Colorado Resources Ltd.
TSX VENTURE : CXO

Colorado Resources Ltd.

February 02, 2011 20:12 ET

Colorado Recieves Approval on 4 Additional Yukon Gold Properties and Expands Oro Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2011) - COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") is pleased to announce further to its news release of January 12, 2011, it has received TSX Venture Exchange acceptance to acquire a 100% interest in 4 Yukon gold properties collectively referred to as the "Selwyn Properties" three of which - Sol, Nid and Bach - are located in the Macmillan Pass area, approximately 360 kilometres northeast of Whitehorse, with the Al Property located in the Aishihik Lake area, approximately 170 kilometres northwest of Whitehorse. (Property details are included in the Company's release of January 12, 2011 available on the Company's website, www.coloradoresources.com and www.sedar.com.)

The Selwyn Properties were acquired for total consideration of $286,000 in cash, issuing 300,000 common shares of the Company and are subject to a 2% NSR which can be bought down to 1% at a cost of $2 million (previously incorrectly noted as $1 million). 

Mr. Adam Travis, President of the Colorado, stated, "We are very excited to assemble this portfolio of quality Yukon gold projects and with the acquisition of the Sol Property adjacent to the Company's Oro Property, Colorado now holds claims covering a 28 kilometre-long belt which are highly prospective for Carlin-type gold deposits. As we eagerly await the upcoming Yukon field season the Company continues to aggressively pursue other opportunities."

About Colorado

Colorado is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in British Columbia and the Yukon and is also aggressively seeking properties in Latin America. Colorado's initial focus will be to follow up exciting "Carlin" style mineralization found by previous workers on its Oro Gold Property in the Yukon as soon as conditions permit. Trenching and drilling programs are also being contemplated on the company's Hit Property.

ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.

Terese Gieselman, Chief Financial Officer and Secretary

NR 11-03

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding proposed exploration activities. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's prospectus dated September 16, 2010 for a more complete discussion of such risk factors and their potential effects, a copy of which may be accessed through the Company's page on SEDAR at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Colorado Resources Ltd.
    Adam Travis
    President and Chief Executive Officer
    (250) 768-1511 or Toll Free: 1-888-860-2666
    or
    Colorado Resources Ltd.
    Terese Gieselman
    Chief Financial Officer and Secretary
    (250) 768-1511 or Toll Free: 1-888-860-2666
    (250) 768-0020 (FAX)
    www.coloradoresources.com