December 07, 2012 at 16:01 PM EST
Tolima Gold Inc. Announces Stock Option Grant

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2012) - Tolima Gold Inc. ("Tolima" or the "Company") (TSX VENTURE:TOM) announces that it has granted 250,000 stock options to Mr. Wally Rudensky, a director and the chairman of the Company's audit committee. The stock options are exercisable at a price of $0.40 and expire five years from the date of grant.

Information Concerning Tolima

Tolima is a gold exploration, development and production company with interests in mining properties in Colombia. Tolima's properties include the Remedios Project, located in the Remedios/Segovia mining district in the Antioquia Department of Colombia, with over 11,500 hectares of exploration ground, two mines (the "San Pablo" and "Bartola" mines) and an operating gold processing and recovery plant located in the area of "San Pablo" with a capacity of 100 tons per day; the ANCAL Project, located in the Marmato/Caramanta district of the Caldas and Antioquia Departments of Colombia, including more than 28,000 hectares of exploration ground; and the NORTOL project, located in the Tolima Department of Colombia, including more than 48,000 hectares of exploration ground and the "Papayo" mine, which is being rehabilitated. Tolima is continuing to explore opportunities for the acquisition of additional mining interests in prospective mining districts in Colombia.

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.

Contact:

Tolima Gold Inc.

Lisa-Marie Iannitelli

Toronto

+1 647 476 7577

lm@tolimagold.com

Tolima Gold Inc.

Marcela Ospina

Colombia

+57 4 444 7479

mospina@tolimagold.com

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