**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**FORM        10-QSB/A**

| [X]                | Quarterly                Report pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934 |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------|
|               |                                                                                                                                 |
|               | For                the quarterly period ended March                31, 2006                                                          |
|               |                                                                                                                                 |
| [                ] | Transition                Report pursuant to 13 or 15(d) of the Securities Exchange Act of                1934                       |
|               |                                                                                                                                 |
|               | For                the transition period __________                to                __________                                 |
|               |                                                                                                                                 |
|               | Commission                File Number: 000-51013                                                                                     |

| Nevada                                                                        | 76-0730088                                       |
|-------------------------------------------------------------------------------|--------------------------------------------------|
| (State                or other jurisdiction of incorporation or organization) | (IRS                Employer Identification No.) |

| 666                Burrard Street, Suite 500, Vancouver, BC Canada V6C                2X8 |
|-------------------------------------------------------------------------------------------|
| (Address                of principal executive offices)                                   |

| 604-601-2040                                                                                                     |
|------------------------------------------------------------------------------------------------------------------|
| (Issuer’s                telephone number)                                                                 |
|  _______________________________________________________________                                            |
| (Former                name, former address and former fiscal year, if changed since last                report) |

----

Table          of Contents

----

**EXPLANATORY          NOTE**

----

*Whether          Mineral Rights are Tangible or Intangible Assets*
*Mining          Assets: Impairment and Business Combinations *
*Accounting          for the Impairment or Disposal of Long-Lived Assets*
*.           *

| i)   | Subsequent                    to the acquisition dates of our mineral rights, we have continued                    to                    consolidate the various Marmato concessions during fiscal 2006,                    and have                    purchased 70 mining properties, awaiting payment once the documentation                    and registration is complete; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii)   | We                    have completed an independent technical review of available data                    indicating historical resources of approximately 5.3 million                    ounces of                    gold; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iii)   | We                    have commenced channel sampling of the purchased concessions,                    supporting                    the conclusions of the technical                    review; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iv)   | We                    have commenced an exploration program on the “el Salto” area of the                    Caramanta project, with encouraging preliminary results;                    and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| v)   | Progress                    on the movement of the Town of Marmato is positive, with continued                    support                    from the local government. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table              of Contents

----

Table          of Contents

|                                                      | TABLE                OF CONTENTS                                                          |      Page |
|-----------------------------------------------------------|-------------------------------------------------------------------------------------------|------------------------------------|
|  PART                I - FINANCIAL INFORMATION  |
| Item                1:                                    | Financial                Statements                                                       | 3                                  |
| Item                2:                                    | Management’s                Discussion and Analysis                                 | 4                                  |
| Item                3:                                    | Controls                and Procedures                                                    | 8                                  |
|  PART                II - OTHER INFORMATION     |
| Item                1:                                    | Legal                Proceedings                                                          | 10                                 |
| Item                2:                                    | Unregistered                Sales of Equity Securities and Use of                Proceeds | 10                                 |
| Item                3:                                    | Defaults                Upon Senior Securities                                            | 10                                 |
| Item                4:                                    | Submission                of Matters to a Vote of Security                Holders         | 10                                 |
| Item                5:                                    | Other                Information                                                          | 10                                 |
| Item                6:                                    | Exhibits                                                                                  | 11                                 |

----

Table          of Contents

**PART      I - FINANCIAL INFORMATION**

**Item      1.** **     Financial      Statements**

| Our                  unaudited consolidated financial statements included in this Amended                  Form                  10-QSB/A are as follows: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|  F-1                                                                                                                                                 |  Unaudited                  Restated Interim Consolidated Balance Sheet as of                  March 31, 2006; |
|  F-2                                                                                                                                                 |  Unaudited                  Restated Interim Consolidated Statements of                  Operations for the three months ended March 31, 2006 and 2005 and                  from                  Inception, March 25, 2003, to March 31, 2006; |
|  F-3                                                                                                                                                 |  Unaudited                    Restated Interim Consolidated Statements of                    Stockholders’ Equity (Deficiency) for the period from inception (March 25,                    2003) through March 31, 2006 |
|  F-4                                                                                                                                                 |  Unaudited                  Restated  Interim Consolidated Statements                  of Cash Flows for the three months ended March 31, 2006 and 2005                  and from                  Inception, March 25, 2003, to March 31, 2006; |
|  F-45                                                                                                                                                |  Notes                  to Unaudited Restated Interim Consolidated Financial                  Statements; |

----

Table          of Contents

**COLOMBIA        GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**INTERIM        CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH        31, 2006 **

