SOURCE: Colombia Goldfields Ltd.

April 10, 2006 09:00 ET

Colombia Goldfields Completes Acquisition of Additional Properties in the Marmato Mountain Gold District

MEDELLIN, COLOMBIA -- (MARKET WIRE) -- April 10, 2006 -- Colombia Goldfields Ltd. (OTC BB: CGDF) is pleased to announce the closing of a five-property purchase agreement that expands the company's Caramanta exploration portfolio to a total of eight promising projects located in the Marmato Mountain Gold District. Under the terms of this new agreement with Investcol Limited, ("Investcol"), a private Belize company, Colombia Goldfields has paid 1,000,000 shares of restricted stock and USD$350,000 for the right to earn a 100% interest in the five new gold projects.

Previously, on September 28th, 2005, Colombia Goldfields Ltd entered into a definitive purchase agreement with Investcol to acquire a 100% interest in three gold concessions located approximately 7km from the base of Marmato Mountain -- (please see the company's 8K SEC filing dated September 28th, 2005). Specifically, Colombia Goldfields could earn a 100% interest in the Caramanta Exploration Projects by spending USD$2.99 million in exploration over a three-year period and by issuing 2,000,000 restricted shares of common stock to Investcol.

Harry Hopmeyer, Chairman, stated, "Today's closing is an important achievement in our goal to acquire additional, promising, gold exploration projects in and around our Marmato Mountain Development Project. We believe the potential exists for large gold deposits to be uncovered throughout the district."

Recently the company announced the identification of two mineralized zones on its Caramanta Exploration Projects with similar geological characteristics to those present at the company's Marmato Mountain Development Project -- where a scoping study completed by a previous operator has indicated a non-qualified gold resource of more than five million ounces.

Randy Martin, CEO of Colombia Goldfields Ltd., commented on the deal as follows: "The Marmato Mountain Gold District is an exceptionally promising region for gold deposits. Our initial exploration focus has been to conduct extensive surface exploration programs consisting of mapping, sampling and limited amounts of trenching. Having already identified two mineralized gold zones on the El Salto North and the Bermejal Creek properties we are optimistic about the prospects of these five new projects. We have an exploration team on the El Salto South property and expect to have an update soon on their progress."

Investcol will remain the operator for the Marmato and Caramanta Projects. The principals of Investcol have over the past 15 years acquired and developed several gold-bearing deposits in Latin America. The principals have successfully developed many of these projects by conducting detailed exploration and feasibility work, and subsequently raising sufficient capital to build and operate a number of open-pit gold mines.

On behalf of the board

Harry Hopmeyer - Chairman
Colombia Goldfields Ltd. (OTC BB: CGDF)
Carrera 34 No.5G. 86
Medellin, Colombia

B: 011-574-268-7515
F: 011-574-268-7480
info@colombiagoldfields.com
www.colombiagoldfields.com
For the full terms of the deal, interested investors are encouraged to review the company's recent and upcoming 8-K filings at www.sec.gov. and visit our website at www.colombiagoldfields.com.

About Colombia Goldfields:

Colombia Goldfields' experienced management team seeks to develop gold and silver deposits by applying modern technology to an expanding portfolio of mining properties in the heart of Colombia's historic Marmato Mountain Gold District. The company has acquired an option to earn a 100% interest in eight gold projects throughout an area stretching 3 to 7km from the base of Marmato Mountain. Collectively known as the Caramanta Exploration Projects, the company can earn its 100% interest by spending US$3 million on exploration over a three-year period (see 8K dated September 28, 2005). Colombia Goldfields has the right to acquire a 75% interest, in stages, in the Marmato Mountain Development Project by investing US$20.2 million and issuing 7 million shares of its common stock. The company has the right to acquire the remaining 25% interest in the Marmato Mountain Development Project giving it a 100% interest; however the final purchase price to be paid is unknown at this time and will be based on a fair market valuation once a bankable feasibility study has been completed (see 8K dated January 13, 2006).

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.

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