Colombia Goldfields Reports Update on Mineral Rights, Drilling and Social Program at Marmato Mountain



    Announces Third Quarter 2007 Financial Results

    (All amounts are reported in U.S. dollars unless otherwise indicated)

    TORONTO, Nov. 13 /CNW/ - Colombia Goldfields Ltd. (the "Company")
(TSX: GOL/OTCBB: CGDF) today announced its quarterly update on the mineral
rights acquisition and drilling programs, as well as a status report on the
progress of the social programs in the Marmato district. It also announced the
unaudited results for the three month period ending September 30, 2007. During
the third quarter of 2007, the Company continued to make progress towards its
objective of consolidating ownership and defining a bulk-mineable ore body in
the Marmato region of Colombia. Specifically, the Company increased its
mineral ownership rights total during the quarter to 99 legally registered
mines from existing Colombian titleholders with 3 additional mines purchased
subsequent to the end of the quarter.
    At the close of the third quarter, the Company had 4 drills operating at
Marmato Mountain with a fifth drill in transit. From the inception of drilling
through September 30, 2007, a total of 5,700 meters have been drilled.
Subsequent to the close of the quarter, an additional 3,000 meters were
drilled. The total number of holes drilled to date is 42. This drilling
program represents the first portion of the larger 60,000-meter drill program
planned for Marmato Mountain to be completed by the end of 2008. The objective
of the initial program is to convert the Company's 5.3 million ounce
historical inferred resource to a NI 43.101-compliant measured, indicated and
inferred resource by Q1 2008. Micon International, the Company's Toronto based
consulting firm, is currently on site initiating this work.
    During the quarter, the Company also provided an update on the Caramanta
Exploration Project which surrounds its Marmato Mountain Development Project
in Colombia.
    The Company had acquired an additional exploration property and carried
out sampling programs that have defined a cluster of five distinct gold
targets within the 32,000 hectares surrounding Marmato. The largest of the
anomalies is Oro Fino, eight kilometers north of Marmato, where the Company
has defined a large porphyry anomaly of coincident gold, copper and molybdenum
in rock outcrop and soil samples. The other epithermal anomalies are El Salto,
Pacora, Campana and San Bartolomé. An airborne magnetic and radiometric survey
is planned to start before year-end to cover all of the Company's mining
titles in the Caramanta and Marmato areas, including the Marmato Gold
Development Project and the Oro Fino, El Salto, Pacora and other exploration
targets. This will be followed by initial diamond drilling programs on Oro
Fino and at El Salto.

    Social Program Update

    During the third quarter, the Company established a Revolving Credit
Fund, called CODESSMA, to be funded partially by the Company, to begin the
process of creating new business opportunities in the Marmato area. These
business opportunities were determined through a series of community meeting
with the local residents. By the end of September three new projects had been
approved. They were for coffee growing, a chicken farm, and a new cafeteria.
The Company's social consultants, CASE, began several new projects, including
training of 30 women, in conjunction with the Department of Caldas and with
SENA (the Colombian Government Vocational Training arm), to produce uniforms
for the company and for other groups in the area. Another program, in
conjunction with the Salamanca Company, will train 5 women to provide a
catering service for the company. The Company was in the process of
identifying 10 families to develop organic nurseries for the Environmental
Restoration projects and for the Reforestation in the Marmato area. Studies
were ongoing to determine the feasibility of cultivating higuerilla (produces
castor oil) to produce bio diesel.