**(UNAUDITED        - AS RESTATED)**

----

Table            of Contents

----

**COLOMBIA        GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**INTERIM        CONSOLIDATED BALANCE SHEETS**

**(AS        RESTATED - SEE NOTE 2) **

----

| **As                    at**(*expressed                  in U.S. dollars)*                                                               | **March                          31,****2006****(unaudited;****as                          restated****-                          See Note 2)** |        | **December                    31,****2005** |
|------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|-------------|---------------------------------------------|
|                                                                                                                                     |                                                                                                                                            |        |                                        |
| **ASSETS**                                                                                                                               |                                                                                                                                            |        |                                        |
|                                                                                                                                     |                                                                                                                                            |        |                                        |
| **Current**                                                                                                                              |                                                                                                                                            |        |                                        |
|                                                                                                                                     |                                                                                                                                            |        |                                        |
| Cash                  and cash equivalents                                                                                               | $                                                                                                                                               | 643,423     |                                        | $ | 1,565,640 |
| Accounts                  receivable                                                                                                     |                                                                                                                                            | -           |                                        |   | - |
| Prepaid                  expenses                                                                                                        |                                                                                                                                            | 39,661      |                                        |   | 22,554 |
| Exploration                  advances                                                                                                    |                                                                                                                                            | 211,861     |                                        |   | 158,202 |
|                                                                                                                                     |                                                                                                                                            | 894,945     |                                        |   | 1,746,396 |
|                                                                                                                                     |                                                                                                                                            |        |                                        |   |   |
| Mineral                  and exploration properties and rights (Notes 2 & 3)                                                         |                                                                                                                                            | 2,724,400   |                                        |   | - |
| Property                    and equipment, net of accumulated amortization of                  $8,358 (December 31, 2005: $335) (Note 4) |                                                                                                                                            | 62,782      |                                        |   | 1,445 |
| Website                    Development Cost, net of accumulated amortizationof                  $6,500 (December 31, 2005: $3,500)       |                                                                                                                                            | 29,500      |                                        |   | 17,500 |
|                                                                                                                                     |                                                                                                                                            |        |                                        |   |   |
|                                                                                                                                     | $                                                                                                                                               | 3,711,627   |                                        | $ | 1,765,341 |
|                                                                                                                                     |                                                                                                                                            |        |                                        |   |   |
| **LIABILITIES**                                                                                                                          |
|                                                                                                                                     |                                                                                                                                            |        |                                        |   |   |
| **Current**                                                                                                                              |                                                                                                                                            |        |                                        |   |   |
|                                                                                                                                     |                                                                                                                                            |        |                                        |   |   |
| Accounts                  payable and accrued liabilities                                                                                | $                                                                                                                                               | 150,089     |                                        | $ | 83,004 |
| Due                  to related parties                                                                                                  |                                                                                                                                            | 335,516     |                                        |   | - |
|                                                                                                                                     |                                                                                                                                            | 485,605     |                                        |   | 83,004 |
|                                                                                                                                     |                                                                                                                                            |        |                                        |   |   |
| **Non-Current**                                                                                                                          |                                                                                                                                            |        |                                        |   |   |
| Future                  income tax liability (Notes 2 & 3)                                                                           |                                                                                                                                            | 570,000     |                                        |   | - |
|                                                                                                                                     |                                                                                                                                            | 1,055,605   |                                        |   | 83,004 |
| **STOCKHOLDERS’                  EQUITY**                                                                                          |                                                                                                                                            |        |                                        |   |   |
|                                                                                                                                     |
| **Common                  stock (Note 5)**                                                                                               |                                                                                                                                            |        |                                        |   |   |
| Authorized:                  50,000,000 shares, $0.00001 par value                                                                       |                                                                                                                                            |        |                                        |   |   |
| Issued                  and outstanding: 33,715,183 shares                                                                               |                                                                                                                                            |        |                                        |   |   |
| (December                  31, 2005: 29,589,100 shares)                                                                                  |                                                                                                                                            | 337         |                                        |   | 296 |
|                                                                                                                                     |                                                                                                                                            |        |                                        |   |   |
| **Additional                  paid-in capital (Note 5)**                                                                                 |                                                                                                                                            | 5,539,887   |                                        |   | 1,465,354 |
|                                                                                                                                     |                                                                                                                                            |        |                                        |   |   |
| **Share                  subscriptions (Note 5)**                                                                                        |                                                                                                                                            | -           |                                        |   | 1,767,650 |
|                                                                                                                                     |                                                                                                                                            |        |                                        |   |   |
| **Accumulated                  deficit (Note 2)**                                                                                        |                                                                                                                                            | (2,884,202) |                                        |   | (1,550,963) |
|                                                                                                                                     |                                                                                                                                            | 2,656,022   |                                        |   | 1,682,337 |
|                                                                                                                                     | $                                                                                                                                               | 3,711,627   |                                        | $ | 1,765,341 |

**See        accompanying Notes to Consolidated Financial Statements**

----

Table              of Contents

----

**COLOMBIA        GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**INTERIM        CONSOLIDATED STATEMENTS OF OPERATIONS **

