SOURCE: Colorado Goldfields Inc.

March 27, 2008 03:30 ET

Colorado Goldfields Hires Geological Engineer/Project Manager - Mexico

LAKEWOOD, CO--(Marketwire - March 27, 2008) - Colorado Goldfields Inc. (OTCBB: CGFI) (the "Company") today announced that Simon B. Russell has joined the company in the capacity of mining engineer. Upon the anticipated close of the previously announced transaction to acquire a 75% interest in Besmer, S.A. de C.V., Mr. Russell will serve as project manager for the company's Mexican operations.

Mr. Russell graduated with a Bachelor of Science degree from the New Mexico Institute of Mining and Technology in Socorro, NM and holds a Bachelor of Science degree in Geological Engineering from the University of Arizona and attended graduate classes in mining engineering at the Mackay School of Mines at the University of Nevada, Reno. Mr. Russell has mine design, mining engineering and underground work experience with companies such as Queenstake Resources, MWH Mining Group, Mine Development Associates, and Golden Phoenix Minerals.

Mr. Russell will be based at the company's Lakewood, CO office, and will assist in project engineering at the company's Silverton, Colorado projects, including efforts to re-open the Gold King Mine. Mr. Russell has previously worked as a consultant to the company, conducting diligence activities at the Mexican operations of Besmer, S.A. de C.V. Currently, he is conducting mine planning for expansion of Besmer's mines. Mr. Russell will work on a majority time basis for the company, and will continue his consulting as a mining analyst for a major precious metals publication.

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 in Colorado. 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 proven 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 a unique combination of advanced, former producing properties with excellent exploration and production potential and a 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 in Mexico. With an experienced management team at the helm, Colorado Goldfields 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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