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Cielo Press

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Cielo Gold Corporate Update

Don Allan Elected to the Board of Directors
2013-03-27

SURREY, British Columbia, Canada
March 27, 2013
CNSX:CMC

Cielo Gold Corp. ("Cielo" or the "Company") is pleased to announce that on March 1st, 2013 Cielo held its Annual General Meeting (the "AGM"). At the AGM, Mr. Don Allan was elected to the Board of Directors. Mr. Allan also was appointed CEO and President of Cielo for the express purpose of completing the proposed acquisition of the assets and undertaking of Blue Horizon Bio-Diesel Inc ("BHBD") of which Mr. Allan is currently the President and Chief Executive Officer. Following the AGM, Mr. Rana Vig resigned from the Board of Directors and Mr. Jatinder Bal was appointed in his stead. Mr. Larry Tsang has also been appointed as Chief Financial Officer.

Mr. Allan, in addition to his role in BHBD is the CEO and President of its parent company, Blue Horizon Industries Inc. Mr. Allan has more than two decades of executive leadership experience including experience in debt and equity capital markets, strategy and planning, risk management and investor relations. Mr. Allan has an extensive background in business development, marketing and project development. Mr. Allan was runner up for the Ernst & Young "Entrepreneur of the Year" award in 2007.

Cielo also announces that BHBD has entered into a non-binding agreement for up to $5.5 million in project financing through the issuance of convertible debentures. Closing of the $5.5 million convertible debenture financing is anticipated to occur on or before May 31, 2013 The material terms on the convertible Debenture are 9.75% annual interest for a three year terms with a right of conversion in year 2 or 3 at a price equivalent to a 20% discount of the previous 20 day average closing price and in no case less than $.25 per common share subject to the completion of the transaction between Cielo and BHBD, the convertible debentures will be issued by Cielo. In connection with the Convertible debenture financing, Phoenix Capital Partners Inc. has been engaged by BHBD to act as its financial advisor. There is no guarantee this financing will close and trading in the shares of the Company remains speculative.

Further information regarding the Company can be found on SEDAR at www.SEDAR.com.

On Behalf of Cielo Gold Corp.

"Don Allan"
Chief Executive Officer
Tel: 403-340-0864

Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the

Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. These securities have not and will not be registered under United States federal or state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon. This news release does not constitute an offer of securities for sale in the United States. CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

8338-120th Street
Surrey, British Columbia
V3W 3N4 Canada
Tel: 604 592 6881
Fax: 604 692 5882
email:laine@jandagroup.ca