Document:

Colombia Goldfields Ltd.: Exhibit 10.1 - Prepared by TNT Filings Inc.

  

EXHIBIT 10.1

PROMISSORY NOTE 

(BRIDGE LOAN FACILITY) 

	U.S. 2,500,000.00	
    February 8, 2008 

FOR VALUE RECEIVED, COLOMBIA
GOLDFIELDS LTD. ("CG") a corporation organized and existing under the laws of
Ontario, Canada, hereby promise to pay to Global Resource Fund (the "Lender"),
at its office at M&C Corporate Services Limited, PO Box 309GT, Ugland House,
South Church Street, George Town, Grand Cayman, Cayman Islands, or at such other
place as the Lender may from time to time designate in writing, the principal
sum of U.S. TWO MILLION FIVE HUNDRED THOUSAND DOLLARS (US $2,500,000) on July
31, 2008 (the "Maturity Date"). Interest shall accrue on the unpaid principal
amount hereof at the rate of 12.5% per annum, calculated on the basis of a year
of 360 days for the actual number of days elapsed, and shall be paid monthly in
arrears on the last day of each month, commencing February 29, 2008. The
principal shall be paid in a single payment on or before the Maturity Date, and
shall be subject to mandatory prepayments as set forth below, Any amount due for
payment hereunder which falls due on a day which is not a Business Day shall be
payable on the next succeeding Business Day and the amount due will be adjusted
accordingly by an appropriate rate of interest to be agreed between us.
"Business Day" means a day on which Banks in Toronto and New York are open for a
full day's business. 

This Note is evidence of a bridge
loan made by the Lender to the Borrower in the amount of $2,500,000 (the "Bridge
Loan"). The Borrower's obligations hereunder are secured by: 

a) 

The joint and several Guaranty (the "Guaranty") of RNC (Colombia) Limited ("RNC"),
Gavilan Minerales S.A. ("Gavilan") and Cia Minera de Caldas S.A. ("Caldas" and
together with RNC and Gavilan, the ''Guarantors") 

b) 

The Guaranty
shall in turn be secured by: 

A pledge by RNC of 100% of the
shares held by it in Caldas pursuant to the terms of a Pledge Agreement with
respect thereto (the "RNC Pledge Agreement"); notwithstanding the foregoing, the
physical delivery of the Caldas shares may be delivered post closing on a best
efforts basis by RNC; and 

c) 

A
pledge by CG of 100% of the shares held by it in RNC and Gavilan (the "CG Pledge
Agreement"); notwithstanding the foregoing, the physical delivery of the Gavilan
shares may be delivered post closing on a best efforts basis by CG. 

This Note, Guaranty, the RNC Pledge
Agreement, and the CG Pledge Agreement and all related and supporting documents
and agreements, are hereinafter referred to as the "Transaction Documents" and
each and every obligation of the Borrower and the Guarantors under the
Transaction Documents are hereinafter referred to as the "Obligations", and the
Borrower and the Guarantors are hereinafter referred to collectively as the
"Obligors". 

Optional prepayments. The Borrower may prepay
amounts hereunder in increments of $500,000 without premium or penalty on 5 days
prior written notice. Any amount prepaid hereunder may not be re-borrowed. 

Mandatory Prepayments. As soon as possible, and in
any event within five (5) Business Days after the occurrence of a Mandatory
Prepayment Event (as defined below), the Borrower shall prepay this Note in the
amount required by such event, as set forth below (each a "Mandatory
Prepayment"). Each of the following shall constitute a "Mandatory Prepayment
Event": 

(i)        
any of the Borrower or the Guarantors shall issue any debt or equity, with such
Mandatory Prepayment equal to the net proceeds of any such issuance; 

