Colombia Goldfields updates Marmato resource definition drill program



    TORONTO, Sept. 2 /CNW/ - Colombia Goldfields Ltd. (or the "Company")
(TSX: GOL/OTCBB: CGDF) today provided an update on its ongoing 60,000 meter
resource definition drill program in the Zona Alta (Upper Zone) at the Marmato
Mountain gold project in Colombia. Highlights include:

    
    -   New results based on 8,396 meters in 34 diamond drill holes;

    -   Intercepts included 20.0 m at 0.91 g/t Au, 22.0 m at 1.60 g/t Au,
        100.0 m at 0.47 g/t Au, 21.0 m at 0.99 g/t Au, 44.0 m at 1.48 g/t Au,
        35.8 m at 1.36 g/t Au, 16.0 m at 4.95 g/t Au, 76.0 m at 1.03 g/t Au,
        and 31.5 m at 0.84 g/t Au;

    -   Drilling to date is 40,735 meters in 188 holes, including 10 in
        progress;

    -   10 diamond drill rigs operating;

    -   Underground sample results from 399.5 m of channel samples in
        cross-cuts and 119 m of individual samples; intercepts included 112 m
        at 0.56 g/t Au and 10 m at 2.60 g/t Au.
    

    To date, 40,735 meters of drilling has been completed in 188 diamond
drill holes, including 10 holes in progress. In May 2008 the Company 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/t Au) 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 diamond drilling, 1,165 meters of cross-cut
samples (115 cross-cuts) and 504 meters of individual underground samples.
    Results from 34 new holes (8,396 meters) have been received since the
last drill results were published (see press release of June 2, 2008) and are
listed in Table 1. Results have now been received for a total of 140 holes
representing 27,910 meters. The drill hole locations are shown on the
accompanying plan.
    The underground sampling program has been completed in all accessible
mines in the Zona Alta. Some mines remain to be sampled once title is
transferred to the company. New results have been received for 399.5 m of
channel samples from 22 cross-cuts in 7 mines, and are listed in Table 2. In
addition, results have been received for 90 individual samples of mine faces
and backs totalling 114.7 m in 6 mines and are listed in Table 3. In total,
65 mines have been sampled for a total of 1,912.9 m in 1,387 samples. This
comprises 1,257.5 m of channel sampling in 127 cross-cuts (662 samples), and
725 individual samples totalling 655.4 m. The average grade of all individual
samples is 2.68 g/t Au and 15.5 g/t Ag over 0.90 m.
    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) and Lima, Peru (analysis), and SGS in Medellin
(preparation) and Lima (analysis). Gold was assayed by fire assay with AAS
finish, and values above 3.0 g/t were repeated by fire assay with gravimetric
finish. Silver was assayed by fire assay with AAS finish and by ICP. 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.