**(AS        RESTATED - SEE NOTE 2) **

----

|                                                                                                             | **Three****Months****Ended****March                              31, 2006****(unaudited;****as                              restated****-See                              Note                              2** |        | **Three****Months****Ended****March                            31, 2005****(unaudited)** |   | **Cumulative****from****inception****(March                                  25, 2003)****through****March                                  31, 2006****(unaudited;****as                                  restated****-See                                  Note                                  2** |
|------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **REVENUES**                                                                                                     |                                                                                                                                                                                                            |        |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |
| Interest                  income                                                                                 | $                                                                                                                                                                                                               | 3,552       |                                                                                     | $      | -                                                                                                                                                                                                                                                                                                      |   | $ | 3,552 |
|                                                                                                             |                                                                                                                                                                                                            |        |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |   |   |   |
| **OPERATING                  EXPENSES**                                                                          |                                                                                                                                                                                                            |        |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |   |   |   |
|                                                                                                             |                                                                                                                                                                                                            |        |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |   |   |   |
| General                  and administrative                                                                      |                                                                                                                                                                                                            | 337,784     |                                                                                     |   | 23,187                                                                                                                                                                                                                                                                                                 |   |   | 749,975 |
| Amortization                  - equipment                                                                        |                                                                                                                                                                                                            | 2,444       |                                                                                     |   | -                                                                                                                                                                                                                                                                                                      |   |   | 2,779 |
| Amortization                  - website development cost                                                         |                                                                                                                                                                                                            | 3,000       |                                                                                     |   | -                                                                                                                                                                                                                                                                                                      |   |   | 6,500 |
| Mineral                  property rights exploration (Note 2)                                                    |                                                                                                                                                                                                            | 507,074     |                                                                                     |   | -                                                                                                                                                                                                                                                                                                      |   |   | 1,651,838 |
| Stock                  based compensation                                                                        |                                                                                                                                                                                                            | 486,489     |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |   |   | 486,489 |
|                                                                                                             |                                                                                                                                                                                                            |        |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |   |   |   |
| Total                  operating expenses                                                                        |                                                                                                                                                                                                            | 1,336,791   |                                                                                     |   | 23,187                                                                                                                                                                                                                                                                                                 |   |   | 2,897,581 |
|                                                                                                             |                                                                                                                                                                                                            |        |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |   |   |   |
| Loss                  from continuing operations                                                                 |                                                                                                                                                                                                            | (1,333,239) |                                                                                     |   | (23,187)                                                                                                                                                                                                                                                                                               |   |   | (2,894,029) |
|                                                                                                             |                                                                                                                                                                                                            |        |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |   |   |   |
| Income                  from discontinued operations                                                             |                                                                                                                                                                                                            | -           |                                                                                     |   | 763                                                                                                                                                                                                                                                                                                    |   |   | 9,827 |
|                                                                                                             |                                                                                                                                                                                                            |        |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |   |   |   |
| **NET                  LOSS FOR THE PERIOD**                                                                     | $                                                                                                                                                                                                               | (1,333,239) |                                                                                     | $      | (22,424)                                                                                                                                                                                                                                                                                               |   | $ | (2,884,202) |
|                                                                                                             |                                                                                                                                                                                                            |        |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |   |   |   |
| **LOSS                  PER SHARE - BASIC AND DILUTED**                                                          |                                                                                                                                                                                                            |        |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |   |   |   |
|                                                                                                             |                                                                                                                                                                                                            |        |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |   |   |   |
| Loss                  from continuing operations                                                                 | $                                                                                                                                                                                                               | (0.04)      |                                                                                     | $      | (0.00)                                                                                                                                                                                                                                                                                                 |   |   |   |
| Income                  from discontinued operations                                                             |                                                                                                                                                                                                            | 0.00        |                                                                                     |   | 0.00                                                                                                                                                                                                                                                                                                   |   |   |   |
|                                                                                                             |                                                                                                                                                                                                            |        |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |   |   |   |
| NET                  LOSS                                                                                        | $                                                                                                                                                                                                               | (0.04)      |                                                                                     | $      | (0.00)                                                                                                                                                                                                                                                                                                 |   |   |   |
|                                                                                                             |                                                                                                                                                                                                            |        |                                                                                     |   |                                                                                                                                                                                                                                                                                                   |   |   |   |
| **WEIGHTED                  AVERAGE NUMBER OF COMMON SHARES OUSTANDING -****BASIC                  AND DILUTED** |                                                                                                                                                                                                            | 32,395,377  |                                                                                     |   | 24,000,000                                                                                                                                                                                                                                                                                             |   |   |   |

**See        accompanying Notes to Consolidated Financial Statements**

----

Table              of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**INTERIM        CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY        (DEFICIENCY)**