(ii)        
(a)any person together with all affiliates and associates of such person (other
than the Borrower), shall become the beneficial owner, directly or indirectly,
of securities of RNC, Gavilan or Caldas representing 51% or more of the combined
voting power of their then outstanding securities having the right to vote in an
election of their Board of Directors; or (b) persons who constitute any of their
Board of Directors as of the date hereof cease for any reason, including,
without limitation, as a result of a tender offer, proxy contest, merger or
similar transaction, to constitute at least a majority of the such Board of
Directors; or (c) the Board of Directors and the stockholders of the Guarantors
(if required) shall approve (i) any consolidation or merger where the
stockholders of the Guarantor, immediately prior to the consolidation or merger,
would not, immediately after the consolidation or merger, beneficially own,
directly or indirectly, shares representing in the aggregate at least 51% or
more of the voting shares of the corporation issuing cash or securities in the
consolidation or merger (or of its ultimate parent corporation, if any), (ii)
any sale, lease, exchange or other transfer (in one transaction or a series of
transactions contemplated or arranged by any party as a single plan) of all or
substantially all of the assets of either Borrower or any Guarantor, (iii) any
plan or proposal for the liquidation or dissolution of any Obligor; in any such
event, such Mandatory Prepayment shall be in the total outstanding amount of
this Note together with all accrued but unpaid interest thereon. Any of the
foregoing is herein defined as a "Change of Control". 

Affirmative Covenants. Each Obligor shall, unless waived
in writing:

(a) 

Financial
Reporting. Furnish the Lender with the following statements and reports: (i)
within 120 days after the end of each Fiscal Year, a copy of its audited
consolidated financial statements and the auditors' reports thereon and if
reasonably requested, the consolidating internally prepared worksheets of the
Borrower and its subsidiaries; (ii) within 45 days after the end of each Fiscal
Quarter, a copy of its unaudited consolidated financial statements with respect
thereto. Notwithstanding the foregoing, the reporting requirements set forth in
this paragraph (a) shall be deemed met by the timely compliance with Borrower's
reporting obligations imposed by the TSX in connection with Borrower's status as
a publicly traded company. 

(b) 

Corporate Existence; Conduct of Business. (i) Preserve and maintain its
legal existence in good standing, (ii) conduct its business in such a manner so
as to comply in all respects with all material and applicable law, so as to
observe and perform in all respects all its material obligations under leases,
licences and agreements necessary for the proper conduct of its business and so
as to preserve and protect its material property and assets and the earnings,
income and profits there from, (iii) perform all obligations incidental to any
trust imposed upon it by statute and ensure that any breaches of the said
obligations and the consequences of any such breach shall be promptly remedied
and (iv) in accordance with Borrower's previous disclosures to Lender, obtain
and maintain all material governmental consents necessary for the operation of
its business. 

(c) 

Use of
Proceeds. Apply the proceeds of the Bridge Loan to the Borrower's
acquisition of the Marmato Gold Development Project and to general working
capital purposes.

(d) 

Insurance.
Maintain with financially sound and reputable insurers, insurance with
respect to the properties and business of the Obligors against loss, damage,
risk or liability of the kinds customarily insured against by Persons carrying
on a similar business, including business interruption insurance. 

(e) 

Taxes. Each
Obligor shall pay all taxes, rates, government fees and dues levied, assessed or
imposed upon it and upon its property or assets or any part thereof, as and when
the same become due and payable (save and except when and so long as the
validity of any such taxes, rates, fees, dues, levies, assessments or imposts is
being contested in good faith by appropriate proceedings and adequate reserves
shall have been set aside in the books of the relevant Obligor), and such
Obligor shall deliver to the Lender, when requested, written evidence of such
payments. 

(f) 

Inspection of Assets and Operations. Permit representatives of the Lender
to inspect the Borrower's operations and for that purpose to enter on Borrower's
property during reasonable business hours and upon reasonable notice; provided,
however, if a Default has occurred and is continuing, the foregoing limitation
with respect to reasonable business hours and reasonable notice shall not apply.

(g) 

Books and Records. Keep proper books of account and records covering all
its business and affairs on a current basis, make full, true and correct entries
of its transactions in such books, set aside on its books from its earnings all
such proper reserves as required by generally accepted accounting principles and
permit representatives of the Lender to inspect such books of account, records
and documents and to make copies there from during reasonable business hours and
upon reasonable notice and to discuss the affairs, finances and accounts of the
Obligors with the officers of the Obligors and their auditors during reasonable
business hours and upon reasonable notice; provided, however, if a Default has
occurred and is continuing, the foregoing limitation with respect to reasonable
business hours and reasonable notice shall not apply.

