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CB Gold Inc. Provides a Summary of Drill Results From the Vetas Gold Project and Discovery of Gold Porphyry Mineralisation


February 16, 2011 - VANCOUVER, BRITISH COLUMBIA

CB Gold Inc. (TSX VENTURE: CBJ) ("CB Gold" or the "Company") is pleased to provide a summary of its initial drilling programme at its Vetas Gold Project, District of Santander, Colombia ("Vetas Gold Project") and to announce the discovery of gold-copper-molybdenum porphyry mineralisation in three of the first five holes, including DDH10-001, which ended with a 20m interval with a weighted average of 1.38 g/t gold and 1.02 g/t silver hosted by dacitic porphyry with strong potassic hydrothermal alteration identified by secondary biotite. This mineralization was not reported previously in the Vetas - California mining district and is considered a new discovery in the region. The Company is also pursuing a number of different target areas at the Vetas Gold Project, including zones of high grade veins and a main stockwork zone which covers an area estimated to be at least 600m x 300m with up to 300m of vertical extent.

Drilling Results:

CB Gold has two drill rigs operating at Vetas. The first five holes of the program were targeted to confirm the extension of high-grade veins around the Real Minera mine, and were drilled from platforms located up to 350m from the existing underground workings. Each hole encountered multiple veins, similar to those previously mapped and sampled in the Company's exploration work during 2010. The veins show multiple episodes of deposition with massive milky quartz, followed by later pulses of gray quartz and chalcedonic, crustiform silica. Grey quartz is associated with finely disseminated pyrite, visible gold and silver, typical of a low sulphidation epithermal system.

Assay results for the first three core holes and part of the fourth of the initial ten hole / 3000m drilling program have been received and part of the fourth and all of the fifth drillhole results are pending, the sixth was completed on the 14th February and seventh hole is currently being drilled. The highest grade results for the first 3 holes are shown below and all significant results received for drilled intervals are in the following table:

1.00 m @ 4.74 g/t Au and 170 g/t Ag (RM-DDH10-01; 133.00 - 134.00m)

1.00 m @ 21.1 g/t Au and 4.1 g/t Ag (RM-DDH10-01; 179.00 - 180.00m)

1.00m @ 16.95 g/t Au and 2.3 g/t Ag (RM-DDH10-02; 208.00 - 209.00m)

0.62 m @ 35.1 g/t Au and 61.1 g/t Ag and 1.6% Cu (RM-DDH10-03; 90.30 - 90.92m)

1.97 m @ 11.89 g/t Au and 20.39 g/t Ag (RM-DDH10-03; 88.95 - 90.92m)

0.47 m @ 14.8 g/t Au (RM-DDH10-04; 72.73 - 73.20m)

Further details are shown in the following table:



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Drill
From To Intercept Au Ag
Drill Hole # (metres) (metres) (metres) (g/t) (g/t)
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RM-DDH10-001 133.00 134.00 1.00 4.74 170.0
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RM-DDH10-001 179.00 180.00 1.00 21.10 4.1
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RM-DDH10-001 180.00 181.00 1.00 3.03 4.2
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RM-DDH10-002 208.00 209.00 1.00 16.95 2.3
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RM-DDH10-002 209.00 210.00 1.00 1.48 0.5
--------------------------------------------------------------------
RM-DDH10-002 210.00 211.00 1.00 1.67 0.8
--------------------------------------------------------------------
RM-DDH10-002 212.55 213.90 1.35 1.94 1.8
--------------------------------------------------------------------
RM-DDH10-002 213.90 214.90 1.00 1.47 5.0
--------------------------------------------------------------------
RM-DDH10-002 235.00 235.80 0.80 2.34 3.7
--------------------------------------------------------------------
RM-DDH10-002 329.00 330.00 1.00 1.79 83.0
--------------------------------------------------------------------
RM-DDH11-003 29.03 29.75 0.72 1.86 1.4
--------------------------------------------------------------------
RM-DDH11-003 73.33 73.73 0.40 1.78 7.5
--------------------------------------------------------------------
RM-DDH11-003 88.95 89.75 0.80 1.63 2.2
--------------------------------------------------------------------
RM-DDH11-003 90.30 90.92 0.62 35.10 61.1
--------------------------------------------------------------------
RM-DDH11-003 115.15 116.15 1.00 1.45 20.0
--------------------------------------------------------------------
RM-DDH11-003 160.73 161.20 0.47 1.17 Pending
--------------------------------------------------------------------
RM-DDH11-003 198.95 199.52 0.57 1.91 Pending
--------------------------------------------------------------------
RM-DDH11-003 257.88 258.18 0.30 3.11 Pending
--------------------------------------------------------------------
RM-DDH11-003 291.50 291.80 0.30 1.55 Pending
--------------------------------------------------------------------
RM-DDH11-004 42.30 42.60 0.30 1.53 Pending
--------------------------------------------------------------------
RM-DDH11-004 72.28 72.73 0.45 1.92 Pending
--------------------------------------------------------------------
RM-DDH11-004 72.73 73.20 0.47 14.80 Pending
--------------------------------------------------------------------
RM-DDH11-004 146.85 147.74 0.89 1.13 Pending
--------------------------------------------------------------------
RM-DDH11-004 148.65 149.05 0.40 1.63 Pending
--------------------------------------------------------------------