    Unaudited results for the three-month period ended September 30, 2007

    Operations during the three-month period ending September 30, 2007
resulted in a loss of $3.9 million or $0.06 per share, compared to a loss of
$1.9 million or $0.04 per share for the same period of 2006. The operating
loss for the third quarter of fiscal 2007 was mainly driven by mineral
property exploration costs of $2.5 million (of which $216,426 relates to
non-cash stock-based compensation) and general and administrative expenses of
$1.6 million (of which $532,545 relates to non-cash stock-based compensation),
along with a foreign exchange loss of $371,964.
    Total assets at September 30, 2007 totaled $61.6 million, including
mineral and exploration properties and rights of $57.4 million and cash and
cash equivalents of $1.9 million, compared with total assets of $45.0 million
at December 31, 2006. As of September 30, 2007, stockholders equity was
$45.7 million, compared to $29.2 million at December 31, 2006.

    Transactions

    The Company closed a Private Placement on August 14, 2007. This financing
was arranged by Evergreen Capital Corporation Sarl of Geneva, Switzerland,
which had the exclusive mandate to arrange the financing and was the lead
placing agent, assisted by several other sub-agents in Europe. The offering
consisted of 8,483,000 units at CDN$1.40 per unit to a total of 24 investors.
Each unit consists of one share of our common stock and one-half warrant (the
"warrant") for a total of 8,483,000 common shares and 4,241,500 warrants
issued. The total gross proceeds raised were CDN$11,876,200. Each warrant is
exercisable for one common share at an exercise price of CDN$1.85 and the
warrants are exercisable for 12 months following the closing of the offering.
The warrant also requires the holder to exercise, upon notice from the
Company, in the event that during any fifteen consecutive trading days, the
common stock of the Company closes at or above CDN$2.25 on a recognized North
American stock exchange.
    The syndicate's fees for arranging the financing were 6% of the gross
cash proceeds (CDN$712,572) and agents' warrants equivalent to 6.0% of the
number of shares issued (508,980 agents' warrants), exercisable for 36 months
at CDN$1.40.
    During the third quarter, the Company acquired the final 10% of RNC
(Colombia) Limited. As consideration for the acquisition of the final 10%
interest, Investcol was paid $300,000 and the Company issued 3,000,000 shares
of its common stock.
    At September 30, 2007, the corporate structure included 77.3 million
outstanding common shares, 12.2 million warrants (weighted average price
$2.15) and 4.1 million options (weighted average price $1.22); as a result, as
at September 30, 2007, the Company would have 93.6 million shares outstanding
in the event all outstanding warrants and options are exercised.

    Listed on the Toronto Stock Exchange

    During the quarter, the Company also accomplished one of its major goals
for 2007 by listing its common shares on the Toronto Stock Exchange ("TSX")
under the symbol GOL.
    "The third quarter was a very successful quarter for us for many reasons.
We were able to increase the number of mineral ownership rights, advance both
our drilling and social programs at the Marmato site and also dramatically
expand our exploration targets," said J. Randy Martin, Chief Executive Officer
and Vice Chairman. "In addition to the swift advancement of our projects, we
also made successful corporate strides throughout the quarter as we completed
our most recent financing and were able to list the Company's shares on the
TSX."

    Events Subsequent to the Close of the Quarter

    On October 15, 2007, the Company announced that it had expanded its
management team naming by Thomas ("Tom") W. Lough as President of the Company.
    Mr. Lough joined the Company with 27 years of experience in the mining
industry, 12 of which were in Latin America. Concurrent with Mr. Lough's
appointment, J. Randy Martin, CEO of the Company, was elected as Vice Chairman
of the Board of Directors.
    The Company also has announced that an in independent committee of the
Board has been formed to elect a Chairman. The Board expects to announce its
selection in the fourth quarter of fiscal 2007. Mr. Martin has assumed the
responsibilities of interim Chairman since the passing of Harry Hopmeyer in
November of 2006.
    As of the end of October 2007, twelve months of baseline environmental
data had been collected with the baseline environmental report expected in
early-2008.

    About Colombia Goldfields

    Colombia Goldfields Ltd., through its subsidiaries Compania Minera de
Caldas S.A. and Gavilan Minerals S.A., is developing 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.


