**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 June                30, 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                                                                                     |

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

| #208-8                King Street East, Toronto, Ontario Canada M5C 1B5 |
|-------------------------------------------------------------------------|
| (Address                of principal executive offices)                 |

| (416)                203-3856                                                                                    |
|------------------------------------------------------------------------------------------------------------------|
| (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                                                    | 10               |
|  PART                II - OTHER INFORMATION  |
| Item                1.                                 | Legal                Proceedings                                                          | 12               |
| Item                2.                                 | Unregistered                Sales of Equity Securities and Use of                Proceeds | 12               |
| Item                3.                                 | Defaults                Upon Senior Securities                                            | 13               |
| Item                4.                                 | Submission                of Matters to a Vote of Security                Holders         | 13               |
| Item                5.                                 | Other                Information                                                          | 14               |
| Item                6.                                 | Exhibits                                                                                  | 14               |

----

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                  June 30, 2006 |
|  F-2                                                                                                                                                                  |  Unaudited                  Restated Interim Consolidated Statements                  of Operations for the three and six months ended June 30, 2006                  and 2005                  and from inception (March 25, 2003) through June 30, 2006 |
|  F-3                                                                                                                                                                  |  Unaudited                  Restated Interim Consolidated Statements of                  Stockholders’ Equity (Deficiency) for the period from inception (March 25,                  2003) through June 30, 2006 |
|  F-5                                                                                                                                                                  |  Interim                  Restated Consolidated Statements of Cash Flows for the                  six months ended June 30, 2006 and 2005 and from inception (March                  25,                  2003) through June 30, 2006 |
|  F-6                                                                                                                                                                  |  Notes                  to Unaudited Restated Interim Consolidated Financial                  Statements; |

----

Table          of Contents

**COLOMBIA      GOLDFIELDS LTD.**

**(An      Exploration Stage Company)**

**INTERIM      CONSOLIDATED FINANCIAL STATEMENTS**

**June      30, 2006 **

**(UNAUDITED      - AS RESTATED)**

----

Table            of Contents

----

**(An      Exploration Stage Company)**

**INTERIM      CONSOLIDATED BALANCE SHEETS**

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

----

| **As                  at****(expressed                in U.S. dollars)**                          | **June                        30,****2006****(unaudited                        as****restated****-See                        Note                        2)** |        | **December                  31,****2005** |
|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|-------------------------------------------|
|                                                                                              |                                                                                                                                                          |        |                                      |
| **ASSETS**                                                                                        |                                                                                                                                                          |        |                                      |
|                                                                                              |                                                                                                                                                          |        |                                      |
| **Current**                                                                                       |                                                                                                                                                          |        |                                      |
|                                                                                              |                                                                                                                                                          |        |                                      |
| Cash                and cash equivalents                                                          | $                                                                                                                                                             | 6,728,353   |                                      | $ | 1,565,640 |
| Accounts                receivable                                                                |                                                                                                                                                          | 61,843      |                                      |   | - |
| Prepaid                expenses                                                                   |                                                                                                                                                          | 38,776      |                                      |   | 22,554 |
| Exploration                advances                                                               |                                                                                                                                                          | 102,124     |                                      |   | 158,202 |
|                                                                                              |                                                                                                                                                          | 6,931,096   |                                      |   | 1,746,396 |
|                                                                                              |                                                                                                                                                          |        |                                      |   |   |
| Mineral                and exploration properties and rights (Notes 2 & 3)                    |                                                                                                                                                          | 16,940,878  |                                      |   | - |
| Property                and equipment, net of accumulated amortization of $11,970                 |                                                                                                                                                          |        |                                      |   |   |
| (December                31, 2005:$335)                                                           |                                                                                                                                                          | 144,206     |                                      |   | 1,445 |
|                                                                                              |                                                                                                                                                          |        |                                      |   |   |
| Website                Development Cost, net of accumulated amortization of                $9,500 |                                                                                                                                                          |        |                                      |   |   |
| (December                31, 2005:$3,500)                                                         |                                                                                                                                                          | 26,500      |                                      |   | 17,500 |
|                                                                                              |                                                                                                                                                          |        |                                      |   |   |
|                                                                                              | $                                                                                                                                                             | 24,042,680  |                                      | $ | 1,765,341 |
|                                                                                              |                                                                                                                                                          |        |                                      |   |   |
| **LIABILITIES**                                                                                   |                                                                                                                                                          |        |                                      |   |   |
|                                                                                              |                                                                                                                                                          |        |                                      |   |   |
| **Current**                                                                                       |                                                                                                                                                          |        |                                      |   |   |
|                                                                                              |                                                                                                                                                          |        |                                      |   |   |
| Accounts                payable and accrued liabilities                                           | $                                                                                                                                                             | 2,402,678   |                                      | $ | 83,004 |
|                                                                                              |                                                                                                                                                          |        |                                      |   |   |
| **Non-Current**                                                                                   |                                                                                                                                                          |        |                                      |   |   |
|                                                                                              |                                                                                                                                                          |        |                                      |   |   |
| Future                income tax liability (Notes 2 & 3)                                      |                                                                                                                                                          | 2,994,000   |                                      |   | - |
|                                                                                              |                                                                                                                                                          | 5,396,678   |                                      |   | 83,004 |
| **STOCKHOLDERS’                EQUITY**                                                     |                                                                                                                                                          |        |                                      |   |   |
|                                                                                              |
| **Common                stock (Note 5)**                                                          |                                                                                                                                                          |        |                                      |   |   |
| Authorized:                50,000,000 shares, $0.00001 par value                                  |                                                                                                                                                          |        |                                      |   |   |
| Issued                and outstanding: 43,215,849 shares                                          |                                                                                                                                                          | 432         |                                      |   | 296 |
| (December                31, 2005: 29,589,100 shares)                                             |                                                                                                                                                          |        |                                      |   |   |
|                                                                                              |                                                                                                                                                          |        |                                      |   |   |
| **Additional                paid-in capital (Note 5)**                                            |                                                                                                                                                          | 23,131,397  |                                      |   | 1,465,354 |
|                                                                                              |                                                                                                                                                          |        |                                      |   |   |
| **Share                subscriptions (Note 5)**                                                   |                                                                                                                                                          | -           |                                      |   | 1,767,650 |
|                                                                                              |                                                                                                                                                          |        |                                      |   |   |
| **Accumulated                Deficit (Note 2)**                                                   |                                                                                                                                                          | (4,485,827) |                                      |   | (1,550,963) |
|                                                                                              |                                                                                                                                                          | 18,646,002  |                                      |   | 1,682,337 |
|                                                                                              | $                                                                                                                                                             | 24,042,680  |                                      | $ | 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) **

