May 01, 2007 15:13 ET

eResearch Issues Initiating Report on Colombia Goldfields Ltd.

TORONTO, ONTARIO--(CCNMatthews - May 1, 2007) - eResearch analysts, Stephen Mussart, B.A (Economics), MBA, and Bob Weir, B.Sc., B.Comm., CFA have written an Initiating Report on Colombia Goldfields Ltd., a junior mining exploration company focused on developing a 5.3 million ounce gold resource in Colombia's historic Marmato Mountain gold district. Quoted over-the-counter (OTCBB:CGDF), the Company has recently applied for a TSX listing.

The report's Highlights state the following:

- Company controls 32,000 hectares in the Marmato Mountain gold district

- A NI 43-101 Technical Report is expected by Q3/2007, and a Feasibility Report by 4Q/2008.

- US$9 million private placement completed in March 2007 provides 2007 exploration funds

- Political conditions in Colombia are greatly improved

- Several large companies active in Colombia: AngloGold Ashanti, BHP Billiton, Xstrata

- Shares are recommended to risk-tolerant investors as a Speculative Buy

- Twelve-month Target Price is $1.95, representing a 43% gain from current levels

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Colombia Goldfields Ltd. paid eResearch a fee of C$18,500 + GST to conduct research on the Company, on an Annual Continuous Coverage basis.

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