**(AS        RESTATED - SEE NOTE 2) **

----

**From        Inception (March 25, 2003) to March 31, 2006: **

| *(unaudited)*                                                                                                                                                                                 |   **Common****Shares** |        |   **Stock****Amount** |   |   **Additional****Paid-in****Capital** |   | **Share                  Subscriptions received** |      | **Deficit****Accumulated                  During****The****Exploration****Stage** |   |  **Total****Stockholders’                  Equity****(Deficiency)** |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|-------------|---------------------------------|--------|--------------------------------------------------|--------|---------------------------------------------------|-----------|-----------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|
|                                                                                                                                                                                          |                             |        |  $                         |   | $                                                |   |  $                                           |      | $                                                                                 |   | $                                                                              |
| Issue                  of common stock for cash at                  $0.000125                  per share on March                  25, 2003                                                   |                             | 8           |                            |   | -                                                |   |                                              | 1         |                                                                              |   | -                                                                              |   |   | - |   |   | 1 |
| Issue                  of common stock for cash at                  $0.000125 per                  share on May                  5, 2003                                                      |                             | 16,000,000  |                            |   | 160                                              |   |                                              | 1,840     |                                                                              |   | -                                                                              |   |   | - |   |   | 2,000 |
| Repurchase                  of common stock for cash at $0.000125 per                  share on October 31, 2003                                                                              |                             | (8,000,008) |                            |   | (80)                                             |   |                                              | (920)     |                                                                              |   | -                                                                              |   |   | - |   |   | (1,000) |
| Donated                  Capital                                                                                                                                                              |                             | -           |                            |   | -                                                |   |                                              | 35,200    |                                                                              |   | -                                                                              |   |   | - |   |   | 35,200 |
| Net                  loss for the period                                                                                                                                                      |                             | -           |                            |   | -                                                |   |                                              | -         |                                                                              |   | -                                                                              |   |   | (36,399) |   |   | (36,399) |
| Balance,                  December 31, 2003                                                                                                                                                   |                             | 8,000,000   |                            |   | 80                                               |   |                                              | 36,121    |                                                                              |   | -                                                                              |   |   | (36,399) |   |   | (198) |
| Issue                  of common stock for cash                  at $0.00625 per                  share on                  December 20, 2004                                                 |                             | 16,000,000  |                            |   | 160                                              |   |                                              | 99,840    |                                                                              |   | -                                                                              |   |   | - |   |   | 100,000 |
| Donated                  Capital                                                                                                                                                              |                             | -           |                            |   | -                                                |   |                                              | 19,200    |                                                                              |   | -                                                                              |   |   | - |   |   | 19,200 |
| Net                  loss for the year                                                                                                                                                        |                             | -           |                            |   | -                                                |   |                                              | -         |                                                                              |   | -                                                                              |   |   | (23,094) |   |   | (23,094) |
| Balance,                  December 31, 2004                                                                                                                                                   |                             | 24,000,000  |                            |   | 240                                              |   |                                              | 155,161   |                                                                              |   | -                                                                              |   |   | (59,493) |   |   | 95,908 |
| Issue                  of common stock for Mineral                  concessions at $0.25 per                  share on September 22, 2005                                                     |                             | 1,000,000   |                            |   | 10                                               |   |                                              | 249,990   |                                                                              |   | -                                                                              |   |   | - |   |   | 250,000 |
| Issue                  of 4,221,000 common stocks for cash at $0.25 per share and 368,100                  common                  stocks for finder fee on October                  14, 2005 |                             | 4,589,100   |                            |   | 46                                               |   |                                              | 1,055,204 |                                                                              |   | -                                                                              |   |   | - |   |   | 1,055,250 |
| Forgiveness                  of advances from a related party                                                                                                                                 |                             |        |                            |   |                                             |   |                                              | 4,999     |                                                                              |   | -                                                                              |   |   | - |   |   | 4,999 |
| Share                  Subscriptions Received                                                                                                                                                 |                             | -           |                            |   | -                                                |   |                                              | -         |                                                                              |   | 1,767,650                                                                      |   |   | - |   |   | 1,767,650 |
| Net                  loss for the year                                                                                                                                                        |                             | -           |                            |   | -                                                |   |                                              | -         |                                                                              |   | -                                                                              |   |   | (1,491,470) |   |   | (1,491,470) |
| Balance,                  December 31, 2005                                                                                                                                                   |                             | 29,589,100  |                            | $      | 296                                              |   | $                                                 | 1,465,354 |                                                                              | $      | 1,767,650                                                                      |   | $ | (1,550,963) |   | $ | 1,682,337 |

**See        accompanying Notes to Consolidated Financial Statements**

----

Table              of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**INTERIM        CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY        (DEFICIENCY)**

**(AS        RESTATED - SEE NOTE 2) **

----

**From        Inception (March 25, 2003) to March 31, 2006 (cont’): **

|     *(unaudited)*                                                                                                                             |  CommonShares |       |  StockAmount |   | AdditionalPaid-inCapital |   | ShareSubscriptionsReceived |      | DeficitAccumulated                    DuringTheExplorationStage |   | TotalStockholders’Equity(Deficiency) |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|------------|-------------------|--------|--------------------------|--------|----------------------------|-----------|-----------------------------------------------------------------|--------|--------------------------------------------|
|                                                                                                                                                              |               |       |              |   |                     |   |                       |      |                                                            |   |                                       |   |   |   |   |   |   |
| Balance,                    December 31, 2005                                                                                                                     |               | 29,589,100 |              |   | 296                      |   |                       | 1,465,354 |                                                            |   | 1,767,650                                  |   |   | (1,550,963) |   |   | 1,682,337 |
|                                                                                                                                                              |               |       |              |   |                     |   |                       |      |                                                            |   |                                       |   |   |   |   |   |   |
| 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 |                                                            |   | (1,767,650)                                |   |   | - |   |   | (79,565) |
|                                                                                                                                                              |               |       |              |   |                     |   |                       |      |                                                            |   |                                       |   |   |   |   |   |   |
| Issue                    of common stock for Mineral                    concessions at $1.90                    per share on February                    14, 2006 |               | 1,000,000  |              |   | 10                       |   |                       | 1,899,990 |                                                            |   | -                                          |   |   | - |   |   | 1,900,000 |
|                                                                                                                                                              |               |       |              |   |                     |   |                       |      |                                                            |   |                                       |   |   |   |   |   |   |
| Stock                    based compensaton                                                                                                                        |               | -          |              |   | -                        |   |                       | 486,489   |                                                            |   | -                                          |   |   | - |   |   | 486,489 |
|                                                                                                                                                              |               |       |              |   |                     |   |                       |      |                                                            |   |                                       |   |   |   |   |   |   |
| Net                    loss for the period                                                                                                                        |               | -          |              |   | -                        |   |                       | -         |                                                            |   | -                                          |   |   | (1,333,239) |   |   | (1,333,239) |
|                                                                                                                                                              |               |       |              |   |                     |   |                       |      |                                                            |   |                                       |   |   |   |   |   |   |
| Balance,                    March 31, 2006 (unaudited)                                                                                                            |               | 33,715,183 |              |   | 337                      |   |                       | 5,539,887 |                                                            |   | -                                          |   |   | (2,884,202) |   |   | 2,656,022 |

**See        accompanying Notes to Consolidated Financial Statements**

----

Table              of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**INTERIM        CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(AS RESTATED - SEE NOTE        2)**

