SOURCE: Colorado Goldfields Inc.

December 10, 2008 08:00 ET

Colorado Goldfields Reports Silver Assay Results (Part One of Two-Part Release)

LAKEWOOD, CO--(Marketwire - December 10, 2008) - Colorado Goldfields Inc. (OTCBB: CGFIA) is pleased to announce assay results for selected intervals of drill hole CG08-01 from the 2008 exploration drilling program on the Gold King Extension project. The very encouraging indications from Niton XRF analyses performed in November are now followed with certified silver fire assay results received from Assayers Canada through its affiliation with Skyline Laboratories in Tucson, AZ.

Ore grade values returned from two strong structures confirm a weighted average of 269.62 grams per metric ton of silver over a 6 foot interval between 669-675 feet, and 85.27 grams per metric ton of silver over a 4.8 ft interval between 639.2-644 feet. Included in these averages is one 0.5 foot interval containing 1,646 grams of silver per metric ton.

Historic production of silver from the Gold King Mine yielded approximately 1.4 million ounces of silver. The fire assay results that the Company has received from the "A Vein Zone" of the Gold King Extension are exceptionally supportive of our geological interpretations; that is, mineralization continues to the Northeast from the old Gold King Mine workings. "These structures contain spectacular intervals of mineralization. We are seeing the first indications that significant undiscovered ore shoots are present in these veins, opening the door for enormous potential to the Northeast of the Gold King Mine. Wow. This is very exciting," said Project Geologist Jonathan Moore.

Assay silver results for the "A Vein Zone" in hole CG08-01 are listed below:

Sample No.   Interval        Ag          Total       Weighted
             (ft.)          (g/tonne)   Length      Average Ag
                                         (ft)        (g/tonne)
----------   --------        -------    ------      ----------
543254       669 - 670          95.0
543255       670 - 671         136.5
543256       671 - 671.6       217.6
543257       671.6 - 672.1   1,646.0
543258       672.1 - 672.7      32.6
543259       672.7 - 673.4     100.8
543260       673.4 - 675       214.1   669 - 675        269.62

Sample No.   Interval        Ag          Total       Weighted
             (ft.)          (g/tonne)   Length      Average Ag
                                         (ft)        (g/tonne)
----------   --------        -------    ------      ----------
543239       639.2 - 640.1     178.7
543240       640.1 - 640.7      98.6
543241       640.7 - 642        81.3
543242       642 - 644          41.8   639.2 - 644       85.27

--  Samples are sent as whole rock (no prep) and represent 1/2 split drill
    core material, with the second 1/2 retained for security.

--  Ag Fire assay performed with 30g split of sample material.

--  Prep by crush and grind to -150 mesh.

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
    10920 W. Alameda Avenue, Suite 207, Lakewood, CO 80226