Sorry for the bump, just wanted to say that I bought this game recently, and while it has a certain charm, it's got literally nothing to do with Colonization and shares no gameplay features, mechanics or player objectives. So the title of this topic is very misleading.

If you want a modern game similar to Colonization, apart from FreeCol, you can check out Treasure Fleet. A playable demo is available from the game's website (access via the Wayback Machine).