Colombia Goldfields Intercepts 72 Meters Grading 2.09 g/t Gold at Marmato Mountain Gold Project



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
    THE U.S./

    TORONTO, June 21 /CNW/ - Colombia Goldfields Ltd (the "Company") today
released the results of the first three drill holes from its exploration of
the Zona Alta at the Marmato Mountain gold project in Colombia. The highlights
include intercepts of 72.0 meters grading 2.09 g/t gold and 77.0 meters
grading 1.15 g/t gold.
    Five diamond drill holes have been completed with one drill rig for a
total of 1,703 meters. Results from the first three holes have been received
and are listed in Table 1. These are part of an initial 8,000 meter drilling
program being carried out, together with underground channel sampling, in
order to define a new resource during Q4 of 2007. A larger 60,000 meter drill
program to define resources and prepare a feasibility study is expected to be
completed by the end of 2008.
    The first three holes were drilled on Cerro El Burro to the north-west of
the known limit of mineralization. Drill hole MT-1001 intercepted multiple
zones of gold mineralization including 12.0 meters grading 1.62 g/t gold from
174.0 to 186.0 meters. The mineralized intercepts of holes MT-1002 and MT-1003
represent 50 to 200 meter strike extensions of previously known mineralized
zones. Hole MT-1002 intercepted 72.0 meters grading 2.09 g/t gold from 226.0
to 298.0 meters, which is a 200 meter strike extension of a known vein.
Similarly, the 77.0 meter intercept grading 1.15 g/t gold from 229.0 to
294.0 meters in MT-1003 represents a 170 meter strike extension of a known
vein. Collectively these intercepts confirm the presence of significant widths
of veinlet and fracture-controlled mineralization adjacent to the major
mineralized structures.
    "The first drill results confirm the types of grades and widths reported
in the historical drilling and resource estimate," said Randy Martin,
President and CEO, Colombia Goldfields. "As well, the results extend the
mineralization into areas that have never been drilled and beyond the extent
of artisanal mining. Even more encouraging is that the zones are open to the
north-west and at depth."
    The Company will be accelerating the drill program with the purchase of
three diamond drill rigs. The first drill, an underground rig, is due for
delivery later in June. The other two drills are man-portable surface rigs
ideal for the steep slopes of Marmato and are scheduled for delivery in July.

    
    -------------------------------------------------------------------------
    Hole Number    From (m)     To (m)   Length (m)  Gold (g/t)  Silver (g/t)
    -------------------------------------------------------------------------
    MT-1001         31.49       47.00       15.51       0.471         3.3
    -------------------------------------------------------------------------
                    59.00       62.00        3.00       0.651         0.2
    -------------------------------------------------------------------------
                   119.30      122.50        3.20       0.407         3.7
    -------------------------------------------------------------------------
                   129.50      152.00       19.70       0.937         8.8
    -------------------------------------------------------------------------
                   166.00      170.10        4.10       0.326         3.0
    -------------------------------------------------------------------------
                   174.00      186.00       12.00       1.619         8.9
    -------------------------------------------------------------------------
    MT-1002         42.10       54.00       11.90       0.822        10.9
    -------------------------------------------------------------------------
                    70.00       84.00       14.00       0.328         7.5
    -------------------------------------------------------------------------
                   138.00      148.00       10.00       0.391         1.1
    -------------------------------------------------------------------------
                   186.00      190.00        4.00       0.497         2.5
    -------------------------------------------------------------------------
                   226.00      298.00       72.00       2.067      (pending)
    -------------------------------------------------------------------------
    including      226.00      266.70       40.70       3.130      (pending)
    -------------------------------------------------------------------------
    MT-1003        217.00      294.00       77.00       1.146         5.8
    -------------------------------------------------------------------------

    Table 1. Length-weighted average gold and silver grades of drill holes
             from Marmato.

    The drill holes were inclined and the intersection lengths do not
    represent true widths. A cut off grade of 0.30 g/t Au has been used. Gold
    grades are by fire assay with a gravimetric finish; silver grades are by
    ICP analysis. In the case of core duplicates the average value has been
    used.
    

    Dr Stewart D. Redwood, Vice President of Exploration of the Company, is
the qualified person as defined by National Instrument 43-101 of the Canadian
Securities Administrators and has reviewed the content of this press release.
He is a Fellow of the Institute of Materials, Minerals and Mining (FIMMM) of
the UK which is a foreign professional association and designation recognized
by NI 43-101. Core samples are prepared by BSi Inspectorate (ISO 9001:2000 and
9002:2004 certified) at a sample preparation facility in Medellin, Colombia,
and assayed for gold by fire assay with gravimetric finish and analyzed for
silver and a suite of multielements by ICP at their laboratory in Reno,
Nevada, USA. Blank, standard and duplicate samples are routinely inserted for
quality assurance and quality control.

    About Colombia Goldfields

    Colombia Goldfields Limited, through its Colombian subsidiaries Cia
Minera de Caldas S.A. and Gavilan Minerales S.A., is developing a
multi-million ounce gold resource in Colombia's historic Marmato Mountain gold
district through a program of mineral property acquisitions, community
resettlement and exploration.
    Colombia Goldfields is traded in the US under the symbol CGDF and in
Germany with the symbol C2B and has received conditional approval for listing
on the Toronto Stock Exchange.

    Disclaimer

    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, President & CEO, Colombia
Goldfields Ltd. (OTC BB: CGDF), 8 King Street East, Suite 208, Toronto,
Ontario, M5C 1B5, T: (416) 203-3856, F: (416) 361-0883,
info@colombiagoldfields.com, www.colombiagoldfields.com; Martti Kangas, The
Equicom Group, Toronto, ON, (416) 815-0700 x 243

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