Colombia Goldfields Provides First Quarter 2009 Financial Results



    (All amounts are reported in U.S. dollars unless otherwise indicated)

    TORONTO, May 4 /CNW/ - Colombia Goldfields Ltd. (the "Company") (TSX: 
GOL / OTCBB: CGDF) today announced unaudited financial results for the three
months ended March 31, 2009.
    The Company reported net income for the first quarter ended March 31,
2009 of $528,000 ($0.01 per share) compared to a net loss of $6.2 million or
($0.07 per share) for the same period in 2008. Net income was driven by
mineral property exploration costs of $280,000, general and administrative
expenses of $331,000, and foreign exchange gains of $1.2 million due to
favorable fluctuations in the exchange rate between the U.S. dollar and the
Colombian peso.
    Total assets at March 31, 2009 were $26.1 million, including mineral and
exploration properties and rights of $25.8 million compared with total assets
of $26.1 million at December 31, 2008. As of March 31, 2009, Stockholders'
Equity was $7.6 million, compared to $7.0 million at December 31, 2008. The
Company's working capital deficiency was $18.5 million at March 31, 2009
compared to $19.1 million at December 31, 2008.
    In light of current market conditions, the Company is continuing to
evaluate strategic options to address its short-term and long-term project
development goals.
    For further information on the Company's first quarter 2009 results,
refer to the Company's first quarter 2009 report on form 10Q available at
www.sec.gov and www.sedar.com.

    
    About Colombia Goldfields
    -------------------------
    
    Colombia Goldfields Ltd., through our subsidiaries Compania Minera de
Caldas S.A. and Gavilan Minerals S.A., is exploring 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's is available at
www.colombiagoldfields.com.

    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 the Company's management and reflect the Company'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., 8 King Street East, Suite 208, Toronto, Ontario, M5C 1B5, T:
(416) 361-9640, F: (416) 361-0883, info@colombiagoldfields.com,
www.colombiagoldfields.com

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COLOMBIA GOLDFIELDS

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