TORONTO, May 12 /CNW/ - Colombia Goldfields Ltd. (the "Company")
(TSX: GOL/OTCBB: CGDF) today announced an initial NI 43-101 compliant inferred
resource estimate of 2.6 million ounces of gold for the Zona Alta (Upper Zone)
at Marmato. This is based on the first 12,186 meters (68 holes) of a planned
60,000-meter diamond drilling program, 1,165 meters of cross-cut samples (115
cross-cuts) and 504 meters of individual underground samples. The resource
estimate was prepared by Micon International Limited ("Micon") of Toronto.Highlights of the resource estimate include:
- 2.6 million ounces of gold at a cut-off grade of 0.3 g/t
- Contained within 75.8 million tonnes grading 1.05 g/t gold
- The resource remains open for expansion in areas not yet drilled"This 43-101 compliant resource estimate is the first step in confirming
Marmato Mountain as a world-class gold deposit," said J. Randall Martin, Vice
Chairman and CEO, Colombia Goldfields. "With the bulk of drilling at Zona Alta
yet to report on, we believe that there is a strong potential to increase the
Zona Alta resource. Moreover, we are working towards completing an agreement
to purchase the Zona Baja (Lower Zone) at Marmato, which we believe has the
potential to substantially increase the size of the current Marmato Resource."Table 1.0 - May 2008 Inferred Mineral Resource Estimates at Zona Alta at
Various Cut-Off Grades
-------------------------------------------------------------------------
Cut-Off grade Tonnage Gold Grade Gold Silver Grade Silver
g/t gold t x 1000 g/t ounces g/t ounces
-------------------------------------------------------------------------
2.0 7,960 3.04 776,000 12.63 3,226,000
-------------------------------------------------------------------------
1.0 27,624 1.87 1,656,000 8.51 7,545,000
-------------------------------------------------------------------------
0.5 55,774 1.28 2,301,000 6.61 11,841,000
-------------------------------------------------------------------------
0.3 75,808 1.05 2,553,000 5.76 14,039,000
-------------------------------------------------------------------------The previous historical resource for Zona Alta appears in Table 2.0 This
was carried out for a previous operator in 1998, prior to the enactment of
NI 43-101.Table 2.0 - Historical Inferred Resource at Zona Alta (1998)
-------------------------------------------------------------------------
Cut-Off grade Tonnage Gold Grade Gold Silver Grade Silver
g/t gold t x 1000 g/t ounces g/t ounces
-------------------------------------------------------------------------
1.00 20,000 1.64 1,054,561 7.87 5,060,605
-------------------------------------------------------------------------
0.50 56,000 1.06 1,908,498 6.57 11,829,084
-------------------------------------------------------------------------
0.30 77,000 0.88 2,178,568 5.98 14,804,360
-------------------------------------------------------------------------Micon reviewed the historical resource, on behalf of Colombia Goldfields,
in a November 14, 2006 NI 43-101 Technical Report on the Marmato and Caramanta
Projects. Micon concluded that the 1998 Mineral Resources Development Inc.
(MRDI) resource estimate of Zona Alta appeared to have been calculated using
the appropriate Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
standards applied to the industry in 1998. However, because the original
Conquistador (previous operator) database and the MRDI report appendices were
not available to be reviewed and verified, the 1998 resource estimate should
be regarded as a historical resource given for information purposes only to
indicate the potential of the project. Micon has advised Colombia Goldfields
that they cannot say, with any degree of certainty, that the 1998 MRDI
resource estimate was, or would be with further review, compliant with the
present CIM definitions required by NI 43-101. As a result, the Company has
treated these resources estimates as historical estimates and not as current
mineral resources under NI 43-101.
The full NI 43-101 report describing the new resource estimate will be
released within 45 days and filed on SEDAR.
A scoping study (NI 43-101 preliminary assessment) is being carried out
by Micon based on this resource and is due for completion in June.
Nine drills are currently operating at Zona Alta. Drilling of the entire
60,000 meter program is expected to be complete by September 2008. The Company
expects to provide updated resource figures at appropriate intervals prior to
completion of the current drilling program.
