Exhibit 99.1
- 8 King Street, Suite 208 – Toronto, Ontario, Canada – M5C 1B5 -
- - Tel: 416-361-9640 - Fax: 416-361-0883
COLOMBIA GOLDFIELDS UPDATES MARMATO
RESOURCE DEFINITION DRILL PROGRAM
TORONTO, Ontario, (June 2, 2008): Colombia Goldfields Ltd. (or the "Company") (TSX: GOL / OTCBB: CGDF) today provided an update on the ongoing resource definition drill program in the Zona Alta (Upper Zone) at the Marmato Mountain gold project in Colombia. The highlights are:
New results based on 11,271.25 meters in 63 diamond drill holes;
Intercepts included 77.50 m at 1.23 g/t Au; 30.3 m at 1.69 g/t Au; 15.65 m at 3.82 g/t Au; and 11.80 m at 3.12 g/t Au;
Drilling to date is 25,766 meters in 124 holes with 10 additional holes in progress;
Part of 60,000 meter drill program;
Completion expected in fourth quarter 2008;
10 diamond drill rigs operating and 3 more being mobilized;
The Company recently announced an initial NI 43-101 compliant inferred resource estimate of 2.6 million ounces of gold (at a cut-off grade of 0.3 g/Au t) for the Zona Alta at Marmato (see press release of May 12, 2008). The estimate was based on the first 12,186 meters (68 holes) of the planned 60,000-meter diamond drilling program, 1,165 meters of cross-cut samples (115 cross-cuts) and 504 meters of individual underground samples.
To May 25, 2008, 25,766 meters of drilling have been completed in 124 diamond drill holes with 10 additional holes under way. Results from 63 new holes (11,271.25 meters) have been received since the last drill results were published (see press release of February 28, 2008) and are listed in Table 1. Twenty-six of these holes (3,948.65 meters) were used in the May 12 inferred resource estimate. Results have now been received for a total of 106 holes for 19,513.62 meters. Of these, 69 holes for 12,186 meters were used for the calculation of the initial inferred resource (press release May 12, 2008). The drill hole locations are shown on the accompanying plan.
This drilling is part of a program of 60,000 meters that is being carried out to upgrade and define additional resources in the Zona Alta, with completion planned in the fourth quarter of 2008. There are currently ten diamond drill rigs operating at Marmato and three more rigs are being mobilized to start in June, bringing the total number of rigs to thirteen. One of the new rigs will start a 10,000-meter drill program planned on the five new gold targets in the Caramanta exploration project surrounding Marmato Mountain.
Dr Stewart D. Redwood, Vice President of Exploration of the Company, is the qualified person as defined by NI 43-101 and has prepared or supervised the preparation of all scientific and technical information contained in this press release. He is a Fellow of the Institute of Materials, Minerals and Mining (FIMMM) of the UK, a foreign professional association and designation recognized by the Canadian regulatory authorities. The laboratories used were Inspectorate (ISO 9001:2000 and 9002:2004 certified) in Medellin, Colombia (sample preparation), Reno, Nevada (preparation and analysis), and Lima, Peru (analysis), and SGS in Medellin (preparation) and Lima (analysis). Gold was assayed by fire assay with gravimetric finish or AAS finish. Silver was assayed by fire assay with AAS finish or analyzed by ICP together with a suite of multi-elements. Blank, standard and duplicate samples are routinely inserted for quality assurance and quality control.
About Colombia Goldfields
Colombia Goldfields Ltd., through its subsidiaries Compania Minera de Caldas S.A. and Gavilan Minerals S.A., is developing what we believe is a multi-million ounce gold resource in Colombia's historic Marmato Mountain gold district.
Colombia Goldfields is traded in the US under the symbol CGDF, on the Toronto Stock Exchange under the symbol GOL, and in Germany under the symbol C2B. Further information about the Company's is available at www.colombiagoldfields.com, EDGAR at www.sec.gov and SEDAR at www.sedar.com under the Company's profile.
