SOURCE: Colorado Goldfields Inc.

November 20, 2008 08:00 ET

Colorado Goldfields Inc. Restates Management's Commitment to The Pride of the West Mill

LAKEWOOD, CO--(Marketwire - November 20, 2008) - "We have received many inquiries from shareholders and investors interested in our November 11, 2008 announcement of XRF analysis gold grades ranging from .28-3.39 oz/ton, and silver grades of 1.46 - 30.97 oz/ton. Shareholders and investors want to understand how our Mill facility relates to our recent gold and silver discovery announcements and the future of Colorado Goldfields' operations," stated Company CFO Stephen Guyer.

Colorado Goldfields (OTCBB: CGFIA) purchased the Mill in June 2007. Third-party estimates of market value place the value of the Mill at between $6 million and $8 million. The Pride of the West Mill is within six miles of all Colorado Goldfields' Mines. It is the only Mill in the 6,000 acre Silverton Mining District capable of mill operations. Management has already received inquires from other mining firms for custom ore processing.

Although the Mill has been inactive since 1992, Company management remains dedicated to bringing the facility forward to full production.

The Pride of the West Mill is located on approximately 120 acres of patented mining claims in San Juan County. The facility consists of a main mill building with equipment for gravity and flotation concentration of ores, an office/shop building, a laboratory building, a cyanide process plant building, a truck scale building and other support buildings. The Mill also has the ability to treat ores with cyanide solution to recover precious metals. An assay lab is on the property, as well as an office/shop building, dormitory for workers, and associated support buildings.

"Owning The Pride of the West Mill is a huge differential advantage for Colorado Goldfields," said John Ferguson, Director of Operations. "Once reactivated it will allow us to contract for processing potential ores from nearby mining firms, while ramping up our own operations, which can be a fast source of revenue. Furthermore, an on-site assay laboratory will provide immediate results, rather than having to wait for outside labs."

For a complete description, pictures and diagrams of The Pride of the West Mill, visit:

Colorado Goldfields' Dividend:

On Friday, October 17, 2008, the Company's Board of Directors authorized a 30% (thirty percent) stock dividend (payable in additional shares of common stock), of the Company's Common Stock. The Stock Dividend Pay Date to stockholders will be on Wednesday, November 26, 2008. The Company reminds shareholders that they need to be a shareholder on or before the close of trading on November 26, 2008 to receive the dividend.

About Colorado Goldfields, Inc.

Colorado Goldfields Inc. (OTCBB: CGFI) ( 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 CGFI Fact Sheet in PDF format at An audio presentation of the CGFI 2009 business plan is available on the web at The most recent live investor conference (of September 4, 2008), is available at

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 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