    
    -------------------------------------------------------------------------
                           COLOMBIA GOLDFIELDS LTD.
                       (An Exploration Stage Company)
                     INTERIM CONSOLIDATED BALANCE SHEETS
                                 (unaudited)
    -------------------------------------------------------------------------

                                                  September 30,  December 31,
    US Dollars                                            2007          2006
    -------------------------------------------------------------------------

    ASSETS

    Current

    Cash and cash equivalents                     $  1,924,923  $    882,913
    Prepaid expenses and deposits                      711,861       176,347
    Prepaid consulting fees (Note 5)                   499,850             -
    -------------------------------------------------------------------------
                                                     3,136,634     1,059,260

    Mineral and exploration properties and
     rights (Note 3)                                57,420,549    43,528,386
    Property and equipment, net of accumulated
     amortization (Note 4)                           1,041,371       419,733
    -------------------------------------------------------------------------
                                                  $ 61,598,554  $ 45,007,379
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES

    Current

    Accounts payable and accrued liabilities      $  1,706,806  $    428,133
    Mineral property purchase obligations (Note 6)   2,901,468     5,609,538
                                                     4,608,274     6,037,671
    Non-Current
    Deferred income tax liability (Notes 3 and 7)   11,337,557     9,759,524
                                                    15,945,831    15,797,195

    STOCKHOLDERS' EQUITY

    Common stock (Notes 5 & 12)
    Authorized:
      200,000,000 common shares, $0.00001 par value        773           560
    Issued and Outstanding:
      77,299,849 common shares (December 31, 2006,
      56,039,849 common shares)

    Additional paid-in capital (Note 5)             63,134,120    37,039,271
    -------------------------------------------------------------------------
                                                    63,134,893    37,039,831
    Deficit accumulated during the
     exploration stage                             (17,482,170)   (7,829,647)
    -------------------------------------------------------------------------
                                                    45,652,723    29,210,184
    -------------------------------------------------------------------------
                                                  $ 61,598,554  $ 45,007,379
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

        See accompanying Notes to Interim Consolidated Financial Statements
                       at www.sec.gov or www.sedar.com



    -------------------------------------------------------------------------
                           COLOMBIA GOLDFIELDS LTD.
                       (An Exploration Stage Company)
                 INTERIM CONSOLIDATED STATEMENTS OPERATIONS
                                 (unaudited)
    -------------------------------------------------------------------------
        See accompanying Notes to Interim Consolidated Financial Statements
                               at www.sec.gov


                                           Three         Three
                                          Months        Months
                                           Ended         Ended
                                    September 30, September 30,
    US Dollars                              2007          2006
    -----------------------------------------------------------

    REVENUES                        $          -  $          -

    OPERATING EXPENSES

    Mineral property exploration
     expenses (Notes 3 and 5)          2,457,274     1,074,629
    General and administrative
     (Note 5)                          1,607,307       848,836
    Foreign exchange                     371,964        70,862
    Amortization                          38,022         2,059
    -----------------------------------------------------------
    Total operating expenses           4,474,567     1,996,386
    Other income                          (5,062)      (50,764)
    -----------------------------------------------------------
    Loss from continuing operations
     before deferred income taxes     (4,469,505)   (1,945,622)
    Deferred income tax recovery
     (Note 7)                           (539,550)            -
    -----------------------------------------------------------
    Net loss from continuing
     operations                       (3,929,955)   (1,945,622)
    Income from discontinued
     operations (Note 1)                       -             -
    -----------------------------------------------------------
    Net loss                        $ (3,929,955) $ (1,945,622)
    LOSS PER SHARE - BASIC
     AND DILUTED                    $      (0.06) $      (0.04)
                                    ---------------------------
                                    ---------------------------
    WEIGTHED AVERAGE NUMBER OF
     COMMON SHARES OUTSTANDING
                                    ---------------------------
    Basic and diluted                 70,797,110    45,079,035
    -----------------------------------------------------------
    -----------------------------------------------------------


