Colombia Goldfields Ltd. Reports on Marmato Diamond Drilling



    TORONTO, Feb. 28 /CNW/ - Colombia Goldfields Ltd. (the "Company") (TSX:
GOL / OTCBB: CGDF) results of 45 diamond drill holes on the Zona Alta at the
Marmato Mountain gold project in Colombia.
    Some of the highlights of the current program include: 72.0 meters of
1.62 g/t Au (MT-1002), 65.0 meters of 1.86 g/t Au (MT-1003), 23.45 meters at
1.37 g/t Au (MT-1007), 42.7 meters of 0.83 g/t Au (MT-1008), 32.0 meters of
1.13 g/t Au (MT-1021), 63.85 meters of 0.58 g/t Au (MT-1023), 34.0 meters of
0.81 g/t Au (MT-1026), 42.8 meters of 0.83 g/t Au (MT-1037), 37.7 meters of
1.64 g/t Au (MT-1037), 36.75 meters of 1.13 g/t Au (MT-1041), 36.0 meters of
2.37 g/t Au (MT-1043), 12.90 meters at 9.52 g/t Au (MT-1050), 34.85 meters of
0.84 g/t Au (MT-1052), and 10.0 meters at 11.94 g/t Au (MT-1057).
    "Almost all the drill holes at Marmato returned significant gold
intersections, longer than five meters," said Colombia Goldfield's Vice
Chairman and CEO Randy Martin. "Together with the results of channel sampling
in underground mines, the results confirm the types of grades and widths
reported in the historical drilling and resource estimation reported in our
press release of November 14, 2006. A resource calculation based on these
results is expected to be completed in March, and ultimately we expect to
combine the Zona Alta calculation with Zona Baja (Lower Zone), an asset for
which we have a definitive agreement to acquire."
    To February 24, 2008, 15,886 meters of drilling has been completed in 86
diamond drill holes with five more underway. Results from 45 holes (8,829.72
meters) have been received to date and are listed in Table 1. The drill hole
locations are shown on the accompanying plan. A resource calculation, which
will include the results of approximately 11,000 meters of drilling and
approximately 1,700 meters of underground channel sampling, is currently being
conducted by Micon International Limited ("Micon") and is expected to be
completed in March 2008. This will be followed by a scoping study which is
also being carried out by Micon and is expected to be released during the
second quarter of 2008.
    A larger drill program for a cumulative total of 60,000 meters is
underway to upgrade and define additional resources with completion planned in
the fourth quarter of 2008. The number of diamond drill rigs at Marmato will
be increased from the current five to ten in the coming months. In addition, a
10,000 meter drill program, planned on the five new gold targets in the
Caramanta exploration project surrounding Marmato Mountain, will start in the
second quarter of 2008.
    Dr Stewart D. Redwood, Vice President of Exploration of the Company, is
the qualified person as defined by NI 43-101 who has prepared or supervised
the preparation of all scientific or technical information contained in this
press release. He is a Fellow of the Institute of Materials, Minerals and
Mining (FIMMM) of the UK, a foreign professional association and designation
recognized by the Canadian regulatory authorities. The Company samples were
prepared by Inspectorate (ISO 9001:2000 and 9002:2004 certified) at sample
preparation facilities in Medellin, Colombia, and Reno, Nevada and assayed for
gold by fire assay with gravimetric finish or AAS finish and analyzed for
silver and a suite of multi-elements by ICP at their laboratories in Reno,
Nevada, and Lima, Peru. 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 are 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. The Company's full September 30, 2007, unaudited consolidated financial
statements and management's discussion and analysis are available at
www.colombiagoldfields.com, EDGAR at www.sec.gov and SEDAR at www.sedar.com
under the Company's profile.

    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. In
particular, there is no assurance that a definitive agreement will be executed
or that the proposed transaction will be completed.

