Colombia Goldfields updates Marmato resource definition drill program



    TORONTO, June 2 /CNW/ - Colombia Goldfields Ltd. (or the "Company") (TSX:
GOL / OTCBB: CGDF) today provided an update on the ongoing resource definition
drill program in the Zona Alta (Upper Zone) at the Marmato Mountain gold
project in Colombia. The highlights are:

    
    -   New results based on 11,271.25 meters in 63 diamond drill holes;
    -   Intercepts included 77.50 m at 1.23 g/t Au; 30.3 m at 1.69 g/t Au;
        15.65 m at 3.82 g/t Au; and 11.80 m at 3.12 g/t Au;
    -   Drilling to date is 25,766 meters in 124 holes with 10 additional
        holes in progress;
    -   Part of 60,000 meter drill program;
    -   Completion expected in fourth quarter 2008;
    -   10 diamond drill rigs operating and 3 more being mobilized;
    

    The Company recently announced an initial NI 43-101 compliant inferred
resource estimate of 2.6 million ounces of gold (at a cut-off grade of 0.3
g/Au t) for the Zona Alta at Marmato (see press release of May 12, 2008). The
estimate was based on the first 12,186 meters (68 holes) of the planned
60,000-meter diamond drilling program, 1,165 meters of cross-cut samples (115
cross-cuts) and 504 meters of individual underground samples.
    To May 25, 2008, 25,766 meters of drilling have been completed in 124
diamond drill holes with 10 additional holes under way. Results from 63 new
holes (11,271.25 meters) have been received since the last drill results were
published (see press release of February 28, 2008) and are listed in Table 1.
Twenty-six of these holes (3,948.65 meters) were used in the May 12 inferred
resource estimate. Results have now been received for a total of 106 holes for
19,513.62 meters. Of these, 69 holes for 12,186 meters were used for the
calculation of the initial inferred resource (press release May 12, 2008). The
drill hole locations are shown on the accompanying plan. See
http://files.newswire.ca/547/Marmato_Drill_Map.pdf.
    This drilling is part of a program of 60,000 meters that is being carried
out to upgrade and define additional resources in the Zona Alta, with
completion planned in the fourth quarter of 2008. There are currently ten
diamond drill rigs operating at Marmato and three more rigs are being
mobilized to start in June, bringing the total number of rigs to thirteen. One
of the new rigs will start a 10,000-meter drill program planned on the five
new gold targets in the Caramanta exploration project surrounding Marmato
Mountain.
    Dr Stewart D. Redwood, Vice President of Exploration of the Company, is
the qualified person as defined by NI 43-101 and has prepared or supervised
the preparation of all scientific and 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 laboratories used were
Inspectorate (ISO 9001:2000 and 9002:2004 certified) in Medellin, Colombia
(sample preparation), Reno, Nevada (preparation and analysis), and Lima, Peru
(analysis), and SGS in Medellin (preparation) and Lima (analysis). Gold was
assayed by fire assay with gravimetric finish or AAS finish. Silver was
assayed by fire assay with AAS finish or analyzed by ICP together with a suite
of multi-elements. 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. Further information about the Company's is available at
www.colombiagoldfields.com, EDGAR at www.sec.gov and SEDAR at www.sedar.com
under the Company's profile.

    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 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 from diamond
                       drilling at Marmato Zona Alta.

