TSX to Delist Colombia Goldfields Ltd.

TORONTO, Oct. 15 /CNW/ - Colombia Goldfields Ltd. (the "Company") (TSX: GOL / OTCBB: CGDF) has been advised by the Toronto Stock Exchange ("TSX") that the TSX has determined to delist the common stock of the Company at the close of market on November 13, 2009 for failure to meet the continued listing requirements of the TSX.

As previously announced, the Company has entered into an arrangement agreement for the acquisition of all of the issued and outstanding shares of common stock of the Company by TSX Venture-listed Medoro Resources Ltd. A special meeting of securityholders of the Company to approve the transaction is to be held on October 23, 2009. The transaction is expected to be completed by the end of October 2009 assuming all required court, security and regulatory approvals are received and all conditions to the arrangement are either satisfied or waived. If the arrangement is successfully completed, it is anticipated that the common stock of the Company would be delisted from the TSX two or three trading days following closing and prior to the November 13, 2009 delisted date set by the TSX.

A copy of the Company's definitive proxy statement in connection with the proposed acquisition has been filed with the Securities and Exchange Commission (the "SEC") under the Company's profile on EDGAR and is available at www.sec.gov. Security-holders of the Company are advised to read the definite proxy statement as well as any supplements to the definitive proxy statement filed by the Company with the SEC.

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 quoted on the OTC Bulletin Board under the symbol CGDF and is traded, on the Toronto Stock Exchange under the symbol GOL, and in Germany under the symbol C2B.

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.

SOURCE COLOMBIA GOLDFIELDS

For further information: For further information: Company Contact: J. Randall Martin, Vice Chairman and CEO, Colombia Goldfields Ltd. (TSX: GOL/OTC BB: CGDF), T: (416) 603-4653, info@colombiagoldfields.com, www.colombiagoldfields.com

Organization Profile

COLOMBIA GOLDFIELDS

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