----

| *(expressed                in U.S. dollars)*                                                                | **Three****Months****Ended****June                              30,****2006****(unaudited;****as                              restated****-See                              Note                              2)** |        | **Three****Months****Ended****June                          30,****2005****(unaudited)** |   | **Six****Months****Ended****June                              30,****2006****(unaudited;****as                              restated****-See                              Note                              2)** |   | **Six****Months****Ended****June                          30,****2005****(unaudited)** |        | **Cumulative                                  from****Inception****(March                                  25,****2003)****through****June                                  30,****2006****(unaudited;****as                                  restated****-See                                  Note                                  2)** |
|-------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                        |                                                                                                                                                                                                               |        |                                                                                     |   |                                                                                                                                                                                                             |   |                                                                                   |        |                                                                                                                                                                                                                                                                                                                                       |
| **REVENUES**                                                                                                | $                                                                                                                                                                                                                  | -           |                                                                                     | $      | -                                                                                                                                                                                                                |   | $                                                                                      | -           |                                                                                                                                                                                                                                                                                                                                       | $ | - |   | $ | - |
|                                                                                                        |                                                                                                                                                                                                               |        |                                                                                     |   |                                                                                                                                                                                                             |   |                                                                                   |        |                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
| **OPERATING                EXPENSES**                                                                       |                                                                                                                                                                                                               |        |                                                                                     |   |                                                                                                                                                                                                             |   |                                                                                   |        |                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
|                                                                                                        |                                                                                                                                                                                                               |        |                                                                                     |   |                                                                                                                                                                                                             |   |                                                                                   |        |                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
| General                and administrative                                                                   |                                                                                                                                                                                                               | 473,218     |                                                                                     |   | 87,269                                                                                                                                                                                                           |   |                                                                                   | 811,002     |                                                                                                                                                                                                                                                                                                                                       |   | 125,456 |   |   | 1,223,190 |
| Amortization                - equipment                                                                     |                                                                                                                                                                                                               | 9,191       |                                                                                     |   | 67                                                                                                                                                                                                               |   |                                                                                   | 11,635      |                                                                                                                                                                                                                                                                                                                                       |   | 67 |   |   | 11,970 |
| Amortization                - website                                                                       |                                                                                                                                                                                                               |        |                                                                                     |   |                                                                                                                                                                                                             |   |                                                                                   |        |                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
| development                cost                                                                             |                                                                                                                                                                                                               | 3,000       |                                                                                     |   | -                                                                                                                                                                                                                |   |                                                                                   | 6,000       |                                                                                                                                                                                                                                                                                                                                       |   | - |   |   | 9,500 |
| Mineral                property rights exploration (Note 2)                                                 |                                                                                                                                                                                                               | 469,423     |                                                                                     |   | -                                                                                                                                                                                                                |   |                                                                                   | 976,497     |                                                                                                                                                                                                                                                                                                                                       |   |   |   |   | 2,121,261 |
| Stock                based compensation                                                                     |                                                                                                                                                                                                               | 695,666     |                                                                                     |   | -                                                                                                                                                                                                                |   |                                                                                   | 1,182,155   |                                                                                                                                                                                                                                                                                                                                       |   | - |   |   | 1,182,155 |
| Total                operating expenses                                                                     |                                                                                                                                                                                                               | 1,650,498   |                                                                                     |   | 87,336                                                                                                                                                                                                           |   |                                                                                   | 2,987,289   |                                                                                                                                                                                                                                                                                                                                       |   | 125,523 |   |   | 4,548,076 |
|                                                                                                        |                                                                                                                                                                                                               |        |                                                                                     |   |                                                                                                                                                                                                             |   |                                                                                   |        |                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