    -------------------------------------------------------------------------
    Hole           From          To       Interval
    Number       (meters)     (meters)     (meters)   Gold (g/t) Silver (g/t)
    -------------------------------------------------------------------------
    MT-1012       130.00       137.00         7.00        0.649          1.7
    -------------------------------------------------------------------------
    MT-1013         1.95        14.00        12.05        0.965          6.0
    -------------------------------------------------------------------------
    MT-1013        50.00        58.00         8.00        2.043          6.3
    -------------------------------------------------------------------------
    MT-1013        68.00        74.00         6.00        2.424          3.5
    -------------------------------------------------------------------------
    MT-1013        90.00        94.00         6.00        0.308          3.1
    -------------------------------------------------------------------------
    MT-1013       116.00       121.80         5.80        0.314          5.2
    -------------------------------------------------------------------------
    MT-1014         1.80         8.00         6.20        0.348         25.1
    -------------------------------------------------------------------------
    MT-1014       106.50       114.50         8.00        0.342          4.5
    -------------------------------------------------------------------------
    MT-1017         2.00        23.00        21.00        0.719          5.9
    -------------------------------------------------------------------------
    MT-1017        35.00        56.00        21.00        1.164          3.9
    -------------------------------------------------------------------------
    MT-1017        88.00        98.00        10.00        0.721          4.2
    -------------------------------------------------------------------------
    MT-1019        94.50       108.50        14.00        0.330          3.8
    -------------------------------------------------------------------------
    MT-1019       128.70       144.35        15.65        3.816          8.9
    -------------------------------------------------------------------------
    MT-1022      No significant intervals
    -------------------------------------------------------------------------
    MT-1028        19.50        25.50         6.00        0.495          6.5
    -------------------------------------------------------------------------
    MT-1028        35.55        55.50        19.95        0.586          4.4
    -------------------------------------------------------------------------
    MT-1032        66.00        98.00        32.00        1.327          5.1
    -------------------------------------------------------------------------
    MT-1032       116.00       135.00        19.00        1.942         17.0
    -------------------------------------------------------------------------
    MT-1032       145.00       156.80        11.80        3.124          8.8
    -------------------------------------------------------------------------
    MT-1035         1.10        23.00        21.90        0.735          2.1
    -------------------------------------------------------------------------
    MT-1035        37.00        43.00         6.00        0.308          2.2
    -------------------------------------------------------------------------
    MT-1035        61.00        69.00         8.00        0.308          3.0
    -------------------------------------------------------------------------
    MT-1036        70.50        78.50         8.00        1.019          5.1
    -------------------------------------------------------------------------
    MT-1036       114.50       120.10         5.60        1.355          4.8
    -------------------------------------------------------------------------
    MT-1046      No significant intervals
    -------------------------------------------------------------------------
    MT-1056        10.00        16.00         6.00        0.452          4.1
    -------------------------------------------------------------------------
    MT-1056        77.60        89.60        12.00        0.691          4.8
    -------------------------------------------------------------------------
    MT-1058       110.30       119.00         8.70        2.409          3.4
    -------------------------------------------------------------------------
    MT-1058       203.00       217.00        14.00        0.594          2.1
    -------------------------------------------------------------------------
    MT-1059        24.50        30.50         6.00        0.923         14.0
    -------------------------------------------------------------------------
    MT-1059        36.00        66.50        30.50        0.373          3.3
    -------------------------------------------------------------------------
    MT-1059       183.80       201.10        17.30        0.936          7.5
    -------------------------------------------------------------------------
    MT-1059       205.10       213.10         8.00        0.440          1.7
    -------------------------------------------------------------------------
    MT-1059       217.10       229.10        12.00        0.923          5.9
    -------------------------------------------------------------------------
    MT-1059       233.10       243.10        10.00        0.523          2.8
    -------------------------------------------------------------------------
    MT-1059       245.10       253.10         8.00        0.437          2.9
    -------------------------------------------------------------------------
    MT-1059       335.10       341.10         6.00        0.395          2.2
    -------------------------------------------------------------------------
    MT-1060      No significant intervals
    -------------------------------------------------------------------------
    MT-1061      No significant intervals
    -------------------------------------------------------------------------
    MT-1062      Results pending