    -------------------------------------------------------------------------
                   From          To        Interval       Gold        Silver
    Hole Number  (meters)     (meters)     (meters)       (g/t)        (g/t)
    -------------------------------------------------------------------------
    MT-1062       No significant intervals
    -------------------------------------------------------------------------
    MT-1105       161.35       167.35         6.00        0.691          2.1
    -------------------------------------------------------------------------
    MT-1105       175.35       185.35        10.00        0.837          8.4
    -------------------------------------------------------------------------
    MT-1107        38.50        61.50        23.00        0.562          7.3
    -------------------------------------------------------------------------
    MT-1108       155.00       167.00        12.00        0.518          3.2
    -------------------------------------------------------------------------
    MT-1108       173.00       201.00        28.00        0.477          2.4
    -------------------------------------------------------------------------
    MT-1108       231.00       242.20        11.20        0.618          3.0
    -------------------------------------------------------------------------
    MT-1108       264.20       270.20         6.00        0.503          4.8
    -------------------------------------------------------------------------
    MT-1108       333.00       359.00        26.00        0.402          1.8
    -------------------------------------------------------------------------
    MT-1108       397.00       404.45         7.45        0.410          1.7
    -------------------------------------------------------------------------
    MT-1109       247.30       253.10         5.80        1.167          1.4
    -------------------------------------------------------------------------
    MT-1109       265.10       275.10        10.00        0.402          0.7
    -------------------------------------------------------------------------
    MT-1109       341.10       361.10        20.00        0.910          5.1
    -------------------------------------------------------------------------
    MT-1109       365.10       375.10        10.00        0.385          1.1
    -------------------------------------------------------------------------
    MT-1110       143.75       151.75         8.00        0.328          2.1
    -------------------------------------------------------------------------
    MT-1111       245.40       251.50         6.10        0.363          5.7
    -------------------------------------------------------------------------
    MT-1111       283.50       291.15         7.65        0.345          7.6
    -------------------------------------------------------------------------
    MT-1112       Results pending
    -------------------------------------------------------------------------
    MT-1114       144.50       183.80        39.30        0.443          2.7
    -------------------------------------------------------------------------
    MT-1116       No significant intervals
    -------------------------------------------------------------------------
    MT-1117       162.20       172.20        10.00        0.339          6.4
    -------------------------------------------------------------------------
    MT-1117       180.20       219.50        39.30        0.399          4.8
    -------------------------------------------------------------------------
    MT-1117       290.30       316.30        26.00        0.388          3.5
    -------------------------------------------------------------------------
    MT-1117       346.35       356.40        10.05        0.460          2.4
    -------------------------------------------------------------------------
    MT-1117       362.40       370.40         8.00        0.406          4.8
    -------------------------------------------------------------------------
    MT-1118       No significant intervals
    -------------------------------------------------------------------------
    MT-1119        37.20        46.10         8.90        0.533          2.3
    -------------------------------------------------------------------------
    MT-1119       103.20       113.30        10.10        1.270         10.0
    -------------------------------------------------------------------------
    MT-1119       185.40       194.60         9.20        0.344          2.0
    -------------------------------------------------------------------------
    MT-1119       221.35       231.35        10.00        1.053          2.0
    -------------------------------------------------------------------------
    MT-1120       139.70       160.60        20.90        0.314          5.6
    -------------------------------------------------------------------------
    MT-1120       178.00       188.00        10.00        0.464          9.2
    -------------------------------------------------------------------------
    MT-1120       218.00       230.00        12.00        0.507          7.3
    -------------------------------------------------------------------------
    MT-1121       No significant intervals
    -------------------------------------------------------------------------
    MT-1122         3.25        11.00         7.75        0.417          8.4
    -------------------------------------------------------------------------
    MT-1122        66.50        75.45         8.95        0.509          5.3
    -------------------------------------------------------------------------
    MT-1122       150.50       160.50        10.00        0.423          0.9
    -------------------------------------------------------------------------
    MT-1122       168.50       182.50        14.00        0.346          4.1
    -------------------------------------------------------------------------
    MT-1122       210.50       232.50        22.00        1.597          4.1
    -------------------------------------------------------------------------
    MT-1023       No significant intervals
    -------------------------------------------------------------------------
    MT-1024       No significant intervals
    -------------------------------------------------------------------------
    MT-1125        55.60        67.60        12.00        0.499          1.8
    -------------------------------------------------------------------------
    MT-1125        72.10        81.10         9.00        1.521          9.2
    -------------------------------------------------------------------------
    MT-1026       No significant intervals
    -------------------------------------------------------------------------
    MT-1127       151.50       159.50         8.00        0.348          6.7
    -------------------------------------------------------------------------
    MT-1128        74.50       174.50       100.00        0.470          2.7
    -------------------------------------------------------------------------
    MT-1128       279.50       293.50        14.00        0.390          4.2
    -------------------------------------------------------------------------
    MT-1129        68.70        74.70         6.00        0.302          7.5
    -------------------------------------------------------------------------
    MT-1130       No significant intervals
    -------------------------------------------------------------------------
    MT-1131       Results pending
    -------------------------------------------------------------------------
    MT-1132       237.55       253.40        15.85        0.390         10.9
    -------------------------------------------------------------------------
    MT-1132       328.75       360.20        31.45        0.370          8.4
    -------------------------------------------------------------------------
    MT-1133       Results pending
    -------------------------------------------------------------------------
    MT-1034       No significant intervals
    -------------------------------------------------------------------------
    MT-1135        56.50        77.50        21.00        0.991          4.7
    -------------------------------------------------------------------------
    MT-1136       Results pending
    -------------------------------------------------------------------------
    MT-1137       Results pending
    -------------------------------------------------------------------------
    MT-1138       142.90       180.90        38.00        0.347          3.5
    -------------------------------------------------------------------------
    MT-1138       190.90       234.90        44.00        1.479          9.6
    -------------------------------------------------------------------------
    MT-1138       244.90       280.70        35.80        1.356          7.7
    -------------------------------------------------------------------------
    MT-1139       113.50       120.15         6.65        0.409          9.1
    -------------------------------------------------------------------------
    MT-1140       Results pending
    -------------------------------------------------------------------------
    MT-1141       No significant intervals
    -------------------------------------------------------------------------
    MT-1142       Results pending
    -------------------------------------------------------------------------
    MT-1143        72.00        88.00        16.00        4.947          4.5
    -------------------------------------------------------------------------
    MT-1143       110.00       122.25        12.25        0.604          2.9
    -------------------------------------------------------------------------
    MT-1143       226.00       302.00        76.00        1.027          3.4
    -------------------------------------------------------------------------
    MT-1144       168.38       184.00        15.62        0.564          8.6
    -------------------------------------------------------------------------
    MT-1144       230.00       236.00         6.00        0.773          4.3
    -------------------------------------------------------------------------
    MT-1144       270.00       301.50        31.50        0.835          4.5
    -------------------------------------------------------------------------
    MT-1145        94.70       106.70        12.00        1.000          3.0
    -------------------------------------------------------------------------
    MT-1151        33.00        40.61         7.61        0.402          5.0
    -------------------------------------------------------------------------
    MT-1151        49.09        65.00        15.91        0.617         10.8
    -------------------------------------------------------------------------
    MT-1153        60.70        68.58         7.88        0.343          1.6
    -------------------------------------------------------------------------
    

