Colombia Goldfields Ltd. Signs Letter of Intent To Acquire Colombia Gold PLC



    TORONTO, Nov. 20 /CNW/ - Colombia Goldfields Ltd. (the "Company")
(TSX: GOL/OTCBB: CGDF) today announced it has entered into a letter of intent
to acquire Colombia Gold PLC. Completion of the transaction is subject to the
negotiation and execution of a definitive agreement, satisfactory completion
of technical, financial, legal and other commercial due diligence and
customary conditions, including all shareholder, court, and regulatory
approvals.
    Colombia Gold PLC is a privately held UK company whose main assets are
the mining rights to the Echandia property adjacent to Marmato Mountain.
Colombia Gold is in the process of completing a NI 43-101 compliant technical
report.
    "We are very excited about this potential acquisition and how it
reinforces the Company's strategy of consolidation of the Marmato Gold
District," said J. Randy Martin, Chief Executive Officer and Vice Chairman of
Colombia Goldfields Limited. "It would be an important acquisition for our
Company as it would increase our resource base as well as provide additional
access to the same ore body as our current project. Colombia Goldfields
remains committed to the exploration and development of a new gold district
surrounding the Marmato Mountain."

    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.

    %SEDAR: 00025801E




For further information:

For further information: Randy Martin, CEO & Vice Chairman, 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: Michelle Roth, Roth Investor Relations, Inc. Tel. +1 732 792 2200,
Email: michelleroth@rothir.com; Canadian Investor Relations: Martti Kangas,
The Equicom Group, Toronto, ON, (416) 815-0700 x 243

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COLOMBIA GOLDFIELDS

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