    -------------------------------------------------------------------------
    MT-1063      No significant intervals
    -------------------------------------------------------------------------
    MT-1064       318.50       341.50        23.00        0.410          3.3
    -------------------------------------------------------------------------
    MT-1065        25.00        40.60        15.60        0.490         24.3
    -------------------------------------------------------------------------
    MT-1065       126.00       138.50        12.50        0.564          6.7
    -------------------------------------------------------------------------
    MT-1065       213.70       219.60         5.90        0.490         16.2
    -------------------------------------------------------------------------
    MT-1065       227.70       240.70        13.00        1.191          2.8
    -------------------------------------------------------------------------
    MT-1065       265.20       325.20        60.00        0.460          2.6
    -------------------------------------------------------------------------
    MT-1066      No significant intervals
    -------------------------------------------------------------------------
    MT-1067        59.00        67.50         8.50        0.480          3.8
    -------------------------------------------------------------------------
    MT-1067        97.00       103.00         6.00        0.306          3.2
    -------------------------------------------------------------------------
    MT-1068        27.50        33.00         5.50        1.122          4.2
    -------------------------------------------------------------------------
    MT-1068        94.40        99.50         5.10        0.329          2.5
    -------------------------------------------------------------------------
    MT-1068       114.50       160.45        45.95        0.553          2.4
    -------------------------------------------------------------------------
    MT-1068       229.00       279.00        50.00        1.129          2.8
    -------------------------------------------------------------------------
    MT-1068       303.20       333.50        30.30        1.685          9.6
    -------------------------------------------------------------------------
    MT-1069      No significant intervals
    -------------------------------------------------------------------------
    MT-1070      No significant intervals
    -------------------------------------------------------------------------
    MT-1071      No significant intervals
    -------------------------------------------------------------------------
    MT-1072      No significant intervals
    -------------------------------------------------------------------------
    MT-1073        15.00        32.00        17.00        1.167         66.3
    -------------------------------------------------------------------------
    MT-1073       103.60       111.60         8.00        0.435          2.9
    -------------------------------------------------------------------------
    MT-1073       127.60       135.60         8.00        0.427          1.1
    -------------------------------------------------------------------------
    MT-1073       308.10       315.10         7.00        0.594          8.8
    -------------------------------------------------------------------------
    MT-1073       398.00       404.00         6.00        1.643          8.2
    -------------------------------------------------------------------------
    MT-1074        30.00        35.00         5.00        0.912          2.6
    -------------------------------------------------------------------------
    MT-1074        74.00        86.85        12.85        0.360          3.1
    -------------------------------------------------------------------------
    MT-1074        94.85       116.85        22.00        0.373          2.6
    -------------------------------------------------------------------------
    MT-1074       126.85       143.00        16.15        0.933          4.2
    -------------------------------------------------------------------------
    MT-1075      No significant intervals
    -------------------------------------------------------------------------
    MT-1076         4.45        10.50         6.05         3.00          7.7
    -------------------------------------------------------------------------
    MT-1077        23.50        31.40         7.90        0.391          4.4
    -------------------------------------------------------------------------
    MT-1077        53.50        60.00         6.50        0.631         11.7
    -------------------------------------------------------------------------
    MT-1077        96.30       104.30         8.00        0.308          3.4
    -------------------------------------------------------------------------
    MT-1077       122.30       142.00        19.70        0.662          8.7
    -------------------------------------------------------------------------
    MT-1078        11.50        19.50         8.00        0.377          4.9
    -------------------------------------------------------------------------
    MT-1079         8.70        38.20        29.50        0.677          3.4
    -------------------------------------------------------------------------
    MT-1079        42.20        50.20         8.00        0.452          1.4
    -------------------------------------------------------------------------
    MT-1080         2.55        15.90        13.35        0.794          7.0
    -------------------------------------------------------------------------
    MT-1080        40.10        69.00        28.90        0.456          2.9
    -------------------------------------------------------------------------
    MT-1080       155.00       161.00         6.00        0.744          2.2
    -------------------------------------------------------------------------
    MT-1080       165.00       177.00        12.00        0.610          7.4
    -------------------------------------------------------------------------
    MT-1080       267.00       273.55         6.55        0.850          0.3