    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 assay duplicate and core duplicate data
exist. Voids from old mine workings have been assigned zero grade.

    
    Table 2. Length weighted average gold and silver grades from underground
                   channel sampling at Marmato Zona Alta.

    -------------------------------------------------------------------------
    Mine                      Cross-cut    Length (m)   Au (g/t)     Ag (g/t)
    -------------------------------------------------------------------------
    Corozo                     M03404         6.67        1.694          9.9
                             ------------------------------------------------
                               M03406        10.19        2.601          2.2
    -------------------------------------------------------------------------
    El Esfuerzo                M04301        14.00        0.315          4.5
    -------------------------------------------------------------------------
    El Mango                   M06501         5.93        0.730          3.0
    -------------------------------------------------------------------------
    La Davila                 M00401A         3.14        0.992          5.6
                             ------------------------------------------------
                              M00401B        15.83        0.730          3.4
                             ------------------------------------------------
                              M00402A        13.51        0.347          2.0
                             ------------------------------------------------
                              M00402B         4.00        1.969         13.3
                             ------------------------------------------------
                              M00402C         6.00        1.208          6.9
                             ------------------------------------------------
                              M00402D         3.70        0.770          6.0
                             ------------------------------------------------
                              M00402E       112.01        0.564          2.7
    -------------------------------------------------------------------------
    Ochoa Mejia (La Ochoa)    M01203A         6.61        0.492          2.3
                             ------------------------------------------------
                              M01204A        12.34        0.412          1.6
    -------------------------------------------------------------------------
    La Carmona                No significant intervals
    -------------------------------------------------------------------------
    La Floresta               No significant intervals
    -------------------------------------------------------------------------
    

    Channel samples are horizontal and were cut by diamond saw. Sample widths
are normally 2.0 m but can be varied for geological and mine factors. All
samples were used to calculate the length-weighted averages and no upper or
lower cut-off grades were applied. Different channel samples along the same
cross-cut are separated by timbered zones or mine openings and are denoted by
suffixes A, B, etc. Results are reported above a minimum average grade of 0.30
 g/t Au and a minimum length of 3.0 m. Samples from 14 other cross-cuts gave
no intersections above the cut-off grade and length. 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 sample or
assay data exist.

    
    Table 3. Length weighted average gold and silver grades from underground
                  individual sampling at Marmato Zona Alta.

    -------------------------------------------------------------------------
                              Average                      Au (g/t)  Ag (g/t)
                  Number of   Length     Au          Ag    (cut to   (cut to
    Mine           Samples     (m)     (g/t)      (g/t)    10 g/t)   100 g/t)
    -------------------------------------------------------------------------
    Corozo            49       1.35     2.511       8.3     1.883        8.3
    -------------------------------------------------------------------------
    El Esfuerzo        8       1.10     1.036       9.2     1.036        9.2
    -------------------------------------------------------------------------
    El Mango          12       1.19     3.114      11.8     3.108       11.8
    -------------------------------------------------------------------------
    La Carmona         7       0.95     7.634      67.0     4.733       52.9
    -------------------------------------------------------------------------
    La Davila         12       1.27     1.448       2.9     1.050        2.9
    -------------------------------------------------------------------------
    La Ochoa           2       1.78     2.442      11.3     2.442       11.3
    -------------------------------------------------------------------------
    

    Samples are horizontal and were cut by diamond saw. Single samples were
taken across the mine faces and at systematic intervals along the backs where
accessible. Sample widths are the mine width. All samples were used to
calculate the length-weighted averages. In the two right columns grades have
been top-cut to 10 g/t Au and 100 g/t Ag. 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 sample or assay data
exist.





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; Canadian Investor Relations:
Martti Kangas, V.P. Corporate Development, Colombia Goldfields, Ltd., Tel:
(416) 361-9640, martti@colombiagoldfields.com

Organization Profile

COLOMBIA GOLDFIELDS

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890