Colombia Goldfields Ltd. Announces Private Placement Financing

    TORONTO, Nov. 29 /CNW/ - Colombia Goldfields Ltd. (the "Company")
(TSX: GOL / OTCBB: CGDF) today announced that it plans to raise up to
CDN$15.0 million through the sale of units in a private placement transaction,
subject to regulatory approval.
    Each unit will consist of one common share and one-half of one common
share purchase warrant. One whole common share purchase warrant will entitle
the holder to purchase one common share. The pricing of the offering will be
determined in the context of the market.
    The net proceeds from the offering will be used in support of the
Company's strategy to consolidate the Marmato Gold District by funding the
purchase of additional mining titles, ongoing exploration expenditures and
working capital and other general corporate purposes.
    The offering is expected to close mid-December.
    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

    Colombia Goldfields Ltd., through its subsidiaries Compania Minera de
Caldas S.A. and Gavilan Minerals S.A., is developing a what we believe is a
multi-million ounce gold resource in Colombia's historic Marmato Mountain gold
    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, EDGAR at and SEDAR at
under the Company's profile.


    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: J. Randy Martin, Vice Chairman
and CEO, 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,,; U.S.
Investor Relations: Michelle Roth, Roth Investor Relations, Inc., Tel. (732)
792-2200, Email:; Canadian Investor Relations: Martti
Kangas, The Equicom Group, Toronto, ON, (416) 815-0700 x 243

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