| Other                income                                                                                 |                                                                                                                                                                                                               | (48,870)    |                                                                                     |   | -                                                                                                                                                                                                                |   |                                                                                   | (52,425)    |                                                                                                                                                                                                                                                                                                                                       |   | (763) |   |   | (52,422) |
| Loss                from continuing operations                                                              |                                                                                                                                                                                                               | (1,601,628) |                                                                                     |   | -                                                                                                                                                                                                                |   |                                                                                   | (2,934,864) |                                                                                                                                                                                                                                                                                                                                       |   | - |   |   | (4,495,654) |
|                                                                                                        |                                                                                                                                                                                                               |        |                                                                                     |   |                                                                                                                                                                                                             |   |                                                                                   |        |                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
| Income                (loss) from discontinued operations                                                   |                                                                                                                                                                                                               | -           |                                                                                     |   | (87,336)                                                                                                                                                                                                         |   |                                                                                   | -           |                                                                                                                                                                                                                                                                                                                                       |   | (124,760) |   |   | 9,827 |
|                                                                                                        |                                                                                                                                                                                                               |        |                                                                                     |   |                                                                                                                                                                                                             |   |                                                                                   |        |                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
| **NET                LOSS FOR THE PERIOD**                                                                  | $                                                                                                                                                                                                                  | (1,601,628) |                                                                                     | $      | (87,336)                                                                                                                                                                                                         |   | $                                                                                      | (2,934,864) |                                                                                                                                                                                                                                                                                                                                       | $ | (124,760) |   | $ | (4,485,827) |
|                                                                                                        |                                                                                                                                                                                                               |        |                                                                                     |   |                                                                                                                                                                                                             |   |                                                                                   |        |                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
| **LOSS                PER SHARE - BASIC & DILUTED**                                                     |                                                                                                                                                                                                               |        |                                                                                     |   |                                                                                                                                                                                                             |   |                                                                                   |        |                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
|                                                                                                        |                                                                                                                                                                                                               |        |                                                                                     |   |                                                                                                                                                                                                             |   |                                                                                   |        |                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
| Loss                from continuing operations                                                              | $                                                                                                                                                                                                                  | (0.04)      |                                                                                     | $      | 0.00                                                                                                                                                                                                             |   | $                                                                                      | (0.08)      |                                                                                                                                                                                                                                                                                                                                       | $ | 0.00 |   |   |   |
| Loss                from discontinued operations                                                            |                                                                                                                                                                                                               | 0.00        |                                                                                     |   | 0.00                                                                                                                                                                                                             |   |                                                                                   | 0.00        |                                                                                                                                                                                                                                                                                                                                       |   | (0.01) |   |   |   |
|                                                                                                        |                                                                                                                                                                                                               |        |                                                                                     |   |                                                                                                                                                                                                             |   |                                                                                   |        |                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
| NET                LOSS                                                                                     | $                                                                                                                                                                                                                  | (0.04)      |                                                                                     | $      | 0.00                                                                                                                                                                                                             |   | $                                                                                      | (0.08)      |                                                                                                                                                                                                                                                                                                                                       | $ | (0.01) |   |   |   |
| **WEIGHTED                AVERAGE****NUMBER                OF COMMON****SHARES                OUTSTANDING** |                                                                                                                                                                                                               |        |                                                                                     |   |                                                                                                                                                                                                             |   |                                                                                   |        |                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |
| Basic                and diluted                                                                            |                                                                                                                                                                                                               | 39,258,915  |                                                                                     |   | 24,000,000                                                                                                                                                                                                       |   |                                                                                   | 36,581,942  |                                                                                                                                                                                                                                                                                                                                       |   | 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 June 30, 2006: **