                                                                  Cumulative
                                                                        From
                                                                   Inception
                                            Nine          Nine     (March 25,
                                          Months        Months          2003)
                                           Ended         Ended       through
                                    September 30, September 30, September 30,
    US Dollars                              2007          2006          2007
    -------------------------------------------------------------------------

    REVENUES                        $          -  $          -  $          -

    OPERATING EXPENSES

    Mineral property exploration
     expenses (Notes 3 and 5)          5,489,878     2,187,686     9,967,614
    General and administrative
     (Note 5)                          4,298,618     2,666,714     8,649,923
    Foreign exchange                   1,307,180       109,579     1,296,492
    Amortization                          77,601        19,694       145,706
    -------------------------------------------------------------------------
    Total operating expenses          11,173,277     4,983,673    20,059,735
    Other income                         (18,594)     (103,187)     (136,628)
    -------------------------------------------------------------------------
    Loss from continuing operations
     before deferred income taxes    (11,154,683)   (4,880,486)  (19,923,107)
    Deferred income tax recovery
     (Note 7)                         (1,502,160)            -    (2,431,110)
    -------------------------------------------------------------------------
    Net loss from continuing
     operations                       (9,652,523)   (4,880,486)  (17,491,997)
    Income from discontinued
     operations (Note 1)                       -             -         9,827
    -------------------------------------------------------------------------

    Net loss                        $ (9,652,523) $ (4,880,486) $(17,482,170)
    LOSS PER SHARE - BASIC
     AND DILUTED                    $      (0.15) $      (0.12)
                                    ---------------------------
                                    ---------------------------
    WEIGTHED AVERAGE NUMBER OF
     COMMON SHARES OUTSTANDING
    Basic and diluted                 64,637,889    39,513,913
                                    ---------------------------
                                    ---------------------------

        See accompanying Notes to Interim Consolidated Financial Statements
                       at www.sec.gov or www.sedar.com


    -------------------------------------------------------------------------
                           COLOMBIA GOLDFIELDS LTD.
                       (An Exploration Stage Company)
     INTERIM CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)
                                 (unaudited)
    -------------------------------------------------------------------------

                                                                  Additional
                                          Common         Stock       Paid-in
    US Dollars                            Shares        Amount       Capital
    -------------------------------------------------------------------------
    Period Ended December 31, 2003
    ------------------------------
     (see Note 1):
     -------------
    Issue of common stock for cash
     at $0.000125 per share on
     March 25, 2003                            8  $          -  $          1

    Issue of common stock for cash
     at $0.000125 per share on
     May 5, 2003                      16,000,000           160         1,840

    Repurchase of common stock for
     cash at $0.000125 per share on
     October 31, 2003                 (8,000,008)          (80)         (920)

    Donated Capital                            -             -        35,200

    Net loss for the twelve months
     ended December 31, 2003                   -             -             -

    -------------------------------------------------------------------------
    Balance, December 31, 2003         8,000,000            80        36,121

    Year Ended December 31, 2004:
    -----------------------------

    Issue of common stock for cash
     at $0.00625 per share on
     December 20, 2004                16,000,000           160        99,840

    Donated Capital                            -             -        19,200

    Net loss for the twelve months
     ended December 31, 2004                   -             -             -
    -------------------------------------------------------------------------
    Balance December 31, 2004         24,000,000           240       155,161

    Year Ended December 31, 2005:
    -----------------------------
    Issue of common stock for mineral
     concession at $0.25 per share on
     September 22, 2005                1,000,000            10       249,990

    Issue of 4,221,000 common stock
     for cash at $0.25 per share,
     and 368,100 of common stock for
     finder's fee on October 14, 2005  4,589,100            46     1,055,204

    Forgiveness of advances from
     a related party                       4,999             -             -