----

|                                                                  | **Three****Months****March                              31, 2006****(unaudited;****as                              restated****-See                              Note                              2** |        | **Three****Months****March                          31, 2005****(unaudited)** |   | **Cumulative****from****inception****(March                                      25, 2003)****through****March                                      31, 2006****(unaudited;****as                                      restated****-See                                      Note                                      2** |
|-----------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|-------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **OPERATING                  ACTIVITIES:**                            |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |
| Loss                  from operations                                 | $                                                                                                                                                                                                      | (1,333,239) |                                                                          | $      | (22,424)                                                                                                                                                                                                                                                                                                                   |   | $ | (2,884,202) |
| Items                  not requiring cash outlay:                     |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| -                  Consulting fees                                    |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   | 52,400 |
| -                  Website design and software development            |                                                                                                                                                                                                   | -           |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | 2,000 |
| -                  Amortization of equipment                          |                                                                                                                                                                                                   | 2,444       |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | 2,779 |
| -                  Amortization of website development cost           |                                                                                                                                                                                                   | 3,000       |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | 6,500 |
| -                  Mineral property exploration                       |                                                                                                                                                                                                   | -           |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | 250,000 |
| -                  Stock based compensation                           |                                                                                                                                                                                                   | 486,489     |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | 486,489 |
| Changes                  in non-cash working capital items:           |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| -                  Accounts receivable                                |                                                                                                                                                                                                   | -           |                                                                          |   | 910                                                                                                                                                                                                                                                                                                                        |   |   | - |
| -                  Prepaid expenses                                   |                                                                                                                                                                                                   | 14,149      |                                                                          |   | (40,000)                                                                                                                                                                                                                                                                                                                   |   |   | (8,405) |
| -                  Exploration expenditure advances                   |                                                                                                                                                                                                   | (53,659)    |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | (211,861) |
| -                  Accounts payable and accrued liabilities           |                                                                                                                                                                                                   | 10,586      |                                                                          |   | 743                                                                                                                                                                                                                                                                                                                        |   |   | 93,590 |
| -                  Due to/from related parties                        |                                                                                                                                                                                                   | 335,516     |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | 340,515 |
|                                                                  |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| Net                  cash used in operating activities                |                                                                                                                                                                                                   | (534,714)   |                                                                          |   | (60,771)                                                                                                                                                                                                                                                                                                                   |   |   | (1,870,195) |
|                                                                  |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| **FINANCING                  ACTIVITIES:**                            |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| Issuance                  of common stock, net of finder fees         |                                                                                                                                                                                                   | (79,565)    |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | 1,076,686 |
| Proceeds                  of share subscription received              |                                                                                                                                                                                                   | -           |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | 1,767,650 |
|                                                                  |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| Net                  cash provided by (used in) financing activities  |                                                                                                                                                                                                   | (79,565)    |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | 2,844,336 |
|                                                                  |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| **INVESTING                  ACTIVITIES:**                            |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| Purchase                  of mineral exploration rights               |                                                                                                                                                                                                   | (254,400)   |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | (254,400) |
| Purchase                  of equipment                                |                                                                                                                                                                                                   | (38,538)    |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | (40,318) |
| Purchase                  of website development cost                 |                                                                                                                                                                                                   | (15,000)    |                                                                          |   | (15,000)                                                                                                                                                                                                                                                                                                                   |   |   | (36,000) |
|                                                                  |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| Net                  cash used in investing activities                |                                                                                                                                                                                                   | (307,938)   |                                                                          |   | (15,000)                                                                                                                                                                                                                                                                                                                   |   |   | (330,718) |
|                                                                  |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| **INCREASE                  (DECREASE) IN CASH**                      |                                                                                                                                                                                                   | (922,217)   |                                                                          |   | (75,771)                                                                                                                                                                                                                                                                                                                   |   |   | 643,423 |
|                                                                  |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| **CASH                  AND CASH EQUIVALENTS AT BEGINNING OF PERIOD** |                                                                                                                                                                                                   | 1,565,640   |                                                                          |   | 104,685                                                                                                                                                                                                                                                                                                                    |   |   | - |
|                                                                  |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| **CASH                  AND CASH EQUIVALENTS AT END OF PERIOD**       | $                                                                                                                                                                                                      | 643,423     |                                                                          | $      | 28,914                                                                                                                                                                                                                                                                                                                     |   | $ | 643,423 |
|                                                                  |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| **SUPPLEMENTAL                  CASH FLOWS INFORMATION**              |                                                                                                                                                                                                   |        |                                                                          |   |                                                                                                                                                                                                                                                                                                                       |   |   |   |
| Interest                  expense                                     |                                                                                                                                                                                                   | -           |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | - |
| Taxes                                                                 |                                                                                                                                                                                                   | -           |                                                                          |   | -                                                                                                                                                                                                                                                                                                                          |   |   | - |

**See        accompanying Notes to Consolidated Financial Statements**

----

Table              of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**NOTES        TO THE INTERIM CONSOLIDATED FINANCIAL        STATEMENTS**

**MARCH        31, 2006**

----

**NOTE        1 - GOING CONCERN AND NATURE OF OPERATIONS**

**NOTE        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis        of presentation**

----

Table            of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**NOTES        TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH        31, 2006**

