Colombia Goldfields strengthens its Board of Directors

    TORONTO, March 16 /CNW/ - Colombia Goldfields Ltd. (CGDF.OB) ("CGL" or
the "Company") today announced the appointment of four new directors and the
resignation of an existing director. The appointments fill vacancies on the
Board and bring a wealth of mining and business experience to CGL.
    Joining the Board are Messrs. Edward Flood, Terry Lyons, Jonathan Berg
and James Verraster III.
    Edward Flood has recently accepted the position of Managing Director,
Investment Banking, Haywood Securities, UK, Limited. He was the founding
President and has been a member of the board of directors of Ivanhoe Mines
Ltd. since the company was formed in 1994. His 35-plus years of experience in
the international mining field has helped guide Ivanhoe's growth and the
establishment of the company as a significant presence in Asia's mineral
exploration and mining sectors. Before joining Ivanhoe, Mr. Flood was a
principal at Robertson Stephens & Co., an investment bank in San Francisco,
USA. He was a member of Robertson Stephens' investment team for the Contrarian
Fund, a public mutual fund concentrated on natural resources development
projects around the world. He holds a bachelor's degree and a master's degree
in Geology.
    Mr. Terry Lyons is the non-executive Chairman of Northgate Minerals
Corporation and a director and officer of several public corporations
including Canaccord Capital Inc. (Chairman, Audit Committee), Diamonds North
Resources as well as several private corporations. He is a past director of
Battle Mountain Gold Company, former Chairman of Westmin Resources Limited and
is the past Chairman of the Mining Association of British Columbia. After
completing a Bachelor of Science in Civil Engineering, Mr. Lyons attended the
University of Western Ontario, graduating with an MBA in 1974.
    Jonathan Berg is Vice President of Finance and Chief Administrative
Officer of Pericor Therapeutics, Inc., a development stage bio-pharmaceutical
company. Prior to his present position, he was President of Berg Capital
Corporation, a registered investment advisor, focusing on institutional and
high net worth individual clients. Mr. Berg has previously acted as a
consultant on corporate structure, and raised funds for a number of small
companies in the energy, technology, healthcare and consumer electronics
fields. He holds a B.Sc. from the University of California, Berkley and an MBA
from the University of Pennsylvania.
    James Verraster III is one of the founders and the CEO of Auramet Trading
LLC, a global physical precious metals trading, merchant banking and advisory
firm. Mr. Verraster has been successful in the Metals Trading and Finance
Industry for 30 years. He was a significant contributor to the growth and
development of the Rhode Island Hospital Trust National Bank precious metals
lease portfolio to industrial end users which, in the mid-1980's, became the
largest of any financial institution in the US. In 1996, Standard Bank hired
Mr. Verraster to create and head up a comprehensive precious metals financing
and physical precious metals trading business. He successfully attracted
talented and experienced individuals who assisted in making Standard one of
the leading banks dealing in precious metals. Mr. Verraster holds a B.Sc and
is an MBA candidate in Accounting and Finance at Bryant College, Providence
Rhode Island.
    "Our ability to attract directors with these outstanding credentials
reflects the underlying quality of the Marmato asset," said J. Randy Martin,
CEO Colombia Goldfields. "We believe that the new board members will provide
strong guidance as we advance the project and create significant shareholder
    Mr. Robert Van Tassell has relinquished his position as a director. The
entire company extends its gratitude to Mr. Van Tassell for his diligent
service on behalf of CGL during its formative period.

    About Colombia Goldfields

    Colombia Goldfields Limited, through our Colombian subsidiaries Cia
Minera de Caldas S.A. and Gavilan Minerales S.A., is developing a
multi-million ounce gold resource in Colombia's historic Marmato Mountain gold
district through a program of mineral property acquisitions, community
resettlement and exploration.


    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.

For further information:

For further information: Randy Martin, President & CEO, Colombia
Goldfields Ltd. (OTC BB: CGDF), 8 King Street East, Suite 208, Toronto,
Ontario, M5C 1B5, T: (416) 203-3856, F: (416) 361-0883,,; Martti Kangas, The
Equicom Group, Toronto, ON, (416) 815-0700 x 243

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