We present the observation of a double hysteresis loop behavior in oxidized Co nanocluster assembled films. These films consist of ferromagnetic Co clusters of about 2 nm diameter, embedded in a thin antiferromagnetic CoO matrix. Magnetization measurements after zero field cooling from 300 to 5K show this double loop behavior, with remanent magnetization of the sample determining the point of loop separation. Such magnetization behavior is related to the presence of two ferromagnetic parts with antiparallel orientations of their magnetization vectors. While the loop shifts are provided via the exchange bias mechanism, the alignment of randomly oriented magnetization vectors of Co clusters in either of two directions suggests the presence of an exchange spring effect in the system.