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Colombian Mines - Mineral Exploration and Mining
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COLOMBIAN MINES CLOSES $0.53 PER UNIT PRIVATE PLACEMENT FOR $1,510,500

Vancouver, British Columbia, July 23, 2012 (TSX-V: CMJ, Frankfurt: X6C) -- Colombian Mines Corporation ("Colombian Mines" or "the Company") is pleased to announce that the previously announced private placement with Teck Resources Limited ("Teck") has been closed. According to the terms of the agreement, Teck made a Cdn$1,510,500 private placement at $0.53 per unit for 2,850,000 units into the Company. Each unit consists of one common share and one half share purchase warrant. Teck has the right to purchase one additional common share of the Company for each full purchase warrant at a price of $0.90 (Cdn) for 12 months following the closing date and at a price of $1.15 during the period from 12 to 24 months from the closing date. The shares, and any shares issued on the exercise of the warrants are subject to a restricted resale period under Canadian securities law and cannot be traded before November 21, 2012. In addition to the private placement Teck and Colombian Mines, through their Colombian subsidiaries, will enter into an option agreement whereby Teck may earn up to a 70% indirect joint venture interest in the Yarumalito Project as previously outlined in press releases on May 29 and July 10th.

About Colombian Mines Corporation

Colombian Mines Corporation is focused on developing shareholder value through the exploration and development of high quality mineral properties in its 100% owned portfolio of Colombian projects with near to intermediate term production potential. Colombia is widely recognized as a highly prospective, yet under-explored country with excellent discovery potential. Further information can be found on our website at www.colombianmines.com.

Signed: "Robert G. Carrington"
President and CEO

FOR FURTHER INFORMATION CONTACT:

Robert G. Carrington (Pres. CEO)
Phone: (604) 669-0868 (Vancouver)
Sharon Hebgin (Corporate Communications)
Phone: (604) 649-9195 
shebgin@colombianmines.com

Kim C. Casswell 
Corporate Secretary
Phone: (604) 669-0868
kcasswell@colombianmines.com

Website: www.colombianmines.com

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