(h) 

Notices. 
Promptly notify the Lender (i) of the occurrence of any Event of Default, or
event which with notice or the passage of time or both would become an Event of
Default; (ii) of any matter including (A) breach or non-performance of, or any
default under, a material contractual obligation of any of the Obligors by one
of the Obligors, (B) any material dispute, litigation, investigation, proceeding
or suspension of or before any Official Body affecting any of the Obligors, and
including specifically any information, correspondence or decision made by or on
behalf of the regulatory bodies responsible for the issuance or administration
of any operating permit; or (C) the commencement of, or any material development
in, any litigation or proceeding affecting any of the Obligors, in each case
which has or could reasonably be expected to have a material adverse effect; and
(iii) of the issuance of any shares of the Obligors or their Subsidiaries. All
notices hereunder shall be sent by regular mail or overnight courier; if to the
Lender at the address set forth above, with a copy to Auramet Trading, LLC 2
Executive Dr. Fort Lee, New Jersey 07024 and if to the Borrower at the address
set forth above. 

(i) 

Environmental Compliance. Use and operate all of its facilities and
property in compliance with all material and applicable environmental laws
applicable to such facilities and property, keep all permits, approvals,
certificates, licenses and other authorizations relating to environmental
matters and necessary for the operation of its business in effect and remain in
material compliance therewith. 

Restrictive Covenants. Neither the Borrower nor any
Guarantor shall , unless waived in writing by the Lender; 

(j) 

Liens. Enter into or grant, create, assume or suffer to exist any lien
affecting the shares of stock pledged as collateral for the Loan. 

(k) 

Indebtedness.
Incur, assume or otherwise permit any indebtedness for borrowed money. For
the sake of clarity, this restrictive covenant shall not apply to the purchase
obligations created upon the Borrower and the Guarantors agreeing to purchase
mining claims and properties associated with their Columbian development
projects. 

Any of the following events shall be "Events of Default"
hereunder: 

(a)        
the Borrower shall fail to make any payment of principal or interest with
respect to the Bridge Loan, when and as the same shall become due and payable;
or 

(b)        
the Obligors shall fail to pay any other amount (other than an amount referred
to in paragraph (a) above) payable by them hereunder or under the Transaction
Documents when and as the same shall become due and payable, and such failure
shall continue un-remedied for a period of five or more days; or 

 

(c)        
any representation or warranty made or deemed made by or on behalf of any
Obligor in or in connection with the Transaction Documents, or any amendment or
modification thereof, or in any report, certificate, financial statement or
other document at any time furnished pursuant to or in connection with any
thereof, shall prove to have been incorrect in any material respect when made or
deemed made; or 

(d)        
an involuntary proceeding shall be commenced or an involuntary petition shall be
filed seeking (i) liquidation, reorganization or other relief in respect of any
Obligor, or the debts or of a substantial part of the assets of any of them,
under any bankruptcy, insolvency, receivership or similar law now or hereafter
in effect or (ii) the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for any Obligor, or for a
substantial part of the assets of either of them, and, in any such case, such
proceeding or petition shall continue un-dismissed for a period of 60 or more
days or an order or decree approving or ordering any of the foregoing shall be
entered; or 

(e)        
any Obligor shall (i) voluntarily commence any proceeding or file any petition
seeking liquidation, reorganization or other relief under any bankruptcy,
insolvency, receivership or similar law now or hereafter in effect, (ii) consent
to the institution of, or fail to contest in a timely and appropriate manner,
any proceeding or petition described in paragraph (i) above, (iii) apply for or
consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for any Obligor or for a substantial part of its
assets, (iv) file an answer admitting the material allegations of a petition
filed against it in any such proceeding, (v) make a general assignment for the
benefit of creditors or (vi) take any action for the purpose of effecting any of
the foregoing; or 

(f)        
any Obligor shall become unable, admit in writing its inability or fail
generally to pay its debts as they become due; or 

(g)        
one or more judgments for the payment of money in an aggregate amount in excess
of $50,000 shall be rendered against any Obligor and the same shall remain
un-discharged for a period of 30 consecutive days during which execution shall
not be effectively stayed, or any action shall be legally taken by a judgment
creditor to attach or levy upon any assets of any Obligor to enforce any such
judgment; or 