    Share Subscriptions Received               -             -             -
    Net loss for the twelve months
     ended December 31, 2005                   -             -             -
    -------------------------------------------------------------------------
    Balance, December 31, 2005        29,589,100  $        296  $  1,465,354


                                                       Deficit
                                                   Accumulated         Total
                                           Share    During The  Stockholders'
                                   Subscriptions   Exploration        Equity
    US Dollars                          Received         Stage   (Deficiency)
    -------------------------------------------------------------------------
    Period Ended December 31, 2003
    ------------------------------
     (see Note 1):
     -------------

    Issue of common stock for cash
     at $0.000125 per share on
     March 25, 2003                 $          -  $          -  $          1

    Issue of common stock for cash
     at $0.000125 per share on
     May 5, 2003                               -             -         2,000

    Repurchase of common stock for
     cash at $0.000125 per share on
     October 31, 2003                          -             -        (1,000)

    Donated Capital                            -             -        35,200

    Net loss for the twelve months
     ended December 31, 2003                   -       (36,399)      (36,399)

    -------------------------------------------------------------------------
    Balance, December 31, 2003                 -       (36,399)         (198)

    Year Ended December 31, 2004:
    -----------------------------

    Issue of common stock for cash
     at $0.00625 per share on
     December 20, 2004                         -             -       100,000

    Donated Capital                            -             -        19,200

    Net loss for the twelve months
     ended December 31, 2004                   -       (23,094)      (23,094)
    -------------------------------------------------------------------------
    Balance December 31, 2004                  -       (59,493)       95,908

    Year Ended December 31, 2005:
    -----------------------------
    Issue of common stock for mineral
     concession at $0.25 per share on
     September 22, 2005                        -             -       250,000

    Issue of 4,221,000 common stock
     for cash at $0.25 per share,
     and 368,100 of common stock for
     finder's fee on October 14, 2005          -             -     1,055,250

    Forgiveness of advances from
     a related party                       4,999

    Share Subscriptions Received       1,767,650             -     1,767,650
    Net loss for the twelve months
     ended December 31, 2005                   -    (1,491,470)   (1,491,470)
    -------------------------------------------------------------------------
    Balance, December 31, 2005      $  1,767,650  $ (1,550,963) $  1,682,337


        See accompanying Notes to Interim Consolidated Financial Statements
                       at www.sec.gov or www.sedar.com



    -------------------------------------------------------------------------
                           COLOMBIA GOLDFIELDS LTD.
                       (An Exploration Stage Company)
     INTERIM CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)
                                 (unaudited)
    -------------------------------------------------------------------------

                                                                  Additional
                                          Common         Stock       Paid-in
    US Dollars                            Shares        Amount       Capital
    -------------------------------------------------------------------------

    Balance, December 31, 2005        29,589,100  $        296  $  1,465,354

    Year Ended December 31, 2006:
    -----------------------------

    Issue of common stock for cash
     at $0.60 per share on
     January 24, 2006, net of
     $187,565 finders fee              3,126,083            31     1,688,054

    Issue of common stock for mineral
     concessions at $1.90 per share
     on February 14, 2006              1,000,000            10     1,899,990

    Issue of common stock for mineral
     concession at $2.25 per share
     on April 10, 2006                 1,000,000            10     2,249,990

    Issue of common stock for cash at
     $1.50 per unit (common shares
     & warrants) less finders fee
     of $585,060 on April 26, 2006     6,500,666            65     6,416,112

    Issue of share purchase warrants
     with April 26, 2006 common
     stock issuance                            -             -     2,749,762

    Issue of common stock for Mineral
     concessions at $2.74 per share
     on April 28, 2006                 2,000,000            20     5,479,980

    Issue of common stock for mineral
     concessions at $1.10 per share
     on August 22, 2006                4,200,000            42     4,619,958

    Issue of common stock for mineral
     concessions at $1.41 per share
     on September 25, 2006             1,150,000            11     1,621,489

