"), confirms that the Vetas Gold Project ("Vetas Gold Project"), is not affected by the Paramo ecosystem. The Vetas Gold Project is located in the Municipality of Vetas, Santander District and approximately 10km south of AUX's La Bodega, La Mascota and El Gigante deposits.

The Fundacion Guayacanal study was requested by the Mesa de Integracion de la Region del Rio Surata, a non-governmental organization representing the Municipalities of Vetas, California and Surata, where the projects of CB Gold, AUX and several other mining companies are located. The study was commissioned by the Colombian Chamber of Mines together with Leyhat Colombia Sucursal S.A. and AUX Mineria (the respective subsidiaries of CB Gold and AUX).

The study was presented to and discussed with different Colombian Governmental Authorities, including the office of the President of the Colombian Republic, the Ministry of Mines and Energy, the National Mining Agency, the CDMB (Corporacion Autonoma Regional para la Defensa de la Meseta de Bucaramanga), the Von Humboldt Institute and the Ministry of Environment & Sustainable Development.

The detailed study was prepared on a 1:10,000 scale for the Municipality of Vetas (the Colombian National Development Plan prescribes that studies to delimit areas of Paramo should be undertaken on a scale of 1:25,000), using the data coming from 99 vegetation surveys, 86 soil surveys and the photo-interpretation. It also included a detailed analysis of the variation in the topographical limits between the Andean forest, the high-Andean forest and the Paramo. Over 30 scientist including biologists, forestry engineers, agricultural engineers, social researchers and hydrologists worked several weeks in the field in order to prepare the study, the results of which are summarized below. More details regarding the methodology and the conclusion of the study can be found on the Company's website at www.cbgoldinc.com (an English translation will soon follow).

Study Results:

"According to the probabilistic model, the lower limit of the Paramo is situated above 3600m a.s.l. in most of the study area. There are local variations due to more abrupt geological formations, in which a non-significant percentage of the Paramo area may occur in the form of scarps or rocky edges. This limit coincides very closely, for the most part, with the limit proposed by the CDMB for the Santurban Regional Natural Park............... The altitudinal limit between pasturelands and scrublands indicates that the latter, as characteristic cover of primary and secondary paramos, are concentrated above 3600m a.s.l. and are rare below 3500m a.s.l.".

About the Fundacion Guayacanal:

The Fundacion Guayacanal is a non-profit organization whose team of researchers lead by German Camargo Ponce de Leon, has been working since 1990 on ecosystem restoration, regional planning and human ecology for the benefit of sustainable development of local communities and sectoral projects in different parts of country. The Fundacion Guayacanal has worked privately, as well as on Government funded Projects.

German Camargo Ponce de Leon is a biologist, urban environmental management specialist and is an expert in restoration of high mountain ecosystems in the Andean region. He is author of several books and articles and has served as a consultant to the UNDP and the European Commission in urban environmental management and risk management. He has held public office positions as Deputy Director of Environmental Planning Bogota, Deputy Director of Development and Environment Ecosystems Bogota, Deputy Director of Information and Planning for the CAR (Corporacion Autonoma Regional de Cundinamarca), Advisor to the Colombian National Parks and the Von Humboldt Institute, Planning Chief of the Municipality of Barrancabermeja. He is a member of the scientific committees of the Cerros of Bogota Foundation and of the Colombian Council for Sustainable Construction.

Fabio Capponi, CEO of CB Gold commented "We are extremely pleased with the results of the study, which in great technical detail, confirms the Company's view that Paramo does not impact the Vetas Gold Project, and also provides the relevant governmental authorities a very useful tool to define the final boundaries of the Paramo in the Vetas area. The conclusion of the study is very closely aligned with the already declared Regional Natural Park Paramo de Saturaban, which as previously announced by the Company, does not affect the development of the Vetas Gold Project".

About CB Gold Inc.:

CB Gold is a mineral exploration company headquartered in Vancouver, British Columbia. CB Gold, through its wholly-owned subsidiary, Leyhat Colombia Sucursal, is actively pursuing the exploration and development of mineral properties in the Republic of Colombia. The Vetas Gold Project consists of a number of existing mines (operations currently suspended) and exploration concessions, and its exploration and development activities are not affected by the proposed Regional Natural Park Paramo de Santurban.

The securities of CB Gold described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

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 news release.

Contacts:

CB Gold Inc.

Fabio Capponi

CEO

+1 (604) 630-5870

+1 (604) 630-5871 (FAX)


CB Gold Inc.

Orin Baranowsky

V.P. Investor Relations

+1 (416) 847-1845
info@cbgoldinc.com
www.cbgoldinc.com