SOURCE: Colorado Goldfields Inc.

Colorado Goldfields Inc.

May 05, 2010 08:00 ET

Colorado Goldfields Receives Endorsement From State of Colorado San Juan County Commissioners for the Pride of the West Mill

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LAKEWOOD, CO--(Marketwire - May 5, 2010) -  Colorado Goldfields Inc. (OTCBB: CGFIA) announced today that by unanimous vote the State of Colorado San Juan County Commissioners passed a resolution endorsing the re-activation of the Pride of the West Mill.

In a letter dated April 28, 2010, addressed to the Colorado Division of Reclamation, Mining and Safety, Ernest F. Kuhlman, Chairman of the Board of County Commissioners of San Juan County stated,

"The San Juan County Board of County Commissioners would like to express our support for the Reclamation Permit Amendment Application submitted by Colorado Goldfields, Inc., for the Pride of the West Mill. San Juan County believes that having the Pride of the West Mill properly permitted and operating will be very beneficial to the local and state economy. Having a custom mill will encourage additional mining in the area. The County strongly supports the mining industry and have identified mining as the only use by right in our land use regulations."

In addition to this resounding endorsement from regional government, Colorado Goldfields also reports that no objections to the resumption of activities at the Pride of the West Mill were received by the Division of Reclamation, Mining and Safety ("DRMS") from all land owners adjacent to the Mill and throughout San Juan County comprising approximately 388 square miles, during the comment period of the application, which concluded on April 7, 2010. 

"The endorsement of the County Commissioners and the passing of the comment period with no objections is a concrete and crystal clear message that progress toward re-activating the Pride of the West Mill will continue at a vigorous pace, with all due respect for the complexities of this landmark project. This kind of regional support and economic understanding is unparalleled in the industry," stated C. Stephen Guyer, CFO of Colorado Goldfields.

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About Colorado Goldfields Inc.
Colorado Goldfields Inc. (OTCBB: CGFIA) ( is a Denver-based junior exploration and mining company primarily exploring for gold and silver. Our seasoned management team targets historic gold camps with strong potential for multiple deposit discoveries. Currently, our business model in Colorado provides an outstanding combination of former producing properties with excellent exploration and production potential and a currently inactive, modern, up to 700 ton per day capacity mill facility to allow for an attractive short-term production time frame. We expect that this strategic plan will allow Colorado Goldfields to reach its goal of profitability, potentially within the next 18 months.

The Company has made available a current CGFIA Fact Sheet in PDF format at

Notice regarding forward-looking statements

This news release may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements or information includes statements regarding the expectations and beliefs of management. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to obtaining financing to meet the Company's exploration program and operating costs during its exploratory stage, the interpretation of exploration results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, or other unanticipated difficulties with or interruptions in production and operations, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including the inability to obtain mining permits and environmental regulatory restrictions and liability, the speculative nature of mineral exploration, dilution, competition, loss of key employees, and other risks and uncertainties, including those described under "Risk Factors" in the Company's Annual Report on Form 10-KSB filed on December 27, 2007, and as amended on March 3, 2008, which is on file with the Securities and Exchange Commission, as well as the Company's other SEC filings. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as is required under applicable securities laws.

Cautionary note to U.S. Investors -- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website (or press release), such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosures in our 10-KSB which may be secured from us, or from the SEC's website at This press release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

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