    Issue of common shares per
     exercise of 3,471,000 warrants
     on October 14, 2006.              3,471,000            35     1,735,465

    Issue of common stock for mineral
     concessions at $1.28 per share
     on December 14, 2006.             4,000,000            40     5,119,960

    Stock based compensation                   -             -     1,993,157

    Net loss for the twelve months
     ended December 31, 2006                   -             -    (6,278,684)
    -------------------------------------------------------------------------
    Balance December 31, 2006         56,036,849  $        560  $ 37,039,271


                                                       Deficit
                                                   Accumulated         Total
                                           Share    During The  Stockholders'
                                   Subscriptions   Exploration        Equity
    US Dollars                          Received         Stage   (Deficiency)
    -------------------------------------------------------------------------

    Balance, December 31, 2005      $  1,767,650  $ (1,550,963) $  1,682,337

    Year Ended December 31, 2006:
    -----------------------------

    Issue of common stock for cash
     at $0.60 per share on
     January 24, 2006, net of
     $187,565 finders fee             (1,767,650)            -       (79,565)

    Issue of common stock for mineral
     concessions at $1.90 per share
     on February 14, 2006                      -             -     1,900,000

    Issue of common stock for mineral
     concession at $2.25 per share
     on April 10, 2006                         -             -     2,250,000

    Issue of common stock for cash at
     $1.50 per unit (common shares
     & warrants) less finders fee
     of $585,060 on April 26, 2006             -             -     6,416,177

    Issue of share purchase warrants
     with April 26, 2006 common
     stock issuance                            -             -     2,749,762

    Issue of common stock for Mineral
     concessions at $2.74 per share
     on April 28, 2006                         -             -     5,480,000

    Issue of common stock for mineral
     concessions at $1.10 per share
     on August 22, 2006                        -             -     4,620,000

    Issue of common stock for mineral
     concessions at $1.41 per share
     on September 25, 2006                     -             -     1,621,500

    Issue of common shares per
     exercise of 3,471,000 warrants
     on October 14, 2006.                      -             -     1,735,500

    Issue of common stock for mineral
     concessions at $1.28 per share
     on December 14, 2006.                     -             -     5,120,000

    Stock based compensation                   -             -     1,993,157

    Net loss for the twelve months
     ended December 31, 2006                   -    (6,278,684)   (6,278,684)
    -------------------------------------------------------------------------
    Balance December 31, 2006       $          -  $ (7,829,647) $ 29,210,184


        See accompanying Notes to Interim Consolidated Financial Statements
                       at www.sec.gov or www.sedar.com



    -------------------------------------------------------------------------
                           COLOMBIA GOLDFIELDS LTD.
                       (An Exploration Stage Company)
     INTERIM CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)
                                 (unaudited)
    -------------------------------------------------------------------------

                                                                  Additional
                                          Common         Stock       Paid-in
    US Dollars                            Shares        Amount       Capital
    -------------------------------------------------------------------------

    Balance, December 31, 2006        56,036,849  $        560  $ 37,039,271

    Nine Months Ended
    -----------------
     September 30, 2007:
     -------------------

    Issue of common stock for cash at
     $1.00 per share less agents fee
     of $541,200 on March 21, 2007     9,020,000            90     8,074,434

    Issue of agents' warrants in
     connection with March 21, 2007
     common stock issuance                     -             -       404,276

    Issue of common stock for
     consulting services                 650,000             7       967,118

    Issue of common stock to
     non-management directors             60,000             1        72,599

    Exercise of common stock options      50,000             -        37,500

    Issue of common stock for cash at
     CDN $1.40 per unit (common
     shares and warrants) less
     agent's fee of $610,733 on
     August 14, 2007.                  8,483,000            85     9,260,049

    Issue of share purchase warrants
     with August 14, 2007 common
     stock less agent's fee of $59,085         -             -       925,665

    Issue of agent's warrants in
     connection with August 14, 2007
     common stock issuance                     -             -       308,011