(h)        
any Transaction Document shall be canceled, terminated, revoked or rescinded (or
any notice of such cancellation, termination, revocation or recession shall be
given) otherwise than with the express prior written agreement, consent or
approval of the Lender; or any action at law, suit in equity or other legal
proceeding to cancel, revoke, or rescind any Transaction Document shall be
commenced by or on behalf of any Obligor, or by any court or any other
governmental or regulatory authority or agency of competent jurisdiction; or any
court or any other governmental or regulatory authority or agency of competent
jurisdiction shall make a determination that, or shall issue a judgment, order
decree or ruling to the effect that, any one or more of the Transaction
Documents or any one or more of the obligations of any Obligor thereunder are
illegal, invalid or unenforceable in accordance with the terms thereof; 

Upon the occurrence of any Event of Default (other than an
Event of Default with respect to the Borrower described in paragraph (d) or (e)
above, and at any time thereafter during the continuance of such Event of
Default, the Lender may declare the balance of the Bridge Loan then outstanding
to be due and payable in full, and thereupon the principal of the Bridge Loan
shall be due and payable immediately, together with accrued interest thereon and
all fees and other obligations of Borrower accrued hereunder, without
presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Borrower; and in case of any Event of Default described in
paragraph (d) or (e) above, the balance of the Bridge Loan then outstanding,
together with accrued interest thereon and all fees and other obligations of the
Borrower accrued hereunder, shall automatically become due and payable, without
presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Borrower. Following such declaration or automatic
acceleration, the Lender may exercise any and all rights available to it under
applicable laws, including the right to proceed against any Obligor or
collateral pursuant to any applicable Transaction Document, or to set off any
amounts due hereunder against any amounts due by the Lender under any metal
sales contract, hedge contract or otherwise. Lender shall be under no obligation
to pursue one remedy over another and may pursue all or any of such remedies,
the Borrower waiving any right to assert the concept of marshalling. From and
after the occurrence of an Event of Default, this Note shall bear interest at
15% per annum. 

This Note may be assigned by the
Lender for financing purposes and the Lender and each such assignee shall be a
"Beneficiary" hereunder and under the Transaction Documents". 

This Note shall be governed by, and
construed in accordance with, the laws of New York. 

 

  

IN WITNESS WHEREOF, the Borrower
have caused this Note to be duly executed under seal by its authorized officer
as of the day and year first above written. 

COLOMBIA GOLDFIELDS LTD. 

By: /s/
James Kopperson                      

      
Name: James Kopperson

       Title: CFOColombia Goldfields Ltd.: Exhibit 10.1a - Prepared by TNT Filings Inc.

  

EXHIBIT 10.1(a)

GUARANTY 

GUARANTY, dated as of the 8 day of February, 2008, by the
undersigned, jointly and severally (each a "Guarantor" and together the
"Guarantors" having an address at c/o Colombia Goldfields, Ltd., 8 King Street
East, Suite 208 Toronto, Ontario, Canada, M5C 1B5, in favor of Global Resource
Fund, having an address at M&C Corporate Services Limited, PO Box 309GT, Ugland
House, South Church Street, Grand Cayman, Cayman Islands ("Global"). 

1.     The
undersigned have requested that Global provide a Bridge Loan Facility the
("Facility") to Colombia Goldfields Limited ("CG") and to otherwise maintain
outstanding credits in the future, or otherwise directly or indirectly give or
extend credit benefits or financial accommodations to CG related to its mining
operations in Colombia, Global has agreed to provide such Facility and other
financial and credit accommodations to CG pursuant to the terms of a Promissory
Note (Bridge Loan Facility) of even date herewith from CG to Global, as the same
may be amended from time to time (the "Note") and the other Transaction
Documents as defined therein. 

2.     In order
to induce Global to enter into the Finance Documents, and in consideration
thereof and of other good and valuable consideration, the receipt of which is
hereby acknowledged, the Guarantors hereby unconditionally guarantee to Global
the due and punctual payment, and not just the collectibility, of all
indebtedness, liabilities and obligations of every kind and nature now or at any
time hereafter owing by CG or its successors and assigns when due, whether at
maturity, by acceleration, or otherwise, all at the times and place and at the
rates described in, and otherwise according to the terms of, the Finance
Documents. The Guarantors hereby further unconditionally guarantee to Global the
punctual and faithful performance by CG of all covenants, agreements and
obligations of CG contained in the Finance Documents. In addition, the
Guarantors shall have full liability to Global for any loss or damages resulting
from CG's and their own fraudulent misconduct, intentional misrepresentation, or
gross negligence associated with any of the Finance Documents or this Guaranty.
(The guarantees set forth above are hereinafter referred to as the
"Obligations"). 