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

    -------------------------------------------------------------------------
    Hole           From          To       Interval       Gold         Silver
    Number       (meters)     (meters)    (meters)       (g/t)         (g/t)
    -------------------------------------------------------------------------
    MT-1001        30.00        44.60       14.60        0.361           4.5
    -------------------------------------------------------------------------
    MT-1001        60.00        66.00        6.00        0.538          10.2
    -------------------------------------------------------------------------
    MT-1001       119.30       134.00       14.70        0.960           6.3
    -------------------------------------------------------------------------
    MT-1001       139.50       152.00       12.50        1.025          14.5
    -------------------------------------------------------------------------
    MT-1001       172.00       186.00       14.00        1.740           8.6
    -------------------------------------------------------------------------
    MT-1002        35.94        56.00       20.06        0.816           9.2
    -------------------------------------------------------------------------
    MT-1002        60.00        82.00       22.00        0.356           4.8
    -------------------------------------------------------------------------
    MT-1002       226.00       298.00       72.00        1.624           3.5
    -------------------------------------------------------------------------
    MT-1003       229.00       294.00       65.00        1.869           9.1
    -------------------------------------------------------------------------
    MT-1003       300.05       310.00        9.95        0.428           6.2
    -------------------------------------------------------------------------
    MT-1003       345.95       354.00        8.05        0.364           1.7
    -------------------------------------------------------------------------
    MT-1004       379.50       393.55       14.05        0.431           3.0
    -------------------------------------------------------------------------
    MT-1005       225.00       233.25        8.25        0.337           2.3
    -------------------------------------------------------------------------
    MT-1005       266.60       277.00       10.40        0.545           3.6
    -------------------------------------------------------------------------
    MT-1005       308.60       316.00        7.40        0.470           4.5
    -------------------------------------------------------------------------
    MT-1006       No significant intervals
    -------------------------------------------------------------------------
    MT-1007         0.00        91.00        Results pending
    -------------------------------------------------------------------------
    MT-1007        91.15       107.15       16.00        0.643          17.5
    -------------------------------------------------------------------------
    MT-1007       113.10       119.00        5.90        0.591           8.6
    -------------------------------------------------------------------------
    MT-1007       151.00       181.00       30.00        0.784           9.4
    -------------------------------------------------------------------------
    MT-1007       187.00       210.45       23.45        1.370          15.8
    -------------------------------------------------------------------------
    MT-1007       218.95       241.00       22.05        0.511           4.5
    -------------------------------------------------------------------------
    MT-1008       167.00       177.00       10.00        0.525           6.5
    -------------------------------------------------------------------------
    MT-1008       185.00       191.00        6.00        0.570           3.6
    -------------------------------------------------------------------------
    MT-1008       229.00       235.00        6.00        0.314           3.5
    -------------------------------------------------------------------------
    MT-1008       240.30       283.00       42.70        0.837           6.2
    -------------------------------------------------------------------------
       with       240.30       248.40        8.10        3.247          15.7
    -------------------------------------------------------------------------
    MT-1009        18.00        32.00       14.00        0.456           7.5
    -------------------------------------------------------------------------
    MT-1010        21.00        27.86        6.86        0.403           5.1
    -------------------------------------------------------------------------
    MT-1010       142.00       156.00       14.00        1.568           2.6
    -------------------------------------------------------------------------
    MT-1011       No significant intervals
    -------------------------------------------------------------------------
    MT-1012       Results pending
    -------------------------------------------------------------------------
    MT-1013       Results pending
    -------------------------------------------------------------------------
    MT-1014       Results pending
    -------------------------------------------------------------------------
    MT-1015       No significant intervals
    -------------------------------------------------------------------------
    MT-1016       No significant intervals
    -------------------------------------------------------------------------
    MT-1017       Results pending
    -------------------------------------------------------------------------
    MT-1018        30.00        46.05       16.05        0.537           2.0
    -------------------------------------------------------------------------
    MT-1019       Results pending
    -------------------------------------------------------------------------
    MT-1020        28.20        40.20       12.00        0.355           4.5
    -------------------------------------------------------------------------
    MT-1020        54.20        64.20       10.00        0.655           2.8
    -------------------------------------------------------------------------
    MT-1020        72.20        88.90       16.70        0.913           5.9
    -------------------------------------------------------------------------
    MT-1020        94.90       121.50       26.10        1.905           7.8
    -------------------------------------------------------------------------
