SOURCE: Colorado Goldfields Inc.

Colorado Goldfields Inc.

September 08, 2009 08:00 ET

Colorado Goldfields Acquires Historic King Solomon Mine; CEO and CFO to Appear on "The Big Biz Show" With Russ and Sully

LAKEWOOD, CO--(Marketwire - September 8, 2009) - Colorado Goldfields Inc. (OTCBB: CGFIA) announces that it has signed a letter of intent to lease with an option to purchase the King Solomon Mine collection of properties located in San Juan County, Colorado, USA.

The King Solomon Mine is located on the southern flank of King Solomon Mountain, just a few hundred yards up the mountain from the first discovery of gold in the San Juan Mountains in Little Giant Basin. Opened in 1876, the mine was in production until 1883.

Newspaper accounts and shipping records of the day indicate that the product was good to very high-grade silver ore with substantial credits for lead and copper.

"The King Solomon Mine, located within 2 miles of the Company's Pride of the West Mill, is of particular interest to Colorado Goldfields because of its strategic placement in Little Giant Basin. Although no activity has occurred on the property since 1883, nearby properties in Little Giant Basin have produced significant gold," stated John Ferguson, director of Operations.

Colorado Goldfields intends an exploration program to determine whether the veins will become more important for their gold content with depth, as has been the case in many of the San Juan mining properties, which were first mined for the silver content.

In an all-stock transaction, Colorado Goldfields will lease with an option to purchase the King Solomon Mine in exchange for shares of Class A Common Stock. The acquisition is of course subject to mutual due diligence. The due diligence period extends to September 30, 2009.

The Company is also pleased to announce that Lee R. Rice, President and CEO, and C. Stephen Guyer, CFO have been invited as guests on the "The Big Biz Show" with Russ and Sully (http://bigbizshow.com/) aired on Business Talk Radio Network.

Rice and Guyer will join Russ and Sully on Wednesday, September 9, 2009 at 2:10pm Pacific Daylight Time.

Through both radio and TV outlets, the program reaches nearly 30,000,000 people in over 160 different markets throughout the world. The interview will also be available in the show's archive section or from the www.cologold.com website shortly after it is aired.

The "Big Biz Show" broadcasts out of San Diego, California. The show is highly recognized for discussing current business events, internet related issues, and other hot topics in the business world; doing so in an informing, laid back, and humorous manner. Bob "Sully" Sullivan and Russ "T Nailz" Stolnack; both are renowned and experienced radio broadcast personalities. The "Big Biz Show" airs Monday through Friday, 4:00 p.m. to 6:00 p.m. ET on Business Talk Radio Network. Its broadcasts reach radio and television on the following networks: CBS Radio, Fox Business, World Talk Radio, and Wealth TV. The best way to find the interview is to go to http://www.bigbizshow.com/ and follow the prompts.

About Colorado Goldfields Inc.

Colorado Goldfields Inc. (OTCBB: CGFIA) (http://www.cologold.com) 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 http://www.cologold.com/uploads/CGFIFactSheet.pdf.

World Market Media will consistently release breaking news and content updates on Colorado Goldfields at: www.worldmarketmedia.com/CGFIA.

About World Market Media, Inc.

World Market Media utilizes cutting edge social media platforms to connect the world's securities exchanges and their various investment communities with the goal of creating the world's first Global Online Investment Community. WMM implements innovative media solutions to produce real world market results for clients delivering in-house services including public and investor relations, advertising, marketing, social media, web-traffic, search marketing, web development, branding and audio/video and motion graphics production.

For further information and to view our press releases please visit our Social Media Newsroom at: www.worldmarketmedia.com/SMNR and our blog at www.wmmblog.com.

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 http://www.sec.gov/edgar.shtml. 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.

Contact Information

  • Contact:
    Brad Long
    Director of Investor Relations
    Colorado Goldfields Inc.
    866-579-2434 or
    303-984-0524
    http://www.cologold.com