----

**Restatement        of Previously Issued Financial Statements **

| i)   | Subsequent                to the acquisition dates of the Company’s mineral rights, the Company has                continued to consolidate the various Marmato concessions during fiscal                2006, and currently has purchased 70 mining properties, awaiting                payment                once the documentation and registration is                complete; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ii)   | The                Company has completed an independent technical review of available                data                indicating historical resources of approximately 5.3 million ounces                of                gold; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| iii)   | The                Company has commenced channel sampling of the purchased concessions,                supporting the conclusions of the technical                review; |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| iv)   | The                Company has commenced an exploration program on the “el Salto” area of the                Caramanta project, with encouraging preliminary results;                and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| v)   | Progress                on the movement of the Town of Marmato is positive, with continued                support                from the local government. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table            of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An          Exploration Stage Company)**

**NOTES          TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH          31, 2006**

----

| **i)  ** | **Balance                Sheet:** |
|--------------------|-----------------------------------|

|                                                                                                       | **March                  31, 2006** |
|------------------------------------------------------------------------------------------------------------|-------------------------------------|
| Mineral                    and exploration properties and rights as previously                    reported | $                                   | - |
| Adjustments                                                                                                |                                | 2,724,400 |
| Mineral                    and exploration properties and rights, as restated                              | $                                   | 2,724,400 |
| Future                    income tax liability, as previously reported                                     | $                                   | - |
| Adjustments                                                                                                |                                | (570,000) |
| Future                    income tax liability as restated                                                 |                                | (570,000) |
| Accumulated                    Deficit, as previously reported                                             | $                                   | (5,038,602) |
| Adjustments                                                                                                |                                | 2,154,400 |
| Accumulated                    Deficit,as restated                                                         | $                                   | (2,884,202) |

| **ii)  ** | **Statements                  of Operations** |
|---------------------|-----------------------------------------------|

|                                                                                             | **Three                      Months****Ended****March                      31,                      2006** |        | **Cumulative****From****Inception****(March                            25,****2003                            through****March                            31,                            2006)** |
|--------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Net                    loss, as previously reported                                              | $                                                                                                          | (3,487,639) |                                                                                                                                                                                             | $ | (5,038,602) |
| Adjustments                                                                                      |                                                                                                       | 2,154,400   |                                                                                                                                                                                             |   | 2,154,400 |
| Net                    loss, as restated                                                         | $                                                                                                          | (1,333,239) |                                                                                                                                                                                             | $ | (2,884,202) |
| Loss                    per share - basic and diluted, as previously                    reported | $                                                                                                          | (0.11)      |                                                                                                                                                                                             |   |   |
| Adjustments                                                                                      |                                                                                                       | 0.07        |                                                                                                                                                                                             |   |   |
| Los                  per share - basic and diluted, as restated                                  | $                                                                                                          | (0.04)      |                                                                                                                                                                                             |   |   |

----

Table            of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An              Exploration Stage Company)**

**NOTES              TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH              31, 2006**

----

**iii)**
**Statements        of Cash Flows:**

|                                                                                                    | **Three                      months Ended****March                      31,                      2006** |      | **Cumulative                        from****Inception                        (March****25,                        2003 through****March                        31,                        2006** |
|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Net                    Cash used in operating activities, as previously                    reported     | $                                                                                                       | (789,114) |                                                                                                                                                                                             | $ | (2,124,595) |
| Adjustments                                                                                             |                                                                                                    | 254,400   |                                                                                                                                                                                             |   | 254,400 |
| Net                      Cash used in operating activities, as restated                                 | $                                                                                                       | (534,714) |                                                                                                                                                                                             | $ | (1,870,195) |
| Net                      cash used in investing activities, as previously                      reported | $                                                                                                       | (53,538)  |                                                                                                                                                                                             | $ | (76,318) |
| Adjustments                                                                                             | $                                                                                                       | (254,400) |                                                                                                                                                                                             | $ | (254,400) |
| Net                      cash used in investing activities, as                      restated       | $                                                                                                       | (307,938) |                                                                                                                                                                                             | $ | (330,718) |

**Consolidation        **

*Consolidation        of Variable Interest Entities *

**NOTE        3 - MINERAL PROPERTIES AND EXPLORATION RIGHTS**

----

Table            of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An            Exploration Stage Company)**

**NOTES            TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

----

| a)   | $500,000                (advanced) upon the closing of the Assignment                Agreement |
|----------------|------------------------------------------------------------------------------------------------|
| b)   | $750,000                during the 12 month period commencing June 25, 2005; and on the earlier                of                June, 2006 or commencement of the second exploration phase, one million                restricted shares of the Company’s common                shares |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| c)   | $1,740,000                during the 12-month period commencing June 25,                2007. |
|----------------|-----------------------------------------------------------------------------------------------|
| a.   | acquire                25% of the total outstanding shares of RNC by the issuance of 1,000,000                common shares of the Company to Investcol and the advance to RNC                of a                $1,200,000 non-interest bearing loan. (The Company acquired 25% of                ownership on February 14, 2006) |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| b.   | to                acquire an additional 25% of RNC (total 50% of RNC) by issuance of                2,000,000 shares of the Company to Investcol and the advance of an                additional $4,000,000 non-interest bearing loan to RNC in two instalments                of $1,000,000 and $3,000,000 on or before March 15, 2006 and April                30,                2006, respectively. (On March 10, 2006, the Company entered an extension                agreement with Investcol to extend the terms to April, 30, 2006,                and                completed the acquisition subsequent to March 31,                2006 |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| c.   | to                acquire an additional 25% of RNC (total 75% of RNC) by the issuance                of                4,000,000 common shares of the Company to Investcol and an additional                $15,000,000 non-interest bearing loan to RNC on or before October                30,                2006. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table            of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An            Exploration Stage Company)**

