Colombia Goldfields Ltd. Provides Second Quarter 2009 Financial Results

    TORONTO, Aug. 13 /CNW/ - Colombia Goldfields Ltd. (TSX: GOL) today
announced unaudited financial results for the three months ended June 30,
    The Company reported a net loss for the quarter ended June 30, 2009 of $3
million ($0.03 per share) compared to a net loss of $3.8 million or ($0.04 per
share) for the same period in 2008. Net loss was driven by mineral property
exploration costs of $420,000 general administrative expenses of $707,000, and
foreign exchange losses of $1.9 million due to unfavorable fluctuations in the
exchange rate between the U.S. dollar and the Colombian peso.
    Total assets at June 30, 2009 were $26 million, including mineral and
explorations properties and rights of $25.8 million compared with total assets
of $26.1 million at December 31, 2008. As of June 30, 2009, Stockholders'
Equity was $4.6 million, compared to $7.0 million at December 31, 2008. The
Company's working capital deficiency was $21.4 million at June 30, 2009
compared to $19.1 million at December 31, 2008.
    For further information on the Company's second quarter 2009 results,
refer to the Company's second quarter 2009 report on form 10Q available at and

    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
    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


    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.

For further information:

For further information: J. Randall Martin, Vice Chairman and CEO,
Colombia Goldfields Ltd. (TSX: GOL/OTC BB: CGDF), 8 King Street East, Suite
208, Toronto, Ontario, M5C 1B5, T: (416) 361-9640, F: (416) 361-0883,,

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