    Issuance of common stock for
     mineral Concessions at $1.47 on
     September 14, 2007                3,000,000            30     4,409,970

    Stock based compensation                   -             -     1,635,227

    Net loss for the nine months
     ended September 30, 2007                                              -
    -------------------------------------------------------------------------
    Balance September 30, 2007        77,299,849  $        773  $ 63,134,120
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                       Deficit
                                                   Accumulated         Total
                                           Share    During The  Stockholders'
                                   Subscriptions   Exploration        Equity
    US Dollars                          Received         Stage   (Deficiency)
    -------------------------------------------------------------------------

    Balance, December 31, 2006      $          -  $ (7,829,647) $ 29,210,184

    Nine Months Ended
    -----------------
     September 30, 2007:
     -------------------

    Issue of common stock for cash at
     $1.00 per share less agents fee
     of $541,200 on March 21, 2007             -             -     8,074,524

    Issue of agents' warrants in
     connection with March 21, 2007
     common stock issuance                     -             -       404,276

    Issue of common stock for
     consulting services                       -             -       967,125

    Issue of common stock to
     non-management directors                  -             -        72,600

    Exercise of common stock options           -             -        37,500

    Issue of common stock for cash at
     CDN $1.40 per unit (common
     shares and warrants) less
     agent's fee of $610,733 on
     August 14, 2007.                          -             -     9,260,134

    Issue of share purchase warrants
     with August 14, 2007 common
     stock less agent's fee of $59,085         -             -       925,665

    Issue of agent's warrants in
     connection with August 14, 2007
     common stock issuance                     -             -       308,011

    Issuance of common stock for
     mineral Concessions at $1.47 on
     September 14, 2007                        -             -     4,410,000

    Stock based compensation                   -             -     1,635,227

    Net loss for the nine months
     ended September 30, 2007                  -    (9,652,523)   (9,652,523)
    -------------------------------------------------------------------------
    Balance September 30, 2007      $          -  $(17,482,170) $ 45,652,723
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

        See accompanying Notes to Interim Consolidated Financial Statements
                       at www.sec.gov or www.sedar.com



    -------------------------------------------------------------------------
                           COLOMBIA GOLDFIELDS LTD.
                       (An Exploration Stage Company)
                INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (unaudited)
    -------------------------------------------------------------------------

                                           Three         Three
                                          Months        Months
                                           Ended         Ended
                                    September 30, September 30,
                                            2007          2006
    -----------------------------------------------------------

    OPERATING ACTIVITIES:
    Net loss                        $ (3,929,955) $ (1,945,622)
    Items not requiring cash
     outlay:
      - Consulting fees                        -             -
      - Amortization                      38,022         2,059
      - Mineral property
         exploration                           -             -
      - Stock based compensation         748,971       600,468
      - Deferred income taxes           (539,550)            -
    Changes in non-cash working
     capital items
      - Accounts receivable                    -      (649,007)
      - Prepaid expenses and
         deposits                         13,122        16,222
      - Exploration expenditure
         advances                              -       (56,078)
      - Accounts payable, accrued
         and other liabilities         1,010,938     2,127,891
      - Due to/from related parties            -       158,202
    -----------------------------------------------------------
    Net cash provided by (used in)
     operating activities             (2,658,452)      254,135

    FINANCING ACTIVITIES:
    Issuance of securities, net of
     finder's fees                    10,493,810             -
    Issuance of promissory notes               -             -
    Repayment of promissory notes     (3,500,000)            -
    Exercise of stock options                  -             -
    -----------------------------------------------------------
    Net cash provided by financing
     activities                        6,993,810             -

    INVESTING ACTIVITIES:
    Purchase of mineral
     exploration rights               (4,195,886)   (3,548,340)
    Purchase of equipment               (676,538)     (208,752)
    Website development costs                  -             -
    -----------------------------------------------------------
    Net cash used in investing
     activities                       (4,872,424)   (3,757,092)