**NOTES            TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

----

| d.   | have                the option until May 1, 2009 to acquire the final 25% of RNC (total                100%                of RNC) for a price equal to the 25% of the value of Caldas determined                by                a bankable feasibility study prepared by a certified mineral property                evaluator, or other acceptable third party. Payment of the purchase                price                can be made by the Company in either cash or the Company’s common shares                (which will be valued at 90% of the average closing provide of the                Company’s common shares) |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Consolidation        of Variable Interest Entities *

**Mineral        Property Rights Acquisition and Exploration Expenditures**

| I)   | The                acquisition of mineral concessions; |
|----------------|--------------------------------------------------------|
| II)   | The                acquisition of mineral and exploration rights from existing titleholders;                and |
|-----------------|-----------------------------------------------------------------------------------------------------------------|
| III)   | The                exploration of acquired mineral properties and related                activities. |
|------------------|------------------------------------------------------------------------------------------------------|

----

Table            of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An            Exploration Stage Company)**

**NOTES            TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

----

|   | **Three                          Months****Ended****March                          31,                          2006** |   | **Three                        Months****Ended****March                        31,                        2005** |   | **Cumulative****From****Inception****(March                                31,****2003****Through****March                                31,                                2006** |
|--------|------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                   |   |                                                                                                             |   |                                                                                                                                                                                |   |
| I)     | Acqusition                    of mineral concessions                                                                   | $      | 1,900,000                                                                                                        |   | $                                                                                                                                                                                   | - |   | $ | 1,900,000 |
|   |                                                                                                                   |   |                                                                                                             |   |                                                                                                                                                                                |   |   |   |   |
| II)    | Acquistion                      of mineral and exploration properties and                      rights                  |   | 254,400                                                                                                          |   |                                                                                                                                                                                | - |   |   | 254,400 |
|   |                                                                                                                   |   | 2,154,400                                                                                                        |   |                                                                                                                                                                                | - |   |   | 2,154,400 |
| III)   | Exploration                      of acquired mineral properties                                                   |   | 507,074                                                                                                          |   |                                                                                                                                                                                | - |   |   | 1,651,838 |
|   |                                                                                                                   |   |                                                                                                             |   |                                                                                                                                                                                |   |   |   |   |
|   | Total                        mineral property rights acquisition and exploration                        expenditures   | $      | 2,661,474                                                                                                        |   | $                                                                                                                                                                                   | - |   | $ | 3,806,238 |

**Capitalized        Mineral and Exploration Properties and Rights**

**NOTE        4 - PROPERTY AND EQUIPMENT**

| **As                  at March 31, 2006**       | **Cost** |     | **Accumulated****Amortization** |   | **Net                    book****Value** |
|-------------------------------------------------|----------|----------|---------------------------------|--------|------------------------------------------|
| Furniture                  and office equipment | $        | 61,848   |                            | $      | (6,035)                                  |   | $ | 55,813 |
| Vehicle                                         |     | 9,292    |                            |   | (2,323)                                  |   |   | 6,969 |
| Total                                           | $        | 71,140   |                            | $      | (8,358)                                  |   | $ | 62,782 |
|                                            |     |     |                            |   |                                     |   |   |   |
| **As                  at December 31, 2005**    |     | **Cost** |                            |   | **Accumulated****Amortization**          |   |   | **Net                  book****Value** |
| Office                  equipment               | $        | 1,780    |                            | $      | (335)                                    |   | $ | 1,445 |

----

Table            of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An            Exploration Stage Company)**

**NOTES            TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

----

**NOTE        5 - STOCKHOLDERS’ EQUITY**

**Common        Stock**

| a.   | completed                its initial public offering and issued 16,000,000 common stock at                a price                of $0.00625 per share for total proceeds of $100,000. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| b.   | issued                1,000,000 restricted common shares valued at an estimated market                price of                $0.25 per share, pursuant to an option to acquire a 100% interest                in                certain mining and mineral rights on three gold properties known                as the                Caramanta concessions in the Marmato Mountain mining district,                Colombia. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| c.   | completed                a private placement and issued 4,221,000 units at a price of $0.25                per                share for total proceeds of $1,055,250. Each unit consisted of one                common                share and one non-transferable warrant, entitling the holder to acquire                one additional common share at a price of $ 0.50, exercisable on                or before                October 14, 2006. The Company also issued 368,100 shares as a finders’ fee                relating to this private offering. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Warrants**

| 4,589,100 | $                  0.50 per share | Expiry                  - October 14, 2006 |
|-----------|-----------------------------------|--------------------------------------------|

**Stock        Options**

----

Table            of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An          Exploration Stage Company)**

**NOTES          TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

----

|                                                      | **Shares** |      | **Weighted****Average****Exercise****Price** |
|-----------------------------------------------------------|------------|-----------|----------------------------------------------|
| Options                  outstanding at December 31, 2005 | $          | -         |                                         | $ | - |
| Granted                                                   |       | 2,350,000 |                                         |   | 0.99 |
| Options                  outstanding at March 31, 2006    | $          | 2,350,000 |                                         | $ | 0.99 |

|                                                                   | **Weighted****Average****Fair****Price** |   | **Weighted****Average****Fair****Value** |
|------------------------------------------------------------------------|------------------------------------------|--------|------------------------------------------|
| Exercise                  price below market price at grant date:      | $                                        | 0.81   |                                     | $ | 1.11 |
| Exercise                  price is equal market price at granted date: | $                                        | 1.65   |                                     | $ | 1.24 |

| Options                  outstanding                                                  |
|---------------------------------------------------------------------------------------|
|   **Range                      of****Exercise                      Prices** |   **Number****Outstanding** | **Weighted****Average****Remaining****Contractual                          Life (yr)** | **Weighted****Average****Exercise****Price** |
| $0.01                  - $1.00                                                        | 1,750,000 | 9.77 | $0.75 |
| $1.01                  - $2.00                                                        | 600,000 | 9.97 | $1.69 |
|                                                                                  | 2,350,000 | 9.82 | $0.99 |