For more information please contact:
Randy Martin, Vice Chairman and CEO | |
Colombia Goldfields Ltd., | |
8 King Street East, Suite 208, | |
Toronto, Ontario, M5C 1B5. | |
T: 416-361-9640 | |
F: 416-361-0883 | |
info@colombiagoldfields.com | |
www.colombiagoldfields.com | |
U.S. Investor Relations: | Canadian Investor Relations: |
Michelle Roth | Martti Kangas |
Roth Investor Relations, Inc. | V.P. Corporate Development |
Tel. +1 732 792 2200 | Colombia Goldfields, Ltd. |
Email: johnmenditto@rothir.com | Tel: + 1 416-361-9640 |
martti@colombiagoldfields.com |
Disclaimer
This release uses the terms "measured", "indicated" and/or "inferred" mineral resources. United States investors are advised that while such terms are recognized by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. United States investors are cautioned not to assume that all or any part of mineral resources will ever be converted into mineral reserves. Inferred mineral resources have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.
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. In particular, there is no assurance that a definitive agreement will be executed or that the proposed transaction will be completed.
Table 1. Length weighted average gold and silver grades from diamond drilling at Marmato Zona Alta.
Hole | From | To | Interval |
|
|
Number | (meters) | (meters) | (meters) | Gold (g/t) | Silver (g/t) |
MT– 1012 | 130.00 | 137.00 | 7.00 | 0.649 | 1.7 |
MT– 1013 | 1.95 | 14.00 | 12.05 | 0.965 | 6.0 |
MT– 1013 | 50.00 | 58.00 | 8.00 | 2.043 | 6.3 |
MT– 1013 | 68.00 | 74.00 | 6.00 | 2.424 | 3.5 |
MT– 1013 | 90.00 | 94.00 | 6.00 | 0.308 | 3.1 |
MT– 1013 | 116.00 | 121.80 | 5.80 | 0.314 | 5.2 |
MT– 1014 | 1.80 | 8.00 | 6.20 | 0.348 | 25.1 |
MT– 1014 | 106.50 | 114.50 | 8.00 | 0.342 | 4.5 |
MT– 1017 | 2.00 | 23.00 | 21.00 | 0.719 | 5.9 |
MT– 1017 | 35.00 | 56.00 | 21.00 | 1.164 | 3.9 |
MT– 1017 | 88.00 | 98.00 | 10.00 | 0.721 | 4.2 |
MT– 1019 | 94.50 | 108.50 | 14.00 | 0.330 | 3.8 |
MT– 1019 | 128.70 | 144.35 | 15.65 | 3.816 | 8.9 |
MT– 1022 | No significant intervals | ||||
MT– 1028 | 19.50 | 25.50 | 6.00 | 0.495 | 6.5 |
MT– 1028 | 35.55 | 55.50 | 19.95 | 0.586 | 4.4 |
MT– 1032 | 66.00 | 98.00 | 32.00 | 1.327 | 5.1 |
MT– 1032 | 116.00 | 135.00 | 19.00 | 1.942 | 17.0 |
MT– 1032 | 145.00 | 156.80 | 11.80 | 3.124 | 8.8 |
MT– 1035 | 1.10 | 23.00 | 21.90 | 0.735 | 2.1 |
MT– 1035 | 37.00 | 43.00 | 6.00 | 0.308 | 2.2 |