3.     This
Guaranty is an irrevocable, unconditional, and absolute guaranty of payment and
performance, and if for any reason any of the Obligations shall not be performed
or observed, or if any amounts or any part thereof payable under or in
connection with the Obligations shall not be paid promptly when due and payable,
the Guarantors shall promptly perform or cause to be performed each of such
duties, agreements, and obligations and shall forthwith pay such amounts to
Global, regardless of any defense or setoff or counterclaim which CG or the
Guarantors may have or assert, and regardless of whether Global or anyone on its
behalf shall have instituted any demand, claim, suit, action, or proceedings or
taken any other steps to enforce any rights against the CG or the Guarantors or
any other person or any assets to compel any such performance or to collect all
or part of any such amounts, and regardless of any other condition or
contingency. 

4.     In the
event that for any reason whatsoever CG is now, or shall hereafter become,
indebted to the Guarantors, the Guarantors agree that the amount of such sums
and of such indebtedness and all interest thereon shall at all times be
subordinate as to lien, time of payment and in all other respects to all sums,
including principal and interest and other amounts, at any time owing to Global
under the Obligations, and the Guarantors shall not be entitled to enforce or
receive payment thereof until such sums owing to Global have been paid. Nothing
herein contained is intended or shall be construed to give to the Guarantors any
right of subrogation in or under the Finance Documents, or any right to
participate in any way therein, notwithstanding any payments made by the
Guarantors under this Guaranty, all such rights of subrogation and participation
being hereby expressly waived and released. 

5.     The
Guarantors expressly agree that the validity of this Guaranty and the
Obligations shall in no way be terminated, abated, affected, or impaired by the
happening from time to time of any event or condition including, without
limitation, any of the following: (a) any defect in the genuineness, validity,
or enforceability of the Finance Documents or the indebtedness evidenced
thereby; (b) any action or delay or failure to take action by Global under or
with respect to the Finance Documents not resulting from Global's gross
negligence or willful misconduct; (c) any sale or other disposition of all or
substantially all of the assets of the CG's subsidiaries (the "Subsidiaries") or
of any interest of the Guarantor, or any other person in the Subsidiaries,
whether with or without the consent of Global and regardless of whether such
disposition constitutes a default under the Finance Documents; (d) any
assignment or transfer in whole or in part of any of the Finance Documents,
whether with or without notice to the Guarantors; (e) any future dealings
between CG and Global (including future extensions of credit, secured or
unsecured); (f) the bankruptcy, insolvency, reorganization or other debtor's
relief afforded the Subsidiaries applicable statute or by the decision of any
court; or (g) any other act, omission, or condition which might in any manner or
to any extent vary the risk to the Guarantors or might otherwise operate as a
discharge or release of the Guarantors. 

6.     The
Guarantors hereby agree that, without further notice to or consent from it and
without affecting, diminishing, or releasing its obligations hereunder, any of
the provisions of the Finance Documents may be amended or any requirement
thereof or default thereunder waived or any departure therefrom consented to or
any other forbearance or indulgence exercised with respect thereto. 

7.     The
Guarantors hereby waive: (a) notice of acceptance of this Guaranty and, or the
extension of credit under any other Finance Document or otherwise; (b)
diligence, presentment, demand for payment, and protest; (c) all notices,
whether to the Guarantors, or any other persons, including, without limitation,
notice of nonpayment, dishonor, protest, occurrence of an event of default under
the Finance Documents, notice of any of the matters referred to in Sections 5 or
6 above or of any other matter relating to the Finance Documents, and all
demands whatsoever; and (d) the benefit of all principles or provisions of law,
statutory or otherwise, which are or might be in conflict with the terms of this
Guaranty. 

8.     The
Guarantors agree that their liability under this Guaranty shall be joint and
several, and primary, and that with respect to any right of action which shall
accrue to Global relating to any of the Obligations, Global may at its sole
option proceed directly against either or both Guarantors without having
proceeded against CG or any other guarantor of the obligations of the
Subsidiaries. The Guarantors hereby waive any and all legal requirements that
Global shall institute any action or proceedings at law or in equity against CG
or anyone else in respect of the Finance Documents, as a condition precedent to
bringing an action against the Guarantors upon this Guaranty. All remedies
afforded to Global by reason of this Guaranty are separate and cumulative
remedies and it is agreed that no one of such remedies, whether exercised by
Global or not, shall be deemed to be exclusive of any of the other remedies
available to Global and shall not limit or prejudice any other legal or
equitable remedy which Global may have. No delay or failure of Global in
exercising any right hereunder shall affect such right, nor shall any single or
partial exercise of any right preclude any further exercise thereof. Recognizing
that this Guaranty is solely a guarantee of the Obligations, Global may proceed
against CG or the Guarantor in connection with the Obligations or under any
other guarantee of other obligations owing to Global in such order and at such
times as Global may determine. 