    -------------------------------------------------------------------------
    MT-1080       299.00       324.20        25.20        0.462          2.4
    -------------------------------------------------------------------------
    MT-1081       330.00       341.50        11.50        1.407          5.3
    -------------------------------------------------------------------------
    MT-1081       427.00       435.00         8.00        1.976         12.0
    -------------------------------------------------------------------------
    MT-1081       441.00       453.00        12.00        0.540          4.9
    -------------------------------------------------------------------------
    MT-1081       461.00       467.00         6.00        0.476          2.8
    -------------------------------------------------------------------------
    MT-1082        13.50        27.00        13.50        1.185          6.6
    -------------------------------------------------------------------------
    MT-1083        57.50        75.25        17.75        0.816          4.5
    -------------------------------------------------------------------------
    MT-1083        77.30        83.00         5.70        0.429          2.9
    -------------------------------------------------------------------------
    MT-1083       167.00       175.45         8.45        1.082          6.4
    -------------------------------------------------------------------------
    MT-1083       187.45       201.00        13.55        0.833          3.5
    -------------------------------------------------------------------------
    MT-1084       111.00       117.00         6.00         0.36         5.67
    -------------------------------------------------------------------------
    MT-1084       149.00       165.00        16.00         0.33         2.69
    -------------------------------------------------------------------------
    MT-1084       187.00       209.20        22.20         0.79         4.15
    -------------------------------------------------------------------------
    MT-1085        12.00        44.00        32.00        0.816          4.4
    -------------------------------------------------------------------------
    MT-1085        50.00        56.05         6.05        0.312          6.6
    -------------------------------------------------------------------------
    MT-1086         2.80        39.50        36.70        0.408          5.8
    -------------------------------------------------------------------------
    MT-1086        57.50        63.50         6.00        0.393          1.2
    -------------------------------------------------------------------------
    MT-1086        91.50       111.90        20.40        1.533          7.7
    -------------------------------------------------------------------------
    MT-1086       117.30       123.30         6.00        0.308          2.5
    -------------------------------------------------------------------------
    MT-1086       269.00       275.00         6.00        0.398          1.7
    -------------------------------------------------------------------------
    MT-1086       300.55       306.00         5.45        1.944         13.6
    -------------------------------------------------------------------------
    MT-1086       317.00       341.50        24.50        1.394          5.9
    -------------------------------------------------------------------------
    MT-1087      No significant intervals
    -------------------------------------------------------------------------
    MT-1088      No significant intervals
    -------------------------------------------------------------------------
    MT-1089      No significant intervals
    -------------------------------------------------------------------------
    MT-1090        38.30        58.30        20.00        0.383          2.3
    -------------------------------------------------------------------------
    MT-1090       142.50       158.50        16.00        1.168          3.8
    -------------------------------------------------------------------------
    MT-1090       166.50       192.60        26.10        0.369          4.7
    -------------------------------------------------------------------------
    MT-1090       227.15       237.55        10.40        1.050         13.7
    -------------------------------------------------------------------------
    MT-1090       241.55       247.55         6.00        1.725          4.7
    -------------------------------------------------------------------------
    MT-1090        269.5       283.50        14.00        0.901          7.5
    -------------------------------------------------------------------------
    MT-1091      No significant intervals
    -------------------------------------------------------------------------
    MT-1092         2.05        10.60         8.55        0.645          4.6
    -------------------------------------------------------------------------
    MT-1092        58.10        66.10         8.00        0.786          3.5
    -------------------------------------------------------------------------
    MT-1093       297.60       325.00        27.40        0.621          5.3
    -------------------------------------------------------------------------
    MT-1094      No significant intervals
    -------------------------------------------------------------------------
    MT-1095        48.60        77.65        29.05        0.696          2.4
    -------------------------------------------------------------------------
    MT-1095        81.65        87.65         6.00        0.397          1.7
    -------------------------------------------------------------------------
    MT-1095        95.65       105.80        10.15        0.682          1.3
    -------------------------------------------------------------------------
    MT-1095       156.00       161.45         5.45        0.359          0.8
    -------------------------------------------------------------------------
    MT-1095       197.55       263.55        66.00        0.608          4.2