Qualified Person
William J. Lewis, B.Sc., P.Geo. of Micon International Limited is the
independent qualified person as defined by National Instrument 43-101 and has
prepared or reviewed the preparation of the information which forms the basis
of this press release. He is a registered Professional Geoscientist with the
Association of Professional Geoscientists of Manitoba, a professional
association and designation recognized by the Canadian regulatory authorities.
The Company's samples were prepared by Inspectorate (ISO 9001:2000 and
9002:2004 certified) at sample preparation facilities in Medellin, Colombia,
and Reno, Nevada, and were assayed at their laboratories in Reno and Lima,
Peru. Gold was assayed by fire assay with gravimetric or AAS finish. Silver
was assayed by fire assay with AAS finish or analyzed by ICP with a suite of
multi-elements. Additional laboratories used were SGS in Medellin, Colombia
(preparation) and Lima, Peru (analysis), and ALS Chemex in Reno, Nevada
(analysis) using the same analytical methods. Blank, standard and duplicate
samples were routinely inserted for quality assurance and quality control.
About Colombia Goldfields
Colombia Goldfields Ltd., through its subsidiaries Compania Minera de
Caldas S.A. and Gavilan Minerals S.A., is developing what we believe is a
multi-million ounce gold resource in Colombia's historic Marmato Mountain gold
district.
Colombia Goldfields is traded in the US under the symbol CGDF, on the
Toronto Stock Exchange under the symbol GOL, and in Germany under the symbol
C2B. Further information about the company is available at
www.colombiagoldfields.com, EDGAR at www.sec.gov and SEDAR at www.sedar.com
under the Company's profile.
Disclaimer
This release uses the terms "measured", "indicated" and/or "inferred"
mineral resources. United States investors are advised that while such terms
are recognized by Canadian regulations, the United States Securities and
Exchange Commission does not recognize them. United States investors are
cautioned not to assume that all or any part of mineral resources will ever be
converted into mineral reserves. Inferred mineral resources have a great
amount of uncertainty as to their existence, and as to their economic and
legal feasibility. It cannot be assumed that all or any part of an inferred
mineral resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of inferred mineral resources may not form the basis of
feasibility or other economic studies. United States investors are cautioned
not to assume that all or any part of an inferred mineral resource exists, or
is economically or legally mineable.
This release contains forward-looking statements that are based on the
beliefs of Colombia Goldfield's management and reflect Colombia Goldfield's
current expectations as contemplated under section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities and Exchange Act of
1934, as amended. When used in this release, the words "estimate, "project,"
"believe," "anticipate," "intend," "expect," "plan," "predict," "may,"
"should," "will," "can," the negative of these words, or such other variations
thereon, or comparable terminology, are all intended to identify
forward-looking statements. Such statements reflect the current views of
Colombia Goldfields with respect to future events based on currently available
information and are subject to numerous assumptions, risks and uncertainties,
including, but not limited to, risks and uncertainties pertaining to
development of mining properties, changes in economic conditions and other
risks, uncertainties and factors, which may cause the actual results,
performance, or achievement expressed or implied by such forward-looking
statements to differ materially from the forward looking statements. In
particular, there is no assurance that a definitive agreement will be executed
or that the proposed transaction will be completed.
For further information: Company Contact: J. Randall Martin, Vice
Chairman and CEO, Colombia Goldfields Ltd. (TSX: GOL/OTC BB: CGDF), 8 King
Street East, Suite 208, Toronto, Ontario, M5C 1B5, T: (416) 361-9640, F: (416)
361-0883, info@colombiagoldfields.com, www.colombiagoldfields.com; U.S.
Investor Relations: John Menditto, Roth Investor Relations, Inc., Tel. (732)
792-2200, Email: johnmenditto@rothir.com; Canadian Investor Relations: Martti
Kangas, V.P. Corporate Development, Colombia Goldfields, Ltd., Tel: (416)
361-9640, martti@colombiagoldfields.com