|                *(unaudited)*                                                                                                                                    |   CommonShares |        |   StockAmount |   |  AdditionalPaid-inCapital |   | Share                Subscriptions                Received |      | DeficitAccumulated                DuringTheExplorationStage |   |  TotalStockholders’                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 stock for cash at $0.25 per                share and 368,100 common stock 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 June 30, 2006 (cont’):**

|      *(unaudited)*                                                                                                                         | CommonShares  |       | StockAmount  |   | AdditionalPaid-inCapital |   | Share                  Subscriptions                  Received  |       | 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 |
|                                                                                                                                                                |               |       |              |   |                     |   |                                                                 |       |                                                                |   |                                                         |   |   |   |   |   |   |
| Issue                  of common stock For                  Mineral concession at $2.25                  per share purchase on                  April 10, 2006      |               | 1,000,000  |              |   | 10                       |   |                                                                 | 2,249,990  |                                                                |   | -                                                            |   |   | - |   |   | 2,250,000 |
|                                                                                                                                                                |               |       |              |   |                     |   |                                                                 |       |                                                                |   |                                                         |   |   |   |   |   |   |
| Issue                  of common stock for                  cash at $1.50 per unit less finders                  fee of $585,060 on April                  26, 2006 |               | 6,500,666  |              |   | 65                       |   |                                                                 | 6,416,112  |                                                                |   | -                                                            |   |   | - |   |   | 6,416,177 |
|                                                                                                                                                                |               |       |              |   |                     |   |                                                                 |       |                                                                |   |                                                         |   |   |   |   |   |   |
| Issue                  of share purchase warrants with April 26, 2006 common                  stock issuance                                                        |               | -          |              |   | -                        |   |                                                                 | 2,749,762  |                                                                |   | -                                                            |   |   | - |   |   | 2,749,762 |
|                                                                                                                                                                |               |       |              |   |                     |   |                                                                 |       |                                                                |   |                                                         |   |   |   |   |   |   |
| Issue                  of common stock for Mineral                  concessions of                  $2.74 Per                  share on April 28, 2006              |               | 2,000,000  |              |   | 20                       |   |                                                                 | 5,479,980  |                                                                |   | -                                                            |   |   | - |   |   | 5,480,000 |
|                                                                                                                                                                |               |       |              |   |                     |   |                                                                 |       |                                                                |   |                                                         |   |   |   |   |   |   |
| Stock                  based compensation                                                                                                                           |               | -          |              |   | -                        |   |                                                                 | 1,182,155  |                                                                |   | **-**                                                        |   |   | **-** |   |   | 1,182,155 |
| Net                  loss for the period                                                                                                                            |               | **-**      |              |   | **-**                    |   |                                                                 | -          |                                                                |   | -                                                            |   |   | (2,934,864) |   |   | (2,934,864) |
| Balance                  June 30, 2006 (unaudited)                                                                                                                  |               | 43,215,849 |              | $      | 432                      |   | $                                                                    | 23,131,397 |                                                                |   | -                                                            |   | $ | (4,485,827) |   | $ | 18,646,002 |

