Colombia Goldfields Ltd. Closes $10 million Private Placement



    TORONTO, Dec. 28 /CNW/ - Colombia Goldfields Ltd. (GOL.TSX, CGDF.OB)
("CGL" or the "Company") announced that it has closed the Company's recently
announced private placement. The Company issued 9,165,226 units at a price of
Cdn$1.10 per unit, providing the Company with gross proceeds of
Cdn$10,081,749. Each unit consists of one common share of the Company and
one-half of one common share purchase warrant. Each full warrant entitles the
holder to purchase one common share of the Company at a price of Cdn$2.00 per
share until December 28, 2012.
    In connection with the offering, the Company paid fees of Cdn$655,314 and
issued 595,739 warrants to the placement agents retained for the offering.
Each warrant is exercisable to acquire one common share at an exercise price
of Cdn$1.20 for a period of 24 months.
    The net proceeds will be used to advance the purchase of the legal mining
claims and milling operations on Marmato Mountain, for exploration
expenditures, to repay related party debts and for general corporate purposes.
    The units will not be registered under the U.S. Securities Act of 1933 or
any state securities laws, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements under the Securities Act of 1933 and any applicable state
securities laws. This press release does not constitute an offer to sell or
the solicitation of an offer to buy the units.

    About Colombia Goldfields Ltd.

    Colombia Goldfields Ltd. is developing what it believes 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. The Company's full September 30, 2007, unaudited consolidated financial
statements and management's discussion and analysis are available at
www.colombiagoldfields.com, EDGAR at www.sec.gov and SEDAR at www.sedar.com
under the Company's profile.

    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.





For further information:

For further information: Company Contact: Randy Martin, CEO & Vice
Chairman, 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: Michelle Roth, Roth Investor Relations, Inc., Tel. (732) 792-2200,
Email: michelleroth@rothir.com; Canadian Investor Relations: Martti Kangas,
The Equicom Group, Toronto, ON, (416) 815-0700 x 243

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COLOMBIA GOLDFIELDS

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