    MT-1021        78.00       110.00       32.00        1.135           5.2
    -------------------------------------------------------------------------
    MT-1022       No significant intervals
    -------------------------------------------------------------------------
    MT-1023        61.15       125.00       63.85        0.584           4.1
    -------------------------------------------------------------------------
    MT-1024         3.95        19.00       15.05        2.584           7.7
    -------------------------------------------------------------------------
    MT-1024        42.80        79.00       36.20        0.431           2.1
    -------------------------------------------------------------------------
    MT-1024        81.00        95.00       14.00        0.300           1.9
    -------------------------------------------------------------------------
    MT-1024        97.00       115.70       18.70        0.863           3.9
    -------------------------------------------------------------------------
    MT-1025       117.50       127.50       10.00        0.455           2.9
    -------------------------------------------------------------------------
    MT-1025       147.50       153.50        6.00        2.134           8.3
    -------------------------------------------------------------------------
    MT-1026        37.00        45.00        8.00        0.313           1.6
    -------------------------------------------------------------------------
    MT-1026        48.15        75.00       26.85        0.912           8.0
    -------------------------------------------------------------------------
    MT-1026        81.00       115.00       34.00        0.812           7.4
    -------------------------------------------------------------------------
    MT-1026       133.00       158.00       25.00        0.582           5.5
    -------------------------------------------------------------------------
    MT-1027        13.00        19.00        6.00        0.502          12.7
    -------------------------------------------------------------------------
    MT-1027        28.00        36.20        8.20        0.325           6.5
    -------------------------------------------------------------------------
    MT-1028       Results pending
    -------------------------------------------------------------------------
    MT-1029         3.10        23.30       20.20        0.746           8.0
    -------------------------------------------------------------------------
    MT-1029        71.30        81.30       10.00        1.210           4.9
    -------------------------------------------------------------------------
    MT-1029        97.30       117.30       20.00        1.017           4.3
    -------------------------------------------------------------------------
    MT-1030        46.00        54.80        8.80        0.921           7.3
    -------------------------------------------------------------------------
    MT-1030        71.00        85.00       14.00        0.535           2.1
    -------------------------------------------------------------------------
    MT-1030       173.00       185.00       12.00        2.174           2.5
    -------------------------------------------------------------------------
    MT-1030       195.00       214.50       19.50        0.526           1.5
    -------------------------------------------------------------------------
    MT-1031       159.65       165.00        5.35        6.017         176.7
    -------------------------------------------------------------------------
    MT-1032       Results pending
    -------------------------------------------------------------------------
    MT-1033       No significant intervals
    -------------------------------------------------------------------------
    MT-1034        26.00        32.00        6.00         0.32          1.90
    -------------------------------------------------------------------------
    MT-1034        56.00        63.90        7.90        1.419           4.3
    -------------------------------------------------------------------------
    MT-1035       Results pending
    -------------------------------------------------------------------------
    MT-1036       Results pending
    -------------------------------------------------------------------------
    MT-1037        63.60        69.50        5.90         0.38          7.60
    -------------------------------------------------------------------------
    MT-1037        95.50       105.50       10.00        0.449           3.6
    -------------------------------------------------------------------------
    MT-1037       117.50       160.30       42.80        0.837           5.9
    -------------------------------------------------------------------------
    MT-1037       172.30       188.30       16.00        1.020           3.7
    -------------------------------------------------------------------------
    MT-1037       210.00       224.30       14.30        4.540          10.8
    -------------------------------------------------------------------------
    MT-1037       232.30       270.00       37.70        1.645           4.4
    -------------------------------------------------------------------------
    MT-1038       No significant intervals
    -------------------------------------------------------------------------
    MT-1039         1.30        13.30       12.00        0.360           4.1
    -------------------------------------------------------------------------
    MT-1039        37.00        43.20        6.20        0.693           7.1
    -------------------------------------------------------------------------
    MT-1039       63.000       69.000        6.00        0.370           2.1
    -------------------------------------------------------------------------
    MT-1039        75.00        83.00        8.00        0.741           3.9
    -------------------------------------------------------------------------
    MT-1039        97.00       107.00       10.00        1.408           2.6
    -------------------------------------------------------------------------
    MT-1040        15.70        21.95        6.25        0.525           6.0
    -------------------------------------------------------------------------
    MT-1041        34.50        42.50        8.00        0.338           5.5
    -------------------------------------------------------------------------
    MT-1041        93.25       130.00       36.75        1.135           6.0
