SOURCE: Colombia Goldfields Ltd.

October 24, 2006 19:00 ET

Colombia Goldfields Engages Leading Colombian Environmental Consultants

TORONTO, ON -- (MARKET WIRE) -- October 24, 2006 -- Colombia Goldfields Ltd. (OTCBB: CGDF) ("CGL" or the "Company") today announced that it has engaged LHC Consultores Ambientales (LHC), one of Colombia's leading environmental and government relations consulting firms. LHC will assist CGL in drafting and implementing its environmental and social impact strategies and will represent and assist CGL in its relationships with various Colombian government agencies.

The principals of LHC are Dr. Francisco Zapata Ospina and Mr. Luis Hernando Cortes Chica. Dr. Zapata Ospina received a law degree from the University Autonoma Lationamericana de Medellin and took postgraduate studies in civil law at the University Pontificia Bolivariana, Potificia Javeriana and the University of Miami. He also specialized in environmental law at the University of Salamanca in Spain and the University of Medellin.

Dr. Zapata Ospina has recently held the position of Assor of the Minister of the Environment, was Director General of Corantioquia from 2001 to 2006 and was Vice Minister of Justice and Secretary General of the same ministry in Colombia. He was also a consultant for the creation of the Colombian Statute of Mining Investments and was an advisor for the writing of the Colombian Mining Code. In his role as a private consultant, Dr. Zapata Ospina has advised many domestic and international organizations and government agencies, including the current Colombian Minister of the Environment. He lectures frequently and has been an official delegate of Colombia at numerous international events.

Dr. Cortes Chica is an agricultural engineer who graduated from the National University of Colombia who also holds an environmental legislation specialist degree from the University of Medellin. He has an extensive knowledge of the environmental assessment process and has frequently been an official intervener before regulatory agencies in Colombia. Among his areas of specialization are technical assistance and project design for water treatment and waste disposal facilities.

CGL has commenced water sampling for use in the preparation of the Baseline Environmental Study for the Marmato Zona Alta development project in consultation and cooperation with the local environmental agency, Corpocaldas. This study will be used for the preparation of the Environmental Impact Study as well as the Feasibility Study. In addition CGL has filed an Environmental Management Plan for permitting of the drilling program scheduled for the first quarter of 2007.

About Colombia Goldfields

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

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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