**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) **

----

| *(expressed                in U.S. dollars)*                        | **Six****months****ended****June                              30,****2006****(unaudited;****As                              restated****-See                              Note                              2** |        |   **Six****months****ended****June                          30,****2005****(unaudited)** |   | ********************Cumulative**************************************From**********************************Inception******************************(March                25,****************************2003)**************************Through**********************June                30,******************2006**************(unaudited;**********as                restated******-                See Note 2)** |
|---------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|----------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |
| **OPERATING                ACTIVITIES:**                            |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |
| Loss                from operations                                 | $                                                                                                                                                                                                               | (2,934,864) |                                                                                               | $      | (124,760)                                                                                                                                                                                                                                                                                                                                                                                                        |   | $ | (4,485,827) |
| Items                not requiring cash outlay:                     |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |
| -                Consulting fees                                    |                                                                                                                                                                                                            | -           |                                                                                               |   | -                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 52,400 |
| -                Website design and software development            |                                                                                                                                                                                                            | -           |                                                                                               |   | -                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 2,000 |
| -                Amortization of equipment                          |                                                                                                                                                                                                            | 11,635      |                                                                                               |   | 67                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 11,970 |
| -                Amortization of website development cost           |                                                                                                                                                                                                            | 6,000       |                                                                                               |   | -                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 9,500 |
| -                Mineral property exploration                       |                                                                                                                                                                                                            | -           |                                                                                               |   | -                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 250,000 |
| -                Stock based compensation                           |                                                                                                                                                                                                            | 1,182,155   |                                                                                               |   | -                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 1,182,155 |
| Changes                in non-cash working capital items:           |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |
| -                Accounts receivable                                |                                                                                                                                                                                                            | (61,843)    |                                                                                               |   | 910                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | (61,843) |
| -                Prepaid expenses                                   |                                                                                                                                                                                                            | (16,222)    |                                                                                               |   | (10,000)                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | (38,776) |
| -                Exploration expenditure advances                   |                                                                                                                                                                                                            | 56,078      |                                                                                               |   | -                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | (102,124) |
| -                Accounts payable and accrued liabilities           |                                                                                                                                                                                                            | (334,511)   |                                                                                               |   | 29,358                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | 2,893 |
| -                Due to/from related parties                        |                                                                                                                                                                                                            | -           |                                                                                               |   | 5,250                                                                                                                                                                                                                                                                                                                                                                                                            |   |   | 4,999 |
|                                                                |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |
| Net                cash used in operating activities                |                                                                                                                                                                                                            | (2,091,572) |                                                                                               |   | (99,175)                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | (3,172,653) |
|                                                                |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |
| **FINANCING                ACTIVITIES:**                            |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |
| Issuance                of securities, net of finder fees           |                                                                                                                                                                                                            | 9,086,374   |                                                                                               |   | -                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 10,242,625 |
| Proceeds                of share subscription received              |                                                                                                                                                                                                            | -           |                                                                                               |   | -                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 1,767,650 |
|                                                                |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
| Net                cash provided by financing activities            |                                                                                                                                                                                                            | 9,086,374   |                                                                                               |   | -                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   | 12,010,275 |
|                                                                |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
| **INVESTING                ACTIVITIES:**                            |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
| Purchase                of mineral exploration rights               |                                                                                                                                                                                                            | (1,662,693) |                                                                                               |   | -                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   | (1,917,093) |
| Purchase                of equipment                                |                                                                                                                                                                                                            | (154,396)   |                                                                                               |   | (1,780)                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   | (156,176) |
| Purchase                of website                                  |                                                                                                                                                                                                            | (15,000)    |                                                                                               |   | -                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   | (36,000) |
|                                                                |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
| Net                cash used in investing activities                |                                                                                                                                                                                                            | (1,832,089) |                                                                                               |   | (1,780)                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   | (2,109,269) |
|                                                                |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
| **INCREASE                (DECREASE) IN CASH**                      |                                                                                                                                                                                                            | 5,162,713   |                                                                                               |   | (100,955)                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   | 6,728,353 |
|                                                                |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT BEGINNING OF PERIOD** |                                                                                                                                                                                                            | 1,565,640   |                                                                                               |   | 104,685                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   | - |
|                                                                |                                                                                                                                                                                                            |        |                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |
| **CASH                AND CASH EQUIVALENTS AT END OF PERIOD**       | $                                                                                                                                                                                                               | 6,728,353   |                                                                                               | $      | 3,730                                                                                                                                                                                                                                                                                                                                                                                                            |   | $ |   | 6,728,353 |
| **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**

----

**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**

**JUNE        30, 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 **

----

**i)**
**Balance      Sheet:**

|                                                                                                    | **June                30, 2006** |
|---------------------------------------------------------------------------------------------------------|----------------------------------|
| Mineral                  and exploration properties and rights, as previously                  reported | $                                | - |
| Adjustments                                                                                             |                             | 16,940,878 |
| Mineral                    and exploration properties and rights, as                    restated        |                             | 16,940,878 |
| Future                  income tax liability, as previously reported                                    | $                                | - |
| Adjustments                                                                                             |                             | (2,994,000) |
| Future                  income tax Liability,                  as restated                              | $                                | (2,994,000) |
| Accumulated                  deficit, as previously reported                                            | $                                | (18,432,705) |
| Adjustments                                                                                             |                             | 13,946,878 |
| Accumulated                  deficit, as restated                                                       | $                                | (4,485,827) |