    -------------------------------------------------------------------------
    MT-1041       140.00       151.00       11.00        0.313           3.0
    -------------------------------------------------------------------------
    MT-1041       198.38       226.50       28.12        1.041          12.6
    -------------------------------------------------------------------------
    MT-1042        77.90        90.75       12.85        0.630           3.0
    -------------------------------------------------------------------------
    MT-1043       109.60       145.60       36.00        2.374           8.0
    -------------------------------------------------------------------------
    MT-1043       188.40       210.40       22.00        1.024           4.0
    -------------------------------------------------------------------------
    MT-1043       226.30       240.00       13.70        0.751           1.8
    -------------------------------------------------------------------------
    MT-1044       188.29       194.50        6.21        2.307           9.6
    -------------------------------------------------------------------------
    MT-1045        83.15       103.00       19.85        1.584           6.5
    -------------------------------------------------------------------------
    MT-1046       Results pending
    -------------------------------------------------------------------------
    MT-1047        56.50        72.30       15.80        0.756           6.9
    -------------------------------------------------------------------------
    MT-1047        78.30        88.30       10.00        0.831           8.3
    -------------------------------------------------------------------------
    MT-1048         0.00         8.00        8.00        0.361           5.2
    -------------------------------------------------------------------------
    MT-1048        18.00        34.00       16.00        0.372           4.8
    -------------------------------------------------------------------------
    MT-1048        56.00        78.00       22.00        0.769           6.5
    -------------------------------------------------------------------------
    MT-1048        84.00        89.15        5.15        0.678           9.1
    -------------------------------------------------------------------------
    MT-1049        48.00        56.00        8.00        0.618           2.2
    -------------------------------------------------------------------------
    MT-1049        64.00        88.00       24.00        0.903           5.2
    -------------------------------------------------------------------------
    MT-1049        96.00       110.35       14.35        1.953           7.0
    -------------------------------------------------------------------------
    MT-1050         4.70        12.40        7.70        0.591          23.2
    -------------------------------------------------------------------------
    MT-1050       186.40       192.40        6.00        0.337           5.1
    -------------------------------------------------------------------------
    MT-1050       200.40       212.40       12.00        0.482           4.3
    -------------------------------------------------------------------------
    MT-1050       220.40       233.30       12.90        9.528          29.9
    -------------------------------------------------------------------------
    MT-1050       257.35       263.35        6.00        0.301           4.3
    -------------------------------------------------------------------------
    MT-1050       273.35       279.40        6.05        0.754           4.1
    -------------------------------------------------------------------------
    MT-1050       321.15       333.45       12.30        1.085           6.6
    -------------------------------------------------------------------------
    MT-1051       No significant intervals
    -------------------------------------------------------------------------
    MT-1052       113.30       148.15       34.85        0.845           5.4
    -------------------------------------------------------------------------
    MT-1053       No significant results
    -------------------------------------------------------------------------
    MT-1054       Results pending
    -------------------------------------------------------------------------
    MT-1055       133.70       139.70        6.00        2.067           4.3
    -------------------------------------------------------------------------
    MT-1055       208.44       220.25       11.81        0.902           9.9
    -------------------------------------------------------------------------
    MT-1055       276.20       285.00        8.80        0.543          14.7
    -------------------------------------------------------------------------
    MT-1055       300.40       306.75        6.35        1.445           6.6
    -------------------------------------------------------------------------
    MT-1055       326.75       336.30        9.55        0.827           3.1
    -------------------------------------------------------------------------
    MT-1056       Results pending
    -------------------------------------------------------------------------
    MT-1057        94.50       104.50       10.00       11.946           8.7
    -------------------------------------------------------------------------
    MT-1057       140.50       153.80       13.30        1.372           5.9
    -------------------------------------------------------------------------
    

    The drill holes were inclined and the intersection lengths do not
represent true widths. A cut off grade of 0.10 g/t Au has been used. Results
are reported above a minimum average grade of 0.30 g/t Au and a minimum width
of 5.0 m. Gold grades are by fire assay with a AA or gravimetric finish;
silver grades are by ICP analysis. Mean values were used where duplicate data
exist. In the case of core duplicates the average value has been used.
Previously released holes MT-1001, MT-1002 and MT-1003 have been reassayed and
restated to a lower cut off grade.

    To view image: http://files.newswire.ca/547/CG_drillholes.doc

    Plan showing location of all drill holes to date in the Zona Alta (green
line) of the Marmato Project, Colombia.





For further information:

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) 203-3856, 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, The Equicom Group, Toronto, ON, (416) 815-0700 x 243

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