**NOTE        6 - RELATED PARTY TRANSACTIONS**

| a.   | paid                $85,400 (2005: $nil) for management / consulting fees to directors,                senior                officer and shareholders of the Company. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| b.   | paid                $22,500 (2005: $nil) for administration of exploration activities                to a                shareholder of the Company. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| c.   | paid                $5,128 (2005: $nil) for office rent to a company related to a director                of                the Company. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------|

----

Table            of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An              Exploration Stage Company)**

**NOTES              TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

----

**NOTE        7 - COMMITMENTS**

**NOTE        8 - SUBSEQUENT EVENTS**

| (i)   | On                April 26, 2006, the Company completed a private equity offering of                6,500,666 Units at $1.50 per Unit to a total of 26 investors for                a total                proceeds of $9,751,000. Each Unit consists of one (1) share of common                stock, and one (1) Warrant to purchase one (1) share of common stock,                exercisable at $2.50 for twenty-four (24) months from the closing                date of                the offering. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (ii)   | On                February 16, 2006, the Company entered into a Letter of Intent (LOI)                with                Investcol Limited (Investcol) to acquire Investcol’s rights in certain                properties. The non-binding LOI outlines a proposed transaction where                the                Company intends to acquire Investcol’s rights in certain mining contracts                to exclusively engage in mining activities on Concessions 6993, 7039,                6821                and 6770 (the “Contracts”) and options that Investcol holds to acquired                the exclusive rights to engage in mining activities on Concessions                HET-31,                32, 26, 27 and HETG-01 (the “Options”) all located within an area in                Colombia referred to as the Caramanta location. Under the terms of                the                proposed transaction, the Company would pay to Investcol total                consideration in the amount of 1,000,000 shares of restricted stock                and                USD$350,000. Furthermore, Investcol would be required to pay the                exercise                price of $150,000 on the Options and facilitate the transfer of the                mining                contracts underlying the Options into the Company’s name. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (iii)   | See                Note 3(ii). |
|-------------------|--------------------------------|

**NOTE        9 - RECLASSIFICATIONS**

----

Table          of Contents

**Item      2.     ****Management’s      Discussion and Analysis**

**Forward-Looking      Statements**

**Overview**

----

Table          of Contents

**Marmato      Mountain Development Project**

*Acquisition      of an interest in RNC (Colombia) Limited *

----

Table          of Contents

**Caramanta      Exploration Projects**

*Concessions      6602, 1343, and 6329*

| (a)   | five                hundred thousand dollars ($500,000), which has been paid in                full; |
|-----------------|------------------------------------------------------------------------------------------------------|

| (b)   | seven                hundred fifty thousand dollars ($750,000) during the 12 month period                of                the Assignment Agreement commencing June 25, 2006, and, on the earlier                of                June 26, 2006 or commencement of the second exploration phase, one                million                restricted shares of our common stock;                and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | one                million seven hundred and forty thousand dollars ($1,740,000) during                the                12 month period of the Assignment Agreement, commencing June 25,                2007. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Concessions      6993, 7039, 6821, and 6770 and HET-31, 32, 26, 27, and      HETG-01*

----

Table          of Contents

**Results      of Operations for the period ending March 31, 2006**

**Liquidity      and Capital Resources**

----

Table          of Contents

**Going      Concern  **

**Item      3.     Controls and Procedures**

-  Mr.            James Kopperson, a CPA with extensive public company financial reporting            experience, was appointed as CFO on December 1, 2006. 
-  We            have subscribed to a financial reporting service            to ensure that we are current with U.S. GAAP accounting and disclosure            pronouncements. 
-  We            have reviewed our quarterly reporting procedures            with our independent auditors to ensure that all material accounting            and            disclosure issues are identified on a timely basis. 

----

Table          of Contents

----

Table          of Contents

**PART      II - OTHER INFORMATION**

**Item      1.     Legal      Proceedings**

**Item      2.     Unregistered Sales of Equity      Securities and Use of Proceeds**

**Item      3.     Defaults upon Senior      Securities**

**Item      4.     Submission of Matters to a Vote of      Security Holders**

**Item      5.     Other      Information**

----

Table          of Contents

**Item      6.      Exhibits**

| **Exhibit                Number** | **Description                of Exhibit**                                                                                                                                                                                                                |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1                              | Certification                of Chief Executive Officer pursuant to 18                U.S.C. Section 1350, as adopted pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                           |
| 31.2                              | Certification                of Chief Financial Officer pursuant to 18                U.S.C. Section 1350, as adopted pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                           |
| 32.1                              | Certification                of Chief Executive Officer and Chief                Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted                pursuant                to Section 906 of the Sarbanes-Oxley Act of                2002 |

----

Table          of Contents

**SIGNATURES**

|   | **Colombia                  Goldfields Ltd.**                                                                                                                                                                                                                                                                                       |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                |
| Date:  | February                  9, 2007                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                |
|   | By:     /s/                  J. Randall Martin                   J.                  Randall MartinTitle:**    Chief                  Executive Officer and                  Director** |