CGL receives tech report, plans work program

- Wednesday, November 15, 2006

CGL receives tech report, plans work program

Toronto's Colombia Goldfields (CGL) (OTC BB: CGDF) has received the results of a technical report to confirm a 1998 scoping study and resource at its Marmato and Caramanta gold projects in Colombia, according to a company statement.

Although consultants Micon International have confirmed the apparent accuracy of historical estimates for Marmato, they cannot guarantee their compliance with Canadian NI 43-101 standards and the estimates should be considered historical, the statement said.

The historical resource shows just under 7Moz of gold and 43.6Moz of silver within 295Mt of ore using a 0.25g/t cut-off, according to the statement.

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CGL is planning a two-stage development program at Marmato including 10,000m of underground channel sampling, surface and underground surveying and mapping, 30,000m of underground and surface diamond drilling plus acquisitions of land and infrastructure.

The work program at Marmato also contemplates metallurgical testing, baseline environmental studies, a new scoping study and initial reserve estimate. The second phase would include another 30,000m of drilling, metallurgical work, permitting, plus prefeasibility and feasibility studies, the company said

A two-stage exploration program for Caramanta encompasses geological mapping and 10,000m of drilling in the first phase, followed by another 10,000m of drilling in phase 2.

Investment in the two projects would total US$35.1mn, CGL said.