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Colombia Goldfields to Purchase Additional Properties in Marmato Mountain Gold District From AngloGold Ashanti

Posted on: Thursday, 7 September 2006, 18:00 CDT

Colombia Goldfields Ltd. (OTCBB: CGDF) (CGL or the Company) today announced the signing of an agreement to purchase, through its subsidiary Compania Minera Caldas S.A., certain mining exploration properties in the Republic of Colombia and the related geochemical and other proprietary geological data from a wholly owned subsidiary of AngloGold Ashanti called Sociedad Kedahda, S.A. for US $500,000.

"Acquiring these properties is consistent with our strategy to consolidate the most promising exploration ground in the Marmato Mountain gold district," said Randy Martin, President & CEO, Colombia Goldfields Ltd. "CGL is also actively consolidating various nearby small claims on the Zona Alta on Marmato Mountain itself. When these complimentary efforts are finished, we expect to have a consolidated, highly prospective land package on and around the Mountain."

Details of Agreement

CGL has agreed to purchase certain mining titles, located with the Marmato Mountain gold district. The purchase includes several mining applications and all geochemical and other proprietary geological data pertaining to the Mining Title and the Mining Applications possessed and owned by AngloGold Ashanti's subsidiary Sociedad Kedahda S.A. and cover approximately 27,000 hectares located with in the Republic of Colombia.

A spokesman for Sociedad Kedahda, S.A. stated, "Colombia Goldfields' has an experienced management team with proven success in exploration and development in Latin America. We continue to remain committed to our own exploration programs located to the north and south of the Marmato District."

AngloGold Ashanti, one of the world's leading gold mining companies, has 21 operations in 10 countries on four continents. Its portfolio includes long-life, low-cost assets and differing orebody types in key gold-producing regions around the globe. Activities range from mining to brownfields and greenfields exploration, as well as research and development.

For the full terms of the Agreement, interested investors are encouraged to review the Company's recent 8-K filing on our website at www.colombiagoldfields.com or at www.sec.gov.

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.

 Contact:  Harry Hopmeyer Chairman Colombia Goldfields Ltd. 8 King Street East, Suite 208 Toronto, Ontario, M5C 1B5  B: 416-203-3856 F: 416-361-0883 info@colombiagoldfields.comwww.colombiagoldfields.com

SOURCE: Colombia Goldfields Ltd.

Source: MARKET WIRE

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