    -------------------------------------------------------------------------
    MT-1095       269.55       329.85        60.30        1.014          4.2
    -------------------------------------------------------------------------
    MT-1096       108.00       116.00         8.00        0.461          3.9
    -------------------------------------------------------------------------
    MT-1097       148.00       158.80        10.80        0.798          7.2
    -------------------------------------------------------------------------
    MT-1098        49.00        93.00        44.00        0.556          4.1
    -------------------------------------------------------------------------
    MT-1098       234.00       240.00         6.00        0.348          1.5
    -------------------------------------------------------------------------
    MT-1098       252.00       260.00         8.00        0.436          1.7
    -------------------------------------------------------------------------
    MT-1098       268.00       276.00         8.00        1.782          4.9
    -------------------------------------------------------------------------
    MT-1098       302.00       308.00         6.00        0.386          5.6
    -------------------------------------------------------------------------
    MT-1099         9.30        32.68        23.38        1.589          9.4
    -------------------------------------------------------------------------
    MT-1100        78.20        86.00         7.80        0.851          9.3
    -------------------------------------------------------------------------
    MT-1101         2.50        10.50         8.00        0.687         14.4
    -------------------------------------------------------------------------
    MT-1101        49.60        59.50         9.90        0.472          2.7
    -------------------------------------------------------------------------
    MT-1102         8.70        63.60        54.90        1.131         10.2
    -------------------------------------------------------------------------
    MT-1103      No significant intervals
    -------------------------------------------------------------------------
    MT-1104        15.10        23.10         8.00        0.408         20.5
    -------------------------------------------------------------------------
    MT-1104       101.10       107.10         6.00        0.328          2.6
    -------------------------------------------------------------------------
    MT-1104       154.50       232.00        77.50        1.233          6.1
    -------------------------------------------------------------------------
    MT-1105      Results pending
    -------------------------------------------------------------------------
    MT-1106       152.00       164.00        12.00        0.351          2.4
    -------------------------------------------------------------------------
    MT-1106       184.00       208.00        24.00        0.397          5.4
    -------------------------------------------------------------------------
    MT-1106       210.00       216.00         6.00        0.311          2.4
    -------------------------------------------------------------------------
    MT-1106       240.00       250.00        10.00        0.305          2.3
    -------------------------------------------------------------------------
    MT-1106       256.00       274.00        18.00        0.396          3.0
    -------------------------------------------------------------------------
    MT-1106       282.00       290.00         8.00        0.303          2.7
    -------------------------------------------------------------------------
    MT-1106       351.60       358.50         6.90        0.413         20.8
    -------------------------------------------------------------------------
    MT-1107      Results pending
    -------------------------------------------------------------------------
    MT-1108      Results pending
    -------------------------------------------------------------------------
    MT-1109      Results pending
    -------------------------------------------------------------------------
    MT-1110      Results pending
    -------------------------------------------------------------------------
    MT-1111      Results pending
    -------------------------------------------------------------------------
    MT-1112      Results pending
    -------------------------------------------------------------------------
    MT-1113         5.80        11.20         5.40        0.406          4.1
    -------------------------------------------------------------------------
    MT-1113        65.70        94.90        29.20        0.534          6.6
    -------------------------------------------------------------------------
    MT-1114      Results pending
    -------------------------------------------------------------------------
    MT-1115       132.50       166.50        34.00        1.387          9.8
    -------------------------------------------------------------------------
    MT-1115       210.50       262.10        51.60        0.531          4.2
    -------------------------------------------------------------------------
    

    The drill holes were inclined and the intersection lengths do not
represent true widths. Sample widths are normally 2.0 m but can be varied for
geological and recovery factors. A cut off grade of 0.10 g/t Au has been used
and no more than 6.0 m of internal dilution. No top cutting of grades has been
applied. 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 or by fire assay with AA
finish. Mean values were used where duplicate data exist. In the case of core
duplicates the average value has been used. Voids from old mine workings have
been assigned zero grade.





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; U.S. Investor Relations: Michelle Roth, Roth
Investor Relations, Inc., Tel. (732) 792-2200, Email: johnmenditto@rothir.com;
Canadian Investor Relations: Martti Kangas, V.P. Corporate Development,
Colombia Goldfields, Ltd. Tel: (416) 361-9640, martti@colombiagoldfields.com

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