**ii)**
**Statements      of Operations: **

|                                                                                         |     **Three                    Months Ended****June                    30,                    2006** |         |     **Six                    Months Ended June 30, 2006** |   | **Cumulative****From****Inception****(March                          25, 2003****through****June                          30,                          2006** |
|----------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|--------------|-------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                         |                                                                                                                     |         |                                                                          |   |                                                                                                                                                          |
| Net                  loss, as previously reported                                            | $                                                                                                                        | (13,394,106) |                                                                          | $      | (16,881,742)                                                                                                                                                  |   | $ | (18,432,705) |
| Adjustments                                                                                  |                                                                                                                     | 11,792,478   |                                                                          |   | 13,946,878                                                                                                                                                    |   |   | 13,946,878 |
| Net                  loss, as restated                                                       | $                                                                                                                        | (1,601,628)  |                                                                          | $      | (2,934,864)                                                                                                                                                   |   | $ | (4,485,827) |
| Loss                  per share - Basic and diluted, as previously                  reported | $                                                                                                                        | (0.34)       |                                                                          | $      | (0.46)                                                                                                                                                        |   |   |   |
| Adjustments                                                                                  | $                                                                                                                        | 0.30         |                                                                          | $      | 0.45                                                                                                                                                          |   |   |   |
| Loss                  per share - basic and diluted, as restated                             | $                                                                                                                        | (0.04)       |                                                                          | $      | (0.01)                                                                                                                                                        |   |   |   |

----

Table          of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An      Exploration Stage Company)**

**NOTES      TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS **

----

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

|                                                                                                |  **Six                    months****Ended****June                    30,                    2006** |        |  **Six                    months****Ended****June                    30,                    2005** |   | **Cumulative                      from****Inception                      (March****25,                      2003 through****June                      30,                      2006** |
|-----------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                |                                                                                                    |        |                                                                                                    |   |                                                                                                                                                                                  |
| Net                  Cash used in generating activities, as previously                  reported    | $                                                                                                       | (3,754,265) |                                                                                                    | $      | (99,175)                                                                                                                                                                              |   | $ | (5,089,746) |
| Adjustments                                                                                         |                                                                                                    | 1,662,693   |                                                                                                    |   | -                                                                                                                                                                                     |   |   | 1,917,093 |
| Net                    Cash used in operating activities, as restated                               | $                                                                                                       | (2,091,572) |                                                                                                    | $      | (99,175)                                                                                                                                                                              |   | $ | (3,172,653) |
| Net                    cash used in investing activities, as previously                    reported | $                                                                                                       | (169,396)   |                                                                                                    | $      | (1,780)                                                                                                                                                                               |   | $ | (192,176) |
| Adjustments                                                                                         | $                                                                                                       | (1,662,693) |                                                                                                    | $      | -                                                                                                                                                                                     |   | $ | (1,917,093) |
| Net                  cash used in investing                  activities, as restated                | $                                                                                                       | (1,832,089) |                                                                                                    | $      | (1,780)                                                                                                                                                                               |   | $ | (2,109,269) |

**Consolidation**

*Consolidation      of Variable Interest Entities *

----

Table          of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**NOTES        TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS **

----

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

| a)  | $500,000 (advanced) upon the closing of the Assignment              Agreement |
|----------|-------------------------------------------------------------------------------|

| b)   | $750,000                during the 12 month period commencing June 25, 2006; and on the earlier                of                June, 2006 or commencement of the second exploration phase, one million                restricted shares of the Company’s common shares, to June 30, 2006,                $350,000 have been advanced in respect to this second year                commitment. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c)   | $1,740,000                during the 12-month period commencing June 25,                2007. |
|----------------|-----------------------------------------------------------------------------------------------|

----

Table          of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**NOTES        TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS **

