Colorado Resources Ltd.
TSX VENTURE : CXO

Colorado Resources Ltd.

November 26, 2010 21:37 ET

Colorado Appoints Technical Advisory Committee

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2010) - COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") is pleased to announce that Mr. Robert Cathro and Mr. Patrick Soares have agreed to join the Company's Technical Advisory Committee.

Robert J. (Bob) Cathro is a retired member of the Association of Professional Engineers of BC (P.Eng), the Geological Association of Canada, and a Life Member of the Canadian Institute of Mining and Association and Mineral Exploration - British Columbia. Mr. Cathro earned a B.A.Sc. in Geological Engineering from the University of British Columbia in 1959 and began his career as a mine geologist at four underground mines in northern Canada (1959 to 1965). He is a past-President of the BC & Yukon Chamber of Mines (now AME BC) and the Yukon Association of Professional Engineers, served as the Treasurer for 13 years of the Mineral Deposits Division of the Geological Association of Canada during which he managed its very successful publishing arm, and served most recently on the Planning Team of Geoscience BC. 

Bob was a co-founder in 1966 of Archer Cathro & Associates Ltd., a consulting engineering firm specializing in Yukon mineral exploration. Archer-Cathro was inducted into the Yukon Prospectors' Hall of Fame in 2002. The firm discovered or delineated scores of mineral deposits in the Yukon and elsewhere, including the Casino porphyry deposit, the Wernecke Mountains uranium deposits, the extensive lower grade nickel-copper-PGEs in the Kluane Range, the coal basin between Whitehorse and Carmacks, and the Williams Creek (Carmacks Copper) deposit. Bob managed the initial drill programs at Casino, the Mactung tungsten deposit for Amax, and the Blende and Marg base metal deposits near the ATAC gold belt. Other professional awards include the Dufresne Award by the Canadian Institute of Mining and Metallurgy in 1991; the H.H. "Spud" Huestis Award (co-winner) by the BC & Yukon Chamber of Mines (now AME BC) in 1998; and a Distinguished Service Award by the Geological Association of Canada in 2003.

Mr. Cathro has served on the board of several public companies. He has authored numerous articles on subjects as diverse as Yukon tungsten deposits, metallogeny of the Canadian Cordillera, supergene copper mineralization and sedex lead-zinc deposits. Recently he has been publishing regular articles on the history of economic geology in the CIM Magazine and is editor on a series on the "Geology of the Great Mining Camps of Canada" in Geoscience Canada.

Mr. Patrick Soares, a professional geologist, spent over fifteen years working in base metals and gold mines for senior mining companies. He has a combined nine years of experience as a project and mine geologist at the Ulu and Lupin mines in the Northwest Territories, and has been actively involved in the management of public companies since 1996. Mr. Soares currently is President and CEO of Foran Mining Corporation. In addition, he is executive director of Skyline Gold Corporation and is a member of the Board of Directors for Edgewater Exploration Ltd. and Lupaka Gold Corp., a private company involved in gold exploration in Peru.

Mr. Soares, a professional geologist, most recently served as the President and CEO of Brett Resources Inc. ("Brett"). From November of 2007 when he assumed his position at Brett, Mr. Soares and his team focused their efforts on building Brett's Hammond Reef Project. The Hammond Reef resource grew from 1.8 million ounces to more than 6.7 million ounces of gold. This growth in resource, combined with the positive results of a preliminary assessment on the project, led to Brett's market capitalization increasing from approximately $54 million to approximately $372 million in May 2010 when Brett was acquired by Osisko Mining Corp.

Mr. Soares has previously worked in the field of Investor Relations and Corporate Development since 1996. Companies he has worked with include; Sutton Resources Ltd., acquired by Barrick Gold in 1999, EuroZinc Mining Corp., now part of Lundin Mining Corporation, Aurizon Mines Ltd. and Tournigan Gold Corporation.

Furthermore, the Company advises that 1,375,000 stock options at a price of $0.70 per common share (the "Options"), in accordance with the policies of the TSX Venture Exchange (the "Exchange") have been granted to various Directors, Officers, Consultants and Management Employees of the Company.

The Options have been granted in accordance with the terms of the Company's 10% rolling Stock Option Plan approved on November 4, 2010.

About Colorado

Colorado is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in British Columbia and the Yukon and is also aggressively seeking properties in Latin America. Colorado's primary focus is on the Hit Property located in the Similkameen Mining Division of British Columbia, in which it has the option to acquire a 100% interest.

ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.

Adam Travis, President and Chief Executive Officer

NR 10-06

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding proposed exploration activities. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's prospectus dated September 16, 2010 for a more complete discussion of such risk factors and their potential effects, a copy of which may be accessed through the Company's page on SEDAR at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Colorado Resources Ltd.
    Adam Travis
    President and Chief Executive Officer
    (250) 768-1511
    or
    Colorado Resources Ltd.
    Terese Gieselman
    Chief Financial Officer and Secretary
    (250) 768-1511
    (250) 768-0020 (FAX)
    www.coloradoresources.com