January 23, 2008 13:47 ET

eResearch Update Report on Colombia Goldfields Maintains Speculative Buy Rating and Lowers Target Price to $1.50

TORONTO, ONTARIO--(Marketwire - Jan. 23, 2008) - Colombia Goldfields is on track towards achieving its goal of assessing the viability of its key Marmato gold project. A technical report is due this quarter and a bankable feasibility study should be completed around this time next year. Reaching these milestones should cause increasing interest in the shares.

Colombia Goldfields Limited (TSX:GOL)(OTCBB:CGDF) is a Toronto-based company with properties in the historic Marmato Mountain gold district in Colombia. The Company is currently in the advanced exploration stage and continues with its program of strategic property acquisition, exploration, and proactive social responsibility.

eResearch analysts, Kirsten Marion, B.A., B.Comm., CMA, and Bob Weir, B.Sc., B.Comm., CFA have set a one-year Target Price of $1.50 per share in their recently-released Update Report. The previous target was $1.95. The Recommendation is maintained at Speculative Buy.

The Analysts state: "Management's ability to deliver results, coupled with our continuing bullish outlook for gold, leads us to believe that the Company's shares will respond positively."

This Press Release was prepared by eResearch and was not vetted by Colombia Goldfields Limited. Further, the Recommendation and Target Price contained in this report are strictly those of eResearch and, due to securities laws, are not endorsed by Colombia Goldfields Limited.

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Colombia Goldfields Limited paid eResearch a fee of C$20,000 + GST to conduct research on the Company, on an Annual Continuous Coverage basis.

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