MT– 1035 | 61.00 | 69.00 | 8.00 | 0.308 | 3.0 |
MT– 1036 | 70.50 | 78.50 | 8.00 | 1.019 | 5.1 |
MT– 1036 | 114.50 | 120.10 | 5.60 | 1.355 | 4.8 |
MT– 1046 | No significant intervals | ||||
MT– 1056 | 10.00 | 16.00 | 6.00 | 0.452 | 4.1 |
MT– 1056 | 77.60 | 89.60 | 12.00 | 0.691 | 4.8 |
MT– 1058 | 110.30 | 119.00 | 8.70 | 2.409 | 3.4 |
MT– 1058 | 203.00 | 217.00 | 14.00 | 0.594 | 2.1 |
MT– 1059 | 24.50 | 30.50 | 6.00 | 0.923 | 14.0 |
MT– 1059 | 36.00 | 66.50 | 30.50 | 0.373 | 3.3 |
MT– 1059 | 183.80 | 201.10 | 17.30 | 0.936 | 7.5 |
MT– 1059 | 205.10 | 213.10 | 8.00 | 0.440 | 1.7 |
MT– 1059 | 217.10 | 229.10 | 12.00 | 0.923 | 5.9 |
MT– 1059 | 233.10 | 243.10 | 10.00 | 0.523 | 2.8 |
MT– 1059 | 245.10 | 253.10 | 8.00 | 0.437 | 2.9 |
MT– 1059 | 335.10 | 341.10 | 6.00 | 0.395 | 2.2 |
MT– 1060 | No significant intervals | ||||
MT– 1061 | No significant intervals | ||||
MT– 1062 | Results pending | ||||
MT– 1063 | No significant intervals | ||||
MT– 1064 | 318.50 | 341.50 | 23.00 | 0.410 | 3.3 |
MT– 1065 | 25.00 | 40.60 | 15.60 | 0.490 | 24.3 |
MT– 1065 | 126.00 | 138.50 | 12.50 | 0.564 | 6.7 |
MT– 1065 | 213.70 | 219.60 | 5.90 | 0.490 | 16.2 |
MT– 1065 | 227.70 | 240.70 | 13.00 | 1.191 | 2.8 |
MT– 1065 | 265.20 | 325.20 | 60.00 | 0.460 | 2.6 |
MT– 1066 | No significant intervals | ||||
MT– 1067 | 59.00 | 67.50 | 8.50 | 0.480 | 3.8 |
MT– 1067 | 97.00 | 103.00 | 6.00 | 0.306 | 3.2 |
MT– 1068 | 27.50 | 33.00 | 5.50 | 1.122 | 4.2 |
MT– 1068 | 94.40 | 99.50 | 5.10 | 0.329 | 2.5 |
MT– 1068 | 114.50 | 160.45 | 45.95 | 0.553 | 2.4 |
MT– 1068 | 229.00 | 279.00 | 50.00 | 1.129 | 2.8 |
MT– 1068 | 303.20 | 333.50 | 30.30 | 1.685 | 9.6 |
MT– 1069 | No significant intervals | ||||
MT– 1070 | No significant intervals | ||||
MT– 1071 | No significant intervals | ||||
MT– 1072 | No significant intervals | ||||
MT– 1073 | 15.00 | 32.00 | 17.00 | 1.167 | 66.3 |
MT– 1073 | 103.60 | 111.60 | 8.00 | 0.435 | 2.9 |
MT– 1073 | 127.60 | 135.60 | 8.00 | 0.427 | 1.1 |
MT– 1073 | 308.10 | 315.10 | 7.00 | 0.594 | 8.8 |
MT– 1073 | 398.00 | 404.00 | 6.00 | 1.643 | 8.2 |
MT– 1074 | 30.00 | 35.00 | 5.00 | 0.912 | 2.6 |
MT– 1074 | 74.00 | 86.85 | 12.85 | 0.360 | 3.1 |
MT– 1074 | 94.85 | 116.85 | 22.00 | 0.373 | 2.6 |
MT– 1074 | 126.85 | 143.00 | 16.15 | 0.933 | 4.2 |
MT– 1075 | No significant intervals | ||||
MT– 1076 | 4.45 | 10.50 | 6.05 | 3.00 | 7.7 |
MT– 1077 | 23.50 | 31.40 | 7.90 | 0.391 | 4.4 |
MT– 1077 | 53.50 | 60.00 | 6.50 | 0.631 | 11.7 |
