SOURCE: Colorado Goldfields Inc.

Colorado Goldfields Inc.

September 22, 2009 08:00 ET

Colorado Goldfields Completes Acquisition of King Solomon Mine; Company CEO and CFO Second Appearance on "The Big Biz Show" With Russ and Sully

LAKEWOOD, CO--(Marketwire - September 22, 2009) - Colorado Goldfields Inc. (OTCBB: CGFIA) is pleased to announce that the Company has completed execution of a Lease with Option to Purchase Agreement for the King Solomon Mine in San Juan County, Colorado. The terms of the agreement include the issuance of 50,000,000 restricted shares of Class A common stock in Colorado Goldfields restricted in a lock up provision for a period of 3 years during which no sales or other conveyances may be undertaken, a work commitment of $50,000 per year, and a 3.5% Net Smelter Royalty. The lease automatically renews so long as ores, minerals, or metals are being produced or sold.

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.

"The King Solomon Mine 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.

Also, Company Executives Lee R. Rice and C. Stephen Guyer were invited back for a second interview on the "Big Biz Show," which originally aired on September 21, 2009. The interview is available on the Company's website at:

http://www.cologold.com/uploads/2009-09-21_BigBizShow.wmv.

About Big Biz Radio, Inc.

Big Biz Radio Show could be best described (actually it WAS described by The Wall Street Journal) as "Business with a Bar Room slant. It is a talk show that covers business and the business of life, sports and any other thing its two hosts feel are relevant." The show has been on the air for over 12 years. Its contents are replayed on the Wealth Television (Herring Broadcast Group) network of radio stations.

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 http://www.worldmarketmedia.com/home/blogs-world-market-media.aspx.

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