SOURCE: Colorado Goldfields Inc.

April 23, 2008 08:00 ET

Colorado Goldfields Announces Intent to Assist Financing of Additional Mexican Property Acquisitions

LAKEWOOD, CO--(Marketwire - April 23, 2008) - Colorado Goldfields Inc. (OTCBB: CGFI) (the "Company") announced today that it has signed a second letter of intent with Besmer, S.A. de C.V. of Durango, Mexico.

In connection with the proposed acquisition of 75% of the shares in Besmer, S.A. de C.V. ("Besmer"), Colorado Goldfields Inc. has signed a Letter of Intent to loan Besmer US$100,000 for use as initial property option payments by Besmer. Company personnel have identified specific properties from extensive site visits to be acquired using these funds. Management believes that these properties, if successfully acquired, will offer superior potential for silver and base metal production and increase the overall potential of the operation. The funds will be used by Besmer to secure five or more mineral properties under purchase agreements with the total price of each property to be paid over a period of up to two years. The Company and Besmer are in the process of finalizing loan documents to formalize the terms of the loan as contemplated by the second letter of intent.

Todd Hennis, President of Colorado Goldfields Inc., states: "Our due diligence on the Besmer acquisition is ongoing, with our milling consultant having completed site work at the Bocas Hacienda Mill. Additional company personnel are due to arrive in Mexico this week to further perform financial and technical due diligence activities. Should the due diligence be successfully completed, and the Besmer acquisition close, we plan to fund further property acquisitions by Besmer to expand the exploration and production potential of its Mexican operations, subject to the Company's obtaining adequate financing."

Colorado Goldfields Inc.

Todd C. Hennis, President

About Colorado Goldfields Inc. (OTCBB: CGFI) www.cologold.com

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 fund the Besmer acquisition, 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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