----

| 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 transaction on May 1,                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 the advance                of 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 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) |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**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****June                30, ****2006**                                                  |   |   **Three****Months****Ended****June                30,****2005** |   |   **Six****Months****Ended****June                30,****2006** |   |   **Six****Months****Ended****June                30, ****2005** |   | **Cumulative****From****Inception****(March                25,****2003                Through****June                30,****2006)** |
|--------|------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                               |   |                                                                        |   |                                                                      |   |                                                                            |   |                                                                                                                                | **(See                note 1)** |
| I)     | Acquisition                of mineral                concessions                                                                   | $      | 8,080,000                                                                   |   | $                                                                         | -      |                                                                            | $      | 9,980,000                                                                                                                           |   | $ | - |   | $ | 9,980,000 |
| II)    | Acquisition                of Mineral                and exploration                rights                                         |   | 3,712,478                                                                   |   |                                                                      | -      |                                                                            |   | 3,966,878                                                                                                                           |   |   | - |   |   | 3,966,878 |
|   | Total                acquired Mineral                and explorationproperties                and                rights            |   | 11,792,478                                                                  |   |                                                                      | -      |                                                                            |   | 13,946,878                                                                                                                          |   |   | - |   |   | 13,946,878 |
| III)   | Exploration                of acquired                mineral                properties                                            |   | 469,423                                                                     |   |                                                                      | -      |                                                                            |   | 976,497                                                                                                                             |   |   | - |   |   | 2,121,261 |
|   | Total                mineral property                rights acquisition                and exploration                expenditures | $      | 12,261,901                                                                  |   | $                                                                         | -      |                                                                            | $      | 14,923,375                                                                                                                          |   | $ | - |   | $ | 16,068,139 |

**Capitalized      Mineral and Exploration Properties and Rights**

----

Table          of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**NOTES        TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS **

----

**NOTE      4 - PROPERTY AND EQUIPMENT**

|  **As                at June 30, 2006**     |  **Cost** |     | **Accumulated****Amoritization** |   | **Net                  book****Value** |
|--------------------------------------------------|----------------|----------|----------------------------------|--------|----------------------------------------|
| Furniture                and office equipment    | $              | 46,978   |                             | $      | (8,485)                                |   | $ | 38,493 |
| Vehicles                                         |           | 109,198  |                             |   | (3,485)                                |   |   | 105,713 |
| Total                                            | $              | 156,176  |                             | $      | (11,970)                               |   | $ | 144,206 |
|                                             |           |     |                             |   |                                   |   |   |   |
|  **As                at December 31, 2005** |           | **Cost** |                             |   | **Accumulated**Amortization            |   |   | **Net                  book****Value** |
| Office                equipment                  | $              | 1,780    |                             | $      | (335)                                  |   | $ | 1,445 |

**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. The Company has allocated the                total                gross proceeds from the offering of $1,055,250 to the various underlying                equity instruments comprising the equity offering, based on the estimated                relative fair value of each instrument at the offering date, as                follows: |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Common                shares                                        | $      | 46        |
|---------------------------------------------------------------------|--------|-----------|
| Additional                paid in capital - common shares           |   | 712,204   |
| Additional                paid in capital - share purchase warrants |   | 343,000   |
| Total                gross proceeds from private equity offering    | $      | 1,055,250 |

| a.   | On                January 24, 2006, the Company issued 3,126,083 common shares at $0.60                per                share for total proceeds of $1,875,650. The Company paid finders                fees in                the amount of $187,565. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table          of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**NOTES        TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS **

----

| b.   | On                February 14, 2006, the Company issued 1,000,000 common shares at                fair                value of $1.90 per share to Investcol in connection of acquisition                of 25%                ownership of RNC (Colombia) Limited. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c.   | On                April 10, 2006, the Company issued 1,000,000 common shares at fair                value                of $2.25 per share to Investcol to acquire rights in certain properties                in                the Caramanta area of Colombia. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d.   | 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. Each                Unit                consists of one (1) share of common stock, par value $0.00001, and                one (1)                Warrant (the “Warrant”) to purchase one (1) share of common stock,                exercisable for twenty-four (24) months from the closing of the offering.                The exercise price for the Warrant is priced at $2.50. The gross                proceeds                we received from this offering were $9,751,000. Assuming that all                of the                warrants are exercised by the investors, the gross proceeds received                from                the exercise of the Warrants will equal                $16,251,665. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Common                shares                                        | $      | 65        |
|---------------------------------------------------------------------|--------|-----------|
| Additional                paid in capital - common shares           |   | 6,416,112 |
| Additional                paid is capital - share purchase warrants |   | 2,749,762 |
| Total                gross proceeds from private equity offering    | $      | 9,165,939 |

| e.   | On                April 28, 2006, in connection with the acquisition of the second                25% of                RNC(Colombia), the Company issued 2,000,000 common shares at a fair                value                of $2.74 to Investcol for deemed proceeds of                $5,480,000. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Warrants**

| **#                Warrants** | **Exercise                Price** | **Expiry                Date**  |
|-------------------------------|-----------------------------------|---------------------------------|
| 4,589,100                     | $0.50                per share    | October                14, 2006 |
| 6,500,666                     | $2.50                per share    | April                25, 2008   |
| 390,040                       | $2.00                per share    | April                25, 2009   |
| 11,479,806                    | $1.67                per share    |                            |

