TORONTO, ON, JANUARY 30, 2008: Colombia Goldfields Ltd. (the “Company”) (TSX: GOL / OTCBB: CGDF) is pleased to announce that through a competitive bid process, it has been selected as the winning bidder for Mineros Nacionales S.A. As a result, Colombia Goldfields Ltd. has agreed to acquire 100% of the issued and outstanding shares of Mineros Nacionales S.A. for cash consideration of US$35 million. The transaction is required to be completed within 180 days. The Company has provided a deposit guarantee in the amount US$2.5 million which would be payable to the vendor in the event the transaction is not completed for any reason. The Company plans to undertake financing in order to complete the transaction. Mineros Nacionales S.A. owns the Zona Baja on Marmato Mountain, which is the property directly below the Zona Alta, where Colombia Goldfields’ primary project exists. The Zona Baja currently has an underground operation with a working mill which, based on information provided to the Company, currently produces approximately 25,000 ounces of gold per annum. “We are extremely pleased that we have been chosen as the winning bidder for Mineros Nacionales,” said J. Randall Martin, Chief Executive Officer and Vice Chairman of Colombia Goldfields Limited. “The ability to combine the Zona Alta and Zona Baja properties provides us with one of the final and most vital pieces toward achieving our goal of consolidating the Marmato Gold District into a world-class asset.” About Colombia Goldfields Colombia Goldfields Ltd., through its subsidiaries Compañia Minera de Caldas S.A. and Gavilan Minerals S.A., is developing what we believe is a multi-million
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