Thomas W. Lough named President
J. Randy Martin elected Vice Chairman
TORONTO, Oct. 16 /CNW/ - Colombia Goldfields Ltd. (the "Company")
(TSX: GOL/OTCBB: CGDF) today announced that it has expanded its management
team naming Thomas ("Tom") W. Lough as President of the Company.
The Company continues to consolidate the Marmato Mountain district and
has embarked on an aggressive drilling program in Colombia. Mr. Lough's
primary focus will be to lead the advance of our operations in Colombia
towards a bankable feasibility study by early 2009.
Mr. Lough joins the Company with 27 years of experience in the mining
industry, 12 of which were in Latin America. Most recently, Mr. Lough was
President and director of Investcol Limited, the company which founded the
Marmato project. Prior to March 2006, Mr. Lough was the President and CFO of
RNC Gold Limited, and its' predecessor companies that were focused on the
exploration, development and operation of precious metal mines in Latin
America. RNC Gold Inc. was acquired by Yamana Resources Limited in February
Concurrent with Mr. Lough's appointment, J. Randy Martin, CEO of the
Company, has been elected to Vice Chairman of the Board of Directors.
"We are very excited about the addition of Tom Lough to our management
team," said J. Randy Martin. "His significant experience and substantial
knowledge of the mining industry and Colombia are valuable assets. With the
rapid growth of the Company, his appointment will allow me to dedicate my time
and efforts towards the strategic initiatives for the Company."
The Company also has announced that an in independent committee of the
Board has been formed to elect a Chairman. The Board expects to provide its
conclusions in the fourth quarter of fiscal 2007. Mr. Martin has assumed the
responsibilities of interim Chairman since the passing of Harry Hopmeyer in
November of 2006.
About Colombia Goldfields
Colombia Goldfields Ltd., through its subsidiaries Compania Minera de
Caldas S.A. and Gavilan Minerals S.A., is developing 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 with the symbol
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.
For further information:
For further information: Randy Martin, Vice Chairman and CEO, Colombia
Goldfields Ltd., (OTC BB: CGDF), 8 King Street East, Suite 208, Toronto,
Ontario, M5C 1B5, T: (416) 361-9640, F: (416) 361-0883,
firstname.lastname@example.org, www.colombiagoldfields.com; U.S. Investor
Relations: Michelle Roth, Roth Investor Relations, Inc., Tel. (732) 792-2200,
Email: email@example.com; Canadian Investor Relations: Martti Kangas,
The Equicom Group, Toronto, ON, (416) 815-0700 x 243