**Stock      Options**

----

Table          of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**NOTES        TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS **

----

|  *(expressed                in U.S. dollars)*      | Shares |      | Weighted                AverageExercise                Price |
|---------------------------------------------------------|--------|-----------|--------------------------------------------------------------|
| Options                outstanding at December 31, 2005 |   | -         |                                                         | $ | - |
| Granted                                                 |   | 2,350,000 |                                                         |   | 0.99 |
| Options                outstanding at June 30, 2006     |   | 2,350,000 |                                                         | $ | 0.99 |

|  *(expressed                in U.S. dollars)*                                                   | Weighted                AverageExercise                Price |   | Weighted                AverageFair                Value |
|------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|--------|----------------------------------------------------------|
| Exercise                price is below market price at grant date:                                   | $                                                            | 0.81   |                                                     | $ | 1.11 |
| Exercise                price is equal to or greater than market price at grant                date: | $                                                            | 1.65   |                                                     | $ | 1.24 |

|   Range                of Exercise                Prices |   NumberOutstanding | WeightedAverageRemainingContractualLife                (yr) | WeightedAverageExercisePrice |
|--------------------------------------------------------------------|-------------------------------|-------------------------------------------------------------|------------------------------|
| $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                        |

----

Table          of Contents

----

**COLOMBIA GOLDFIELDS LTD.**

**(An        Exploration Stage Company)**

**NOTES        TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS **

----

**NOTE      6 - RELATED PARTY TRANSACTIONS**

| a.   | paid                $270,750 (2005: $nil) for management and consulting fees to directors,                senior officers and shareholders of the                Company. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | paid                $10,256 (2005: $nil) for office rent to a company related to a director                of                the Company. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------|

**NOTE      7 - COMMITMENTS**

**NOTE      8 - 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 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 three and six months ended June 30, 2006 and      2005**

----

Table          of Contents

**Liquidity      and Capital Resources**

**Off      Balance Sheet Arrangements **

----

Table          of Contents

**Going      Concern**

**Critical      Accounting Policies**

**Mineral      Claim Payments and Exploration Expenditures**

**Environmental      Costs**

**Recently      Issued Accounting Pronouncements**

----

Table          of Contents

**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**

----

Table          of Contents

**Item      3.     Defaults upon Senior      Securities**

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

| Nominee                         | Votes                Cast For |   | Votes                Cast Against |   | Votes                Withheld |
|--------------------------------------|-------------------------------|--------|-----------------------------------|--------|-------------------------------|
| J.                Randall Martin     | 29,967,723                    |   | 1,200                             |   | 22,400                        |
| Daniel                Hunter         | 29,967,923                    |   | 1,000                             |   | 22,440                        |
| Harry                Hopmeyer        | 29,968,723                    |   | 200                               |   | 22,440                        |
| Thomas                Ernest McGrail | 29,968,723                    |   | 200                               |   | 22,440                        |
| Hernando                Molina Velez | 29,967,923                    |   | 1,000                             |   | 22,440                        |
| Robert                E. Van Tassell | 29,966,623                    |   | 2,300                             |   | 22,440                        |
| David                Bikerman        | 29,968,923                    |   | 0                                 |   | 22,440                        |

| Votes                Cast For |   | Votes                Cast Against |   | Votes                Withheld  |
|-------------------------------|--------|-----------------------------------|--------|-------------------------------------|
| 29,975,423                    |   | 7,330                             |   | 8,610                               |

| Votes                Cast For  |   | Votes                Cast Against |   | Votes                Withheld | Not                Voted |
|-------------------------------------|--------|-----------------------------------|--------|-------------------------------|--------------------------|
| 22,021,946                          |   | 210,525                           |   | 186,630                       | 7,572,262                |

----

Table          of Contents

| Votes                Cast For  |   | Votes                Cast Against |   | Votes                Withheld | Not                Voted |
|-------------------------------------|--------|-----------------------------------|--------|-------------------------------|--------------------------|
| 29,471,239                          |   | 199,567                           |   | 320,556                       | 1                        |

| Votes                Cast For  |   | Votes                Cast Against |   | Votes                Withheld | Not                Voted |
|-------------------------------------|--------|-----------------------------------|--------|-------------------------------|--------------------------|
| 22,235,576                          |   | 13,200                            |   | 170,326                       | 7,572,261                |

**Item      5.     Other      Information**

**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             Mr.                  J. Randall MartinTitle:**    Chief                  Executive Officer and                  Director** |