CBJ

CB Gold Inc. (TSX VENTURE:CBJ) ("CB Gold" or the "Company") provides an update
of exploration activities and reports financial results for the three and nine
months ended September 30, 2012.


Details of financial results for the three and nine months ended September 30,
2012 are included in the Unaudited Consolidated Financial Statements and
corresponding Management's Discussion and Analysis ("MD&A") available on SEDAR
at www.sedar.com. These documents are also available on our website,
www.cbgoldinc.com. In this release, we provide a comparative summary of the
quarter's operational and financial highlights. All amounts are in Canadian
dollars, unless otherwise indicated.


Update on Exploration Activities

CB Gold continues to focus on drilling at its 100% owned Vetas Gold Project. The
success of the 2011 geophysics surveying at Vetas and La Vereda has resulted in
additional targets being added to the drilling program, which will continue to
define the potential and dimension of the Vetas Project through testing of known
and potential new zones of mineralization.


During the nine months ended September 30, 2012, the Company has completed more
than 25,000m of drilling and more than 60,000m of drilling since the program
commenced in 2010. Further drill results will be released upon receipt of the
final assay certificates.


Corporate Developments and Exploration Results

On January 18, 2012 the Company released drilling results from its Real Minera
property at its Vetas Gold Project, including intercepts of 16.87m at 17.07 g/t
Au (hole 56) and 10.48m at 2.31 g/t Au (hole 56).


On January 26, 2012, CB Gold Inc. received the registration of the concession
contract for its 100% owned Real Minera property in Vetas. The Real Minera
property was converted to a concession contract with an initial 20 year tenure,
securing the long-term development potential of the property. The duration of
the concession contract can be extended for an additional 20 years after the
initial 20 year term.


On February 1, 2012, the Company reported summary geochemical and geophysical
survey results at the newly acquired La Vereda concession at its Vetas Gold
Project, identifying a major anomaly characterized by high chargeability and low
resistivity (3-D images and plan view sections can be viewed at
www.cbgoldinc.com). The geophysics anomaly at La Vereda is approximately 2,000
meters long and up to 700 meters wide and is interpreted as an extension of the
epithermal style mineralization found at surface, with the high chargeability
indicating the presence of potential sulphide mineralization at depth. The
anomaly strikes northeast/southwest, similar to many mineralized structures in
the Vetas - California District.


On February 27, 2012, the Company released drilling results from its Vetas Gold
Project, including intercepts of 23.76m at 1.28 g/t Au (hole 67) and 13.72m at
1.45 g/t Au (hole 67) and 1.78m at 211.82 g/t Au (hole 62).


On May 23, 2012, the Company released additional drilling results from the 2011
and 2012 drilling program at its Vetas Gold Project, including intercepts of
4.75m at 29.42 g/t Au (hole 81), 15.24m at 1.48 g/t Au (hole 78) and 3.70m at
10.37 g/t Au (hole 88).


On May 24, 2012, Hernan Martinez was appointed to the Company's Audit Committee.
Mr. Martinez has been a Director of CB Gold since 2010 and has significant
experience both as a Director and as a senior executive of public and private
resource companies. The appointment of Mr. Martinez to the Audit Committee will
further strengthen the Company's corporate governance practices.


On June 1, 2012, the Company released the findings of a structural study
undertaken by SRK Consulting that was commissioned by the company at the end of
2011. The study was undertaken to gain a better understanding of the structural
controls and tectonic settings at the project to assist the drilling program and
confirmed the key focus of the Company's drilling program.


On August 20, 2012, the company released drilling results from the 2011 and 2012
drilling programs at its Vetas Gold Project, including intercepts of 1.43m at
36.41 g/t Au (hole 97), 1.88m at 7.14 g/t Au and 404.13 g/t Ag (hole 90) and
0.86m at 93.55 g/t Au (hole 91).


On September 4, 2012, the Company released drilling results from the 2012
drilling program which show continued intercepts of high grade mineralization at
the Vetas Gold Project, including 15.50m at 17.29 g/t Au, 3.31m at 78.14g/t Au
(hole 119), and 12.62m at 0.98 g/t Au (hole 113).


As at September 30, 2012, the Company through the completion of acquisition
agreements (the "Acquisition Agreements"), has acquired eleven mineral
properties which form part of the Vetas Gold Project. Seven of the mineral
properties acquired were already registered in the name of the Company before
the National Mining Registry. The mining authority has issued resolutions
approving the transfer of the remaining four mineral properties to Leyhat and
the Company expects the registration before the National Mining Registry to be
completed during the current and next fiscal years while the remaining payments
are subject to certain conditions to be met by title holders.


On October 15, 2012, the Company released additional drilling results from the
2012 drilling program including 8.25m at 31.35 g/t Au (hole 121) and 3.37m at
19.83 g/t Au (hole 106A).


On November 19, 2012 CB Gold entered into an agreement with BMO Nesbitt Burns
Inc. ("BMO Capital Markets"), under which BMO Capital Markets agreed to buy on a
bought deal basis by way of a short form prospectus 11,120,000 Common Shares at
a price of $0.90 per common share for gross proceeds of $10,008,000. In
addition, CB Gold has agreed to grant BMO Capital Markets an option, exercisable
at any time until 30 days following the closing of the offering, to purchase up
to an additional 1,668,000 Common Shares to cover over-allotments, if any. In
the event that the option is exercised in its entirety, the gross proceeds of
the offering to CB Gold will be $11,509,200.


The offering is expected to close on or about December 10, 2012 and is subject
to customary conditions and receipt by CB Gold of all necessary regulatory
approvals, including the approval of the TSX Venture Exchange.


Selected Financial Data

The following items summarize the key operating and financial highlights for the
three and nine months ended September 30, 2012, and 2011:




In thousands of Canadian dollars                                           
---------------------------------------------------------------------------
                                                        September  December
Financial Position                                       30, 2012  31, 2011
---------------------------------------------------------------------------
Cash and cash equivalents                                $  5,317  $ 15,297
Mineral properties                                         17,454    17,801
Total Assets                                               23,163    33,455
Total Liabilities                                           1,937     1,451
Total Equity                                               21,226    32,004
                                                                           
                                                                           
In thousands of Canadian dollars                                           
---------------------------------------------------------------------------
                                     Three months ended   Nine months ended
                                    September September September September
Operations                           30, 2012  30, 2011  30, 2012   30,2011
---------------------------------------------------------------------------
Exploration                          $  2,784  $  2,960  $  9,748  $  7,385
General and administrative expenses       583       614     2,170     1,776
Professional and consulting fees          254       149       773     1,062
Share-based payments (non-cash)           368       330     1,185       983
Capital tax expense                         -         -         -       445
Net loss, being comprehensive loss                                         
 for the period                         3,930     4,047    13,863    11,627
Basic and diluted loss per share     $   0.03  $   0.03  $   0.10  $   0.09



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.


For more information on CB Gold please visit our web site at www.cbgoldinc.com.

Cautionary Note Regarding Forward-Looking Statements

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
CB Gold Inc.
Orin Baranowsky
V.P. Investor Relations
+1 (416) 847-1845
info@cbgoldinc.com
www.cbgoldinc.com

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