SOURCE: Colorado Goldfields Inc.

April 16, 2008 07:00 ET

Colorado Goldfields Announces Equipment Purchase

LAKEWOOD, CO--(Marketwire - April 16, 2008) - Colorado Goldfields Inc. (OTCBB: CGFI) (the "Company") wishes to announce that it has purchased additional mobile mining equipment for the planned Mexico and Colorado operations.

In anticipation of the planned completion of the acquisition of 75% of the shares in Besmer, S.A. de C.V., the Company has purchased a 1.25 cubic yard LHD, a 6 ton capacity mine truck, and an underground mine tractor. The company plans to ship these units to the active silver mining operations of Besmer shortly after the anticipated closing of the acquisition.

The Company also purchased a 5 cubic yard Caterpillar 814 LHD for the Silverton, Colorado operations.

Todd Hennis, President of Colorado Goldfields Inc., states: "Our due diligence on the Besmer acquisition is ongoing. Should the due diligence be successfully completed, and the Besmer acquisition close, we plan to rapidly follow up these first equipment purchases with further purchases of 3 cubic yard LHDs, larger mine trucks, milling equipment for the planned expansion of Besmer's Boca Hacienda Mill, and other ancillary equipment for expanding mine and mill production in Mexico. For our planned Silverton, Colorado operations, we are currently negotiating a purchase of a package of underground production equipment. While there is no assurance that the Besmer acquisition will be completed, or the Silverton, Colorado properties being able to be placed into production, management believes that it is prudent to source this equipment when it is available at favorable prices."

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. Recently, the Company has indicated plans to deploy a similar business model by acquiring a company which operates several silver mines in Mexico. With an experienced management team at the helm, Colorado Goldfields believes it is poised for growth in 2008.

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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