COLOMBIA GOLDFIELDS LTD.

Medoro Resources Ltd. announced today the closing of its private placement of 128,700,000 special warrants representing the initially announced offering of 125,000,000 special warrants plus the agents' exercise of a portion of their over-allotment option to arrange for the purchase of an additional 3,700,000 special warrants. The special warrants were issued at a price of $0.80 per special warrant for aggregate gross proceeds of Can$102,960,000. The funds raised, net of fees and expenses, will be used principally for exploration, drilling, debt repayment, social work related to the Zona Alta of the Marmato Mountain acquired in its recently completed acquisition of Colombia Goldfields, and for working capital and general corporate purposes.