These results confirm the continuation of the high grade veins in this area, and the presence of additional veins which were not indicated by the underground and surface mapping.

In addition the drilling confirmed the presence of a porphyry system (dacitic and dioritic porphyry dikes), with disseminated gold mineralization including the following intervals:

20 m @ 1.38 g/t Au and 1.02 g/t Ag in a dacitic porphyry stock with potassic alteration

16 m @ 1.88 g/t Au and 13.98 g/t Ag in a diortic porphyry dike with potassic alteration

This type of mineralization was not reported previously in the Vetas - California area and is a new discovery at the Vetas Gold Project. There are also encouraging results for copper and molybdenum with analyses up to 0.12% copper and 0.07% molybdenum. The Company, with its Technical Advisor, SRK Consulting, is reviewing the exploration program to include a structural geology review and mapping of alteration zones. The current drill results are interpreted as being from the periphery zone of a gold-copper-molybdenum porphyry system.

Age dates in the porphyritic intrusive indicate that the Vetas mineralisation is of Miocene age. The Miocene was a very productive age in the auriferous deposits in South America, including La Colosa, Angostura (Colombia), Yanacocha, Lagunas Norte and Pierina (Peru), El Indio (Chile) Pascua Lama (Chile-Argentina) and Veladero (Argentina).

Fabio Capponi, President and CEO noted that "We are very pleased with the initial holes, which targeted, and confirmed, the extension of high grade veins from the existing underground mines, as well as the discovery of porphyry mineralization which is a new target for the Vetas Gold Project. Our next holes will be in the stockwork zone as well as the porphyry and during 2011 we will continue drilling additional target areas at the project."

Next Steps:

The next five core holes will test the northern area of the stockwork zone, as well as the extension of high grade veins to the north of the Real Minera mine. Hole DDH11-006 is being drilled close to hole DDH10-001, which stopped at a planned depth of 198m but ended in porphyry mineralisation. DDH11-006 achieved a depth of 356m.

The Company intends to drill a further 15,000 to 20,000m during 2011, and will be increasing the number of rigs at the Vetas Gold Project to target additional areas of mineralisation.

An induced polarisation geophysical survey of 63.2 line kilometers will commence on February 20 and is expected to provide additional information which will be used in combination with the drilling and sampling results to identify potential structures and drill targets.

Vetas Gold Project - Geochemistry:

The Vetas Gold Project is characterised by low to medium sulphidation, epithermal mineralisation exhibited as high grade quartz vein structures and lower grade, disseminated stockwork zones related to the emplacement of possible multiple porphyry systems. CB Gold has mapped a 4km(2)zone of mineralisation in the eastern part of the Vetas Gold Project around the existing small scale mines. Porphyry related mineralisation covers an approximate area of 700m x 700m and is located near the center of mineralisation in the Vetas Mining District.

All the samples taken by CB Gold at its Vetas Gold Project were analyzed by ALS Chemex in Lima, Peru. The Company has a standard QA/QC program which includes blank, certified reference material and duplicate samples. The QA/QC program has been reviewed by Cumbrex Exploraciones SAC, an independent consultant specialising in QA/QC work.

The scientific and technical information on which this news release has been based was reviewed by Ms. Dorinda Bair CPG Senior Geologist of SRK Consulting and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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 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.

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
+1(604) 630-5870
info@cbgoldinc.com
www.cbgoldinc.com

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