    INCREASE (DECREASE) IN CASH         (537,066)   (3,502,957)

    CASH AND CASH EQUIVALENTS AT
     BEGINNING OF PERIOD               2,461,989     6,728,353
    -----------------------------------------------------------
    CASH AND CASH EQUIVALENTS AT
     END OF PERIOD                  $  1,924,923  $  3,225,396
    -----------------------------------------------------------
    -----------------------------------------------------------

    SUPPLEMENTAL CASH FLOW
     INFORMATION
    Interest and financing fees
     - promissory notes             $    134,480  $          -
    Taxes                           $          -  $          -
    -----------------------------------------------------------
    -----------------------------------------------------------


                                                                  Cumulative
                                                                   Inception
                                            Nine          Nine     (March 25,
                                          Months        Months          2003)
                                           Ended         Ended       through
                                    September 30, September 30, September 30,
                                            2007          2006          2007
    -------------------------------------------------------------------------

    OPERATING ACTIVITIES:
    Net loss                        $ (9,652,523) $ (4,880,486) $(17,482,170)
    Items not requiring cash
     outlay:
      - Consulting fees                        -             -        52,400
      - Amortization                      77,601        19,694       147,706
      - Mineral property
         exploration                           -             -       250,000
      - Stock based compensation       2,175,103     1,782,623     4,168,260
      - Deferred income taxes         (1,502,160)            -    (2,431,110)
    Changes in non-cash working
     capital items
      - Accounts receivable                    -      (710,850)            -
      - Prepaid expenses and
         deposits                       (535,514)            -      (711,862)
      - Exploration expenditure
         advances                              -             -             -
      - Accounts payable, accrued
         and other liabilities         2,039,012     1,793,380     2,467,145
      - Due to/from related parties            -       158,202         4,999
    -------------------------------------------------------------------------
    Net cash provided by (used in)
     operating activities             (7,398,481)   (1,837,437)  (13,534,632)

    FINANCING ACTIVITIES:
    Issuance of securities, net of
     finder's fees                    18,972,610     9,086,374    32,718,385
    Issuance of promissory notes       7,200,000             -     7,200,000
    Repayment of promissory notes     (7,200,000)            -    (7,200,000)
    Exercise of stock options             37,500             -        37,500
    -------------------------------------------------------------------------
    Net cash provided by financing
     activities                       19,010,110     9,086,374    32,755,885

    INVESTING ACTIVITIES:
    Purchase of mineral
     exploration rights               (9,870,380)   (5,211,033)  (16,109,253)
    Purchase of equipment               (699,239)     (378,148)   (1,166,077)
    Website development costs                  -             -       (21,000)
    -------------------------------------------------------------------------
    Net cash used in investing
     activities                      (10,569,619)   (5,589,181)  (17,296,330)

    INCREASE (DECREASE) IN CASH        1,042,010     1,659,756     1,924,923

    CASH AND CASH EQUIVALENTS AT
     BEGINNING OF PERIOD                 882,913     1,565,640             -
    -------------------------------------------------------------------------
    CASH AND CASH EQUIVALENTS AT
     END OF PERIOD                  $  1,924,923  $  3,225,396  $  1,924,923
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    SUPPLEMENTAL CASH FLOW
     INFORMATION
    Interest and financing fees
     - promissory notes             $    365,391  $          -  $    365,391
    Taxes                           $          -  $          -  $          -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

        See accompanying Notes to Interim Consolidated Financial Statements
                       at www.sec.gov or www.sedar.com
    





For further information:

For further information: Company Contact: Randy Martin, CEO & Vice
Chairman, Colombia Goldfields Ltd. (TSX: GOL/OTC BB: CGDF), 8 King Street
East, Suite 208, Toronto, Ontario, M5C 1B5, T: (416) 203-3856, 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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