SOURCE: Colorado Goldfields Inc.

July 14, 2008 18:07 ET

Colorado Goldfields 2008 Drill Program Nearing Commencement

LAKEWOOD, CO--(Marketwire - July 14, 2008) - Colorado Goldfields Inc. (OTCBB: CGFI) (the "Company") announced today that preparations for the commencement of its 2008 drill program are nearing completion and that drill operations are imminent.

Drilling is slated to commence at the Gold King, Mogul, and Mayflower Mines located in the Ross Basin, high in the Colorado Rocky Mountains within days. A brief delay to the planned start of operations was experienced due to record accumulations of snow in the area. At over 12,000 feet in elevation, heavy snow buildup had to be removed before preparations could begin. Company management assessed the situation and quickly moved to contract Maisel Excavating, LLC, a local company specializing in snow removal that were able to respond quickly and efficiently.

The next step involved preparing the drill pads at their respective locations. The drilling plan identifies the primary target as the Gold King and parallel veins. Management plans to drill several holes from each pad, initially targeting the upper portion of Gold King vein.

As previously announced, the company acquired its own drill rig and the equipment, a Longyear 34 drill, which has been delivered and is in the process of being installed on its pad. The drill has a Deutz F3L 912 deck engine, Bean 35 pump, 2-cylinder Lister with 4 speed transmission, mounted on a 1993 Morooka MST-1500.

Drill operations are to be conducted by two teams, one of which will be directly operated by Colorado Goldfields utilizing experienced drill operators from the local area as well as a second team operated by Godbe Drilling, LLC of Montrose, Colorado. Both teams will be under the expert project management and engineering guidance of Colorado Goldfields staff.

Godbe Drilling has agreed to deliver their truck mounted Longyear 44 drill rig to the upper site the week of July 14, 2008. The Godbe site foreman visited the Ross Basin area recently to review roads and pads. He reported that there should not be any problems navigating the switchbacks, but on some of the steeper grades the Company plans to locate a D6 dozer available to provide additional hauling assistance.

Management is pleased that during its planning phase the Company was able to acquire an inventory of equipment in advance of operations. This stockpile will enable Colorado Goldfields to quickly support both operations by drawing upon its nearby inventory of equipment and supplies including NQ and HQ drill rods, bits, water pumps and numerous accessories, thus minimizing any downtime during the operational phase of the drill program.

Management plans to update events on a regular basis as they transpire in upcoming weeks

Colorado Goldfields Inc.
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Todd C. Hennis, President

About Colorado Goldfields Inc. (OTCBB: CGFI)

Colorado Goldfields is a Denver-based junior exploration and mining development company exploring for significant deposits of gold and silver. Our strategy involves a results-oriented approach towards exploration research, supported by a scaled expansion of field operations on carefully selected assets. Colorado Goldfields is focused on working in historic gold camps; on projects which have multiple deposit discovery potential and by utilizing leading edge exploration tools and modern geophysics techniques. Our business model in Colorado provides an outstanding combination of former producing properties with excellent exploration and production potential and a currently inactive, modern 500 to 700 ton per day capacity mill facility to allow for an attractive short-term production time frame.

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 include 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 event 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.

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