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Colombia Goldflelds Guaranty 

February 7, 2008 2 05 PM 

9.     Each
Guarantor further represents to Global, as an inducement to entering into the
Transaction Documents that: (a) it (i) is duly organized, validly existing and
in good standing under the laws of its jurisdiction of incorporation, (ii) has
the requisite corporate power and authority to own its property and assets and
to carry on its business as now conducted, and (iii) is qualified to do business
in every jurisdiction in which a failure to be so qualified would involve a risk
of material liability, or might result in a material adverse effect on the
business, assets or financial condition of such Guarantor or might materially
and adversely affect Global's rights under this Guaranty; (b) it has the
requisite corporate power and authority to execute, deliver and perform the
Obligations; (c) this Guaranty has been duly executed and delivered by it; (d)
there is no litigation or administrative or governmental proceeding pending or,
to its knowledge, threatened against the Guarantor which would in any way affect
the validity or enforceability of this Guaranty; (e) compliance by the Guarantor
with the Obligations has not resulted and will not result in the violation of
any agreement or other instrument to which the Guarantor may be a party or by
which the Guarantor or any of its assets are bound; (f) this Guaranty and all
actions and undertakings contemplated to be taken by the Guarantor hereunder is
valid and binding upon it in accordance with its terms, except as the
enforcement of such may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or affecting generally the enforcement of
creditors' rights, and except to the extent that the availability of equitable
remedies with respect to which may be subject to the discretion of the court
before which any proceedings for such remedies may be brought; (g) this Guaranty
will not (i) violate any provision of any law, statute, rule or regulation or
the Guarantor's articles of incorporation or bylaws, (ii) violate any order of
any court or any rule, regulation or order of any other agency or government
binding upon the Guarantor, or (iii) result in the creation or imposition of any
lien upon any assets or property of the Guarantor; (h) no consent or approval of
any governmental body or regulatory authority is necessary for the execution,
delivery and performance of this Guaranty by the Guarantor and the obligations
hereunder, and (i) the transactions contemplated by this Guaranty are being
consummated by the Guarantor in furtherance of the Guarantor's ordinary business
purposes, with no contemplation of insolvency and with no intent to hinder,
delay or defraud any of its present or future creditors. Neither before nor as a
result of the transactions contemplated by this Guaranty will the Guarantor be
insolvent or have an unreasonably small capital for the conduct of its business
and the payment of its anticipated obligations. Each Guarantor's assets and cash
flow enable it to meet its present obligations in the ordinary course of
business as they become due, and each Guarantor does not believe it will incur
debts beyond its ability to pay. 

-3-

Colombia Goldflelds Guaranty 

February 7, 2008 2 05 PM 

10.     Upon
any default hereunder or under the Finance Documents which is not cured within
any applicable grace period provided therein, Global may, at its sole option,
declare the unreimbursed balance of the Note to be immediately due and payable.

11.     The
obligations of the Guarantors under this Guaranty shall continue in full force
and effect until the payment in full of the Obligations hereunder.
Notwithstanding the foregoing, each Guarantor agrees that this Guaranty shall
continue to be effective or be reinstated, as the case may be, if at any time
payment, or any part thereof, of the indebtedness secured by this Guaranty is
rescinded or must otherwise be restored by Global upon or as a result of the
bankruptcy or reorganization of the Subsidiaries or otherwise. If after receipt
of any payment of, or the proceeds of any collateral for, all or any part of the
Obligations, Global is compelled to surrender or voluntarily surrender such
payment or proceeds to any person because such payment or application of
proceeds is or may be avoided, invalidated, recaptured, or set aside as a
preference, fraudulent conveyance, impermissible setoff or for any other reason,
whether or not such surrender is the result of: (a) any judgment, decree or
order of any court or administrative body having jurisdiction over Global; or
(b) any settlement or compromise by Global of any claim as to any of the
foregoing with any person (including CG), then the Obligations or affected part
thereof shall be reinstated and continue and this Guaranty shall be reinstated
and continue in full force as to such Obligations or part thereof as if such
payment or proceeds had not been received, notwithstanding any previous
cancellation of any instrument evidencing any such Obligation or any previous
instrument delivered to evidence the satisfaction thereof. The provisions hereof
shall survive the termination of this Guaranty and any satisfaction and
discharge of the Subsidiaries by virtue of any payment, court order or any
federal or state law. 

