SOURCE: Colorado Goldfields Inc.

June 10, 2008 08:00 ET

Colorado Goldfields Inc. Announces Purchase of Surface Drill

LAKEWOOD, CO--(Marketwire - June 10, 2008) - Colorado Goldfields Inc. (OTCBB: CGFI) (the "Company") announces it has purchased a Longyear 34 surface drill rig for conducting additional surface drilling on the Company's San Juan County, Colorado properties which it has under option. The drill rig purchase included NQ and HQ drill rod, bits, water pump, and numerous accessories.

The Company has identified two experienced drill operators from the local area, as well as other drill labor. The Longyear 34 drill rig is expected to arrive at Gladstone, Colorado on or before June 16, 2008. The company intends to commence drilling on the Gold King and Mogul properties as soon as possible, subject to adequate funding.

The Company had previously announced its contract with Godbe Drilling to bring a second drill rig to the properties on approximately July 15, 2008. Godbe may supply either a skid mounted or truck mounted drill rig.

Todd Hennis, President of the Company, stated, "The purchase of the Longyear 34 rig will increase our exploration flexibility on the 2008 drill program and in later years. We look forward to placing this drill rig in service and anticipate drilling previously unexplored areas of the Gold King property."

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.

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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