MT– 1077 | 96.30 | 104.30 | 8.00 | 0.308 | 3.4 |
MT– 1077 | 122.30 | 142.00 | 19.70 | 0.662 | 8.7 |
MT– 1078 | 11.50 | 19.50 | 8.00 | 0.377 | 4.9 |
MT– 1079 | 8.70 | 38.20 | 29.50 | 0.677 | 3.4 |
MT– 1079 | 42.20 | 50.20 | 8.00 | 0.452 | 1.4 |
MT– 1080 | 2.55 | 15.90 | 13.35 | 0.794 | 7.0 |
MT– 1080 | 40.10 | 69.00 | 28.90 | 0.456 | 2.9 |
MT– 1080 | 155.00 | 161.00 | 6.00 | 0.744 | 2.2 |
MT– 1080 | 165.00 | 177.00 | 12.00 | 0.610 | 7.4 |
MT– 1080 | 267.00 | 273.55 | 6.55 | 0.850 | 0.3 |
MT– 1080 | 299.00 | 324.20 | 25.20 | 0.462 | 2.4 |
|
|
|
|
|
|
MT– 1081 | 330.00 | 341.50 | 11.50 | 1.407 | 5.3 |
MT– 1081 | 427.00 | 435.00 | 8.00 | 1.976 | 12.0 |
MT– 1081 | 441.00 | 453.00 | 12.00 | 0.540 | 4.9 |
MT– 1081 | 461.00 | 467.00 | 6.00 | 0.476 | 2.8 |
MT– 1082 | 13.50 | 27.00 | 13.50 | 1.185 | 6.6 |
MT– 1083 | 57.50 | 75.25 | 17.75 | 0.816 | 4.5 |
MT– 1083 | 77.30 | 83.00 | 5.70 | 0.429 | 2.9 |
MT– 1083 | 167.00 | 175.45 | 8.45 | 1.082 | 6.4 |
MT– 1083 | 187.45 | 201.00 | 13.55 | 0.833 | 3.5 |
MT– 1084 | 111.00 | 117.00 | 6.00 | 0.36 | 5.67 |
MT– 1084 | 149.00 | 165.00 | 16.00 | 0.33 | 2.69 |
MT– 1084 | 187.00 | 209.20 | 22.20 | 0.79 | 4.15 |
MT– 1085 | 12.00 | 44.00 | 32.00 | 0.816 | 4.4 |
MT– 1085 | 50.00 | 56.05 | 6.05 | 0.312 | 6.6 |
MT– 1086 | 2.80 | 39.50 | 36.70 | 0.408 | 5.8 |
MT– 1086 | 57.50 | 63.50 | 6.00 | 0.393 | 1.2 |
MT– 1086 | 91.50 | 111.90 | 20.40 | 1.533 | 7.7 |
MT– 1086 | 117.30 | 123.30 | 6.00 | 0.308 | 2.5 |
MT– 1086 | 269.00 | 275.00 | 6.00 | 0.398 | 1.7 |
MT– 1086 | 300.55 | 306.00 | 5.45 | 1.944 | 13.6 |
MT– 1086 | 317.00 | 341.50 | 24.50 | 1.394 | 5.9 |
MT– 1087 | No significant intervals | ||||
MT– 1088 | No significant intervals | ||||
MT– 1089 | No significant intervals | ||||
MT– 1090 | 38.30 | 58.30 | 20.00 | 0.383 | 2.3 |
MT– 1090 | 142.50 | 158.50 | 16.00 | 1.168 | 3.8 |
MT– 1090 | 166.50 | 192.60 | 26.10 | 0.369 | 4.7 |
MT– 1090 | 227.15 | 237.55 | 10.40 | 1.050 | 13.7 |
MT– 1090 | 241.55 | 247.55 | 6.00 | 1.725 | 4.7 |
MT– 1090 | 269.5 | 283.50 | 14.00 | 0.901 | 7.5 |
MT– 1091 | No significant intervals | ||||
MT– 1092 | 2.05 | 10.60 | 8.55 | 0.645 | 4.6 |
MT– 1092 | 58.10 | 66.10 | 8.00 | 0.786 | 3.5 |
MT– 1093 | 297.60 | 325.00 | 27.40 | 0.621 | 5.3 |
MT– 1094 | No significant intervals | ||||
MT– 1095 | 48.60 | 77.65 | 29.05 | 0.696 | 2.4 |
MT– 1095 | 81.65 | 87.65 | 6.00 | 0.397 | 1.7 |
MT– 1095 | 95.65 | 105.80 | 10.15 | 0.682 | 1.3 |
MT– 1095 | 156.00 | 161.45 | 5.45 | 0.359 | 0.8 |