12.     Each
Guarantor agrees to pay all costs of collection, including attorneys' fees and
all costs of suit, incurred by Global in enforcing any obligations of CG or the
Guarantors under this Guaranty and the Finance Documents. 

13.     EACH
GUARANTOR HEREBY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY ACTION OR
PROCEEDING OF ANY KIND OR NATURE, IN ANY COURT IN WHICH AN ACTION MAY BE
COMMENCED, ARISING OUT OF OR IN CONNECTION WITH THIS GUARANTY, THE FINANCE
DOCUMENTS OR ANY OTHER MATTERS RELATED THERETO. 

14.     EACH
GUARANTOR HEREBY CONSENTS TO THE JURISDICTION OF ALL STATE AND LOCAL COURTS OF
THE STATE OF NEW YORK AND OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN
DISTRICT OF NEW YORK OR, AT THE OPTION OF AURAMET, ANY COURT IN WHICH AURAMET
DECIDES TO INITIATE LEGAL OR EQUITABLE PROCEEDINGS CONCERNING THIS GUARANTY, THE
FINANCE DOCUMENTS OR ANY OTHER MATTERS RELATED THERETO IN WHICH THE COURT HAS
SUBJECT MATTER JURISDICTION OVER THE MATTER AND CONTROVERSY; AND TO THE EXTENT
PERMITTED BY LAW, EACH GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS
AND COMPLAINT OR OTHER PROCESS OF THE PAPERS ISSUED THEREIN AND AGREES THAT
SERVICE MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE GUARANTORS
AT ITS NOTICE ADDRESS SET FORTH HEREIN. 

-4-

Colombia Goldflelds Guaranty 

February 7, 2008 2 05 PM 

15.     No
modification or waiver of any provision of this Guaranty shall be effective
unless in writing signed by Global and then only in the specific instance and
for the specific purpose for which given. 

16.     If any
term or provision of this Guaranty or the application thereof to any person or
circumstances shall, to any extent, be invalid or unenforceable, the remainder
of this Guaranty, or the application of such term or provision to persons or
circumstances other than those as to which it is held invalid or unenforceable,
shall, at Global's option, not be affected thereby, and each term and provision
of this Guaranty shall be valid and enforceable to the fullest extent permitted
by law. 

17.     All
communications hereunder shall be in writing and delivered in person or sent by
recognized overnight express courier or postage prepaid by certified or
registered mail, return receipt requested, if to the Guarantors, to it at the
address set forth above; and if to Global, to Global Resource Fund, c/o M&C
Corporate Services Limited, PO Box 309GT, Ugland House, South Church Street,
Grand Cayman, Cayman Islands, or at such other address as Global or Guarantor
shall designate to the other in writing. Notice, if sent as provided herein,
shall be deemed given on the date of sending. 

18.     This Guaranty shall
bind the successors and assigns of the Guarantors and shall inure to the benefit
of all the successors and assigns of Global. 

19.     This Guaranty shall be
governed by and construed in accordance with the laws of the State of New York.

-5-

Colombia Goldflelds Guaranty 

February 7, 2008 2 05 PM 

IN WITNESS WHEREOF, the Guarantors have executed
this Guaranty as of the 8th day of February, 2008. 

	RNC (Colombia) Limited	Cia Minera de Caldas S.A.
	 	 
	By: /s/
    James Kopperson                
    	By:  /s/
    T.W. Lough                        
    
	      
    Name: James Kopperson	      
    Name: T.W. Lough
	      
    Title: CFO  	      
    Title: Director
	 	 
	 	 
	Gavilan Minerales S.A.	 
	 	 
	By:  
    /s/ 
    T.W. Lough                          
    	 
	      
    Name: T.W. Lough	 
	      
    Title: Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]