Medoro and Colombia Goldfields announce a new Resource Estimate for Zona Alta
of Marmato, Colombia

TORONTO, Oct. 15 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) and Colombia Goldfields Limited (TSX: GOL- OTCBB:CGDF) announced today a new National Instrument 43-101 compliant mineral resource estimate for the Zona Alta of 2.3 million ounces of gold in the measured and indicated category with an additional 1.1 million ounces of gold in the inferred category for the Zona Alta of the Marmato Mountain gold project in Colombia. The estimate was based on 42,913 meters of diamond hole samples in 201 holes and using a cutoff grade of 0.3 g/t. The total drilled was 46,380 meters in 205 holes and final results from some complete and some partially assayed holes are pending. This resource estimate was prepared by Scott E. Wilson Consulting, Inc. of Englewood, Colorado.

The drilling subsequent to the first resource estimation in May 2008 has added significant overall tonnage as well as defined a substantial portion of the resource in the measured and indicated categories.

    
    Highlights of the resource estimate include:

    i)   In the measured and indicated category there are 2.3 million ounces
         of gold at a grade of 0.82 grams of gold per tonne and 13.2 million
         ounces of silver at a grade of 4.65 grams of silver contained in
         88.2 million tonnes of ore at a cut-off grade of 0.30 g/t gold.

    ii)  Additionally, in the inferred category there are 1.2 million ounces
         of gold at a grade of 1.21 grams of gold per tonne and 6.0 million
         ounces of silver at a grade of 6.74 grams of silver contained in
         27.6 million tonnes of ore at a cut-off grade of 0.30 g/t gold.

    iii) The Zona Alta resource remains open for expansion in areas not yet
         drilled.
    

The October 2009 measured and indicated mineral resource estimates at Zona Alta at various cut-off grades are given as follows:

    
    -------------------------------------------------------------------------
    Cut-off grade   Tonnage     Gold        Gold       Silver       Silver
      g/t gold       000's      g/t        ounces        g/t        ounces
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
      1.0           19,469      1.80      1,127,000      7.16      4,482,000
    -------------------------------------------------------------------------
      0.5           52,691      1.11      1,884,000      5.49      9,302,000
    -------------------------------------------------------------------------
      0.3           88,207      0.82      2,319,000      4.65     13,195,000
    -------------------------------------------------------------------------

    The October 2009 inferred mineral resource estimates at Zona Alta at
various cut-off grades are given as follows:

    -------------------------------------------------------------------------
    Cut-off grade   Tonnage     Gold        Gold       Silver       Silver
      g/t gold       000's      g/t        ounces        g/t        ounces
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
      1.0            7,830     2.91        733,000     12.66      3,187,000
    -------------------------------------------------------------------------
      0.5           17,338     1.70        948,000      8.54      4,760,000
    -------------------------------------------------------------------------
      0.3           27,609     1.21      1,075,000      6.74      5,981,000
    -------------------------------------------------------------------------
    

The full NI 43-101 compliant report describing the resource estimate will be filed on www.sedar.com and on the companies' websites by Friday, October 16, 2009.

This new mineral resource estimate supercedes the NI 43-101 compliant resource estimated disclosed by Colombia Goldfields Ltd. in May 2008. The previous resource estimate was based on 12,186 meters of drilling in 68 holes plus 1,165 meters if cross-cut samples and 594 meters of individual underground samples. The May resource estimated 2.6 million ounces of gold and 14.0 million ounces of silver contained in 75.8 million tonnes of ore in the inferred mineral resource category, at a 0.3 g/t gold cut-off.

Medoro's Acquisition of Colombia Goldfields

Medoro has entered into an arrangement agreement to acquire all of the issued and outstanding shares of Colombia Goldfields, which is holding a special meeting of its stockholders, warrant holders and option holders to approve the proposed acquisition on October 23, 2009. A copy of Colombia Goldfield's definitive proxy statement which includes the arrangement agreement in connection with the proposed acquisition has been filed with the Securities and Exchange Commission (the "SEC") under Colombia Goldfield's profile on EDGAR and is available at www.sec.gov. Colombia Goldfield's security-holders are advised to read the definitive proxy statement as well as any supplements to the definitive proxy statement filed by the Colombia Goldfields with the SEC.

Qualified Person:

Scott E. Wilson, of Scott E. Wilson Consulting, Inc. is the independent qualified person as defined by National Instrument 43-101 and has prepared or reviewed the preparation of the information which forms the basis of this press release. He is a Certified Professional Geologist and member of the American Institute of Professional Geologists (CPG No.10965) and a Registered Member (No.4025107) of the Society of Mining and Metallurgy and Exploration, Inc., a professional association and designation recognized by the Canadian regulatory authorities. The samples were prepared by Inspectorate (ISO 9001:2000 and 9002:2004) certified) at sample preparation facilities in Medellin, Colombia, and Reno Nevada, and were assayed at their laboratories in Reno and Lima, Peru. Gold was assayed by fire assay with gravimetric or AAS finish. Silver was assayed by AAS finish or analyszed by ICP with a suite of multi-elements. 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 were routinely inserted for quality assurance and quality control.

About Medoro Resources Ltd.

Medoro Resources Ltd. is a gold exploration and development company focused on acquiring properties of merit for potential joint ventures with senior producers. The company recently announced the execution of: (i) a letter of intent to acquire all of the issued and outstanding common shares of Mineros Nacionales S.A.;(ii) an arrangement agreement to acquire the common stock of Colombia Goldfields Ltd; and (iii) and a letter of intent to acquire the securities of Colombia Gold plc, each of which has properties located in the Marmato District of Colombia. Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela and interests in four gold exploration areas in the Republic of Mali. Additional information on Medoro Resources Ltd. can be found by visiting the company's website at www.medororesources.com.

About Colombia Goldfields

Colombia Goldfields has been developing a large gold resource into a world class asset utilizing Colombia's historic Marmato Mountain gold district as a foundation while conducting programs incorporating property acquisitions, community resettlement and exploration.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities for sale into the United States or Canada. No offering of securities shall be made in the United States or Canada except pursuant to registration under the US Securities Act of 1933, as amended, or an exemption therefrom.

This press release contains forward-looking statements based on the assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in Medoro's and Colombia Goldfields' periodic reports filed with the appropriate regulatory authorities. Neither Medoro nor Colombia Goldfields has any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE COLOMBIA GOLDFIELDS

For further information: For further information: Peter Volk, General Counsel & Secretary, (416) 603-4653, www.medororesources.com; J. Randall Martin, Vice Chairman and CEO, (416) 603-4653, www.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