SOURCE: Colorado Goldfields Inc.

Colorado Goldfields Inc.

April 24, 2009 08:30 ET

Colorado Goldfields Inc. Reaffirms January 2009 CEO Report: "Black to the Future" -- 1990 Engineering Report Fast Forward to 2008 Exploration Drilling Program Results

LAKEWOOD, CO--(Marketwire - April 24, 2009) - Due to the Company's change in ticker symbol, Colorado Goldfields Inc. (OTCBB: CGFIA) (http://www.cologold.com) is pleased to reaffirm Lee Rice's report "Black to the Future," first presented on January 29, 2009.

On February 15, 1990, a seminal comprehensive engineering report was issued on the Company's Gold King Mine in Silverton, Colorado; this document, "Evaluation Report IV on the Gold King Mine Property, San Juan County," is widely known as "The Black Report" (authored by E.D. Black, Professional Engineer). The Black Report effectively assimilates a comprehensive statistical interpretation and defines a resource estimate at The Gold King, establishing a potential resource on the order of 406,000 ounces of gold (Au), and 3,700,000 ounces of silver (Ag), contained in 1,376,000 tons grading 0.29 oz/ton Au, and 2.64 oz/ton Ag.

"We are extraordinarily gratified that our Exploratory Diamond Drilling plan completed in the summer of 2008 brought forward and reconfirmed the potential resource magnitude originally presented by The Black Report in 1990," states Lee R. Rice, CEO of Colorado Goldfields Inc., Registered Professional Engineer and Qualified Person.

"The results from the Company's activities have been presented in recent press releases, and 'bottom line,' the results were 100% encouraging and positive. The structures (veins) were intercepted and then grouped together into zones (i.e., A Zone, D Zone, etc.) for interpretive purposes, and evaluated by multi-element geochemical and fire-assay technologies. Gold King Drill hole CG08-01 encountered 20 vein structures throughout its extent (1,368 feet); CG08-02 sampled 16 vein structures through its 1,065-foot extent; and CG08-03 passed through 12 vein structures in the 868 feet of its 1,092-foot extent that has completed processing and analysis," states Company CEO, Lee R Rice.

The Company's Board of Directors has requested that Mr. Rice perform his own 42 element analysis on the samples from The Gold King, which will involve 18,000 separate calculations, and deliver his comprehensive report by the end of 1st quarter 2009. These samples represent mineralizations in gold, silver, copper, zinc and other metals from the Gold King Mine and the Gold King Extension.

"We are exceedingly fortunate to have as our Chief Executive a Professional Engineer and Qualified Person of the highest standing in Lee Rice, and we all look forward to reviewing his extensive report," states C. Stephen Guyer, CFO Colorado Goldfields Inc.

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.

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
    10920 W. Alameda Avenue, Suite 207, Lakewood, CO 80226
    http://www.cologold.com