MT– 1095 | 197.55 | 263.55 | 66.00 | 0.608 | 4.2 |
MT– 1095 | 269.55 | 329.85 | 60.30 | 1.014 | 4.2 |
MT– 1096 | 108.00 | 116.00 | 8.00 | 0.461 | 3.9 |
MT– 1097 | 148.00 | 158.80 | 10.80 | 0.798 | 7.2 |
MT– 1098 | 49.00 | 93.00 | 44.00 | 0.556 | 4.1 |
MT– 1098 | 234.00 | 240.00 | 6.00 | 0.348 | 1.5 |
MT– 1098 | 252.00 | 260.00 | 8.00 | 0.436 | 1.7 |
MT– 1098 | 268.00 | 276.00 | 8.00 | 1.782 | 4.9 |
MT– 1098 | 302.00 | 308.00 | 6.00 | 0.386 | 5.6 |
MT– 1099 | 9.30 | 32.68 | 23.38 | 1.589 | 9.4 |
MT– 1100 | 78.20 | 86.00 | 7.80 | 0.851 | 9.3 |
MT– 1101 | 2.50 | 10.50 | 8.00 | 0.687 | 14.4 |
MT– 1101 | 49.60 | 59.50 | 9.90 | 0.472 | 2.7 |
MT– 1102 | 8.70 | 63.60 | 54.90 | 1.131 | 10.2 |
MT– 1103 | No significant intervals | ||||
MT– 1104 | 15.10 | 23.10 | 8.00 | 0.408 | 20.5 |
MT– 1104 | 101.10 | 107.10 | 6.00 | 0.328 | 2.6 |
MT– 1104 | 154.50 | 232.00 | 77.50 | 1.233 | 6.1 |
MT– 1105 | Results pending | ||||
MT– 1106 | 152.00 | 164.00 | 12.00 | 0.351 | 2.4 |
MT– 1106 | 184.00 | 208.00 | 24.00 | 0.397 | 5.4 |
MT– 1106 | 210.00 | 216.00 | 6.00 | 0.311 | 2.4 |
MT– 1106 | 240.00 | 250.00 | 10.00 | 0.305 | 2.3 |
MT– 1106 | 256.00 | 274.00 | 18.00 | 0.396 | 3.0 |
MT– 1106 | 282.00 | 290.00 | 8.00 | 0.303 | 2.7 |
MT– 1106 | 351.60 | 358.50 | 6.90 | 0.413 | 20.8 |
MT– 1107 | Results pending | ||||
MT– 1108 | Results pending | ||||
MT– 1109 | Results pending | ||||
MT– 1110 | Results pending | ||||
MT– 1111 | Results pending | ||||
MT– 1112 | Results pending | ||||
MT– 1113 | 5.80 | 11.20 | 5.40 | 0.406 | 4.1 |
MT– 1113 | 65.70 | 94.90 | 29.20 | 0.534 | 6.6 |
MT– 1114 | Results pending | ||||
MT– 1115 | 132.50 | 166.50 | 34.00 | 1.387 | 9.8 |
MT– 1115 | 210.50 | 262.10 | 51.60 | 0.531 | 4.2 |
The drill holes were inclined and the intersection lengths do not represent true widths. Sample widths are normally 2.0 m but can be varied for geological and recovery factors. A cut off grade of 0.10 g/t Au has been used and no more than 6.0 m of internal dilution. No top cutting of grades has been applied. Results are reported above a minimum average grade of 0.30 g/t Au and a minimum width of 5.0 m. Gold grades are by fire assay with a AA or gravimetric finish; silver grades are by ICP analysis or by fire assay with AA finish. Mean values were used where duplicate data exist. In the case of core duplicates the average value has been used. Voids from old mine workings have been assigned zero grade.