A transition zone vein revealed a number of small vugs containing euhedral

Tag : chalcopyrite
Of particular note at this milestone of the program was theinterception of a 25 foot quartz structure in the Bonita No. 1hole. Drilling through this very dense structure in the shadow ofBonita Peak, at an elevation of 12,200 feet, the crew wasdetermined to complete the plan.

"My observation is that the structure contains pyrite,chalcopyrite, and some argentiferous galena. A truly gorgeousconfiguration," said John Ferguson, Colorado Goldfields' Directorof Operations. "This result is consistent with the expected GoldKing vein system, and we are anxious to see the actual assayresults," Ferguson went on to say.

At the second drilling location, a transition zone vein revealed anumber of small vugs containing euhedral quartz and occasionallyrhodocrosite.

The core samples have been logged and sawed, and will be sent forthird party assay testing this week.

About Colorado Goldfields, Inc.

Colorado Goldfields Inc. (OTC:BB CGFI), http://www.cologold.com, isa Denver-based junior exploration and mining company primarilyexploring for gold and silver. Our seasoned management team targetshistoric gold camps with strong potential for multiple depositdiscovery. Currently, our business model in Colorado provides anoutstanding combination of former producing properties withexcellent exploration and production potential and a currentlyinactive, modern up to 700 ton per day capacity mill facility toallow for an attractive short-term production time frame. We expectthat this strategic plan will allow Colorado Goldfields to reachits goal of profitability, potentially within the next 18 months.

The Company has made available a current CGFI Fact Sheet in PDFformat at http://www.cologold.com/s/pdfs/CGFIFactSheet.pdf. Anaudio presentation of the CGFI 2009 business plan is available onthe web athttp://www.cologold.com/s/multimedia/audiopresentation.wmv. Themost recent live investor conference (of September 4, 2008), isavailable athttp://www.cologold.com/s/audio/CGFI_Live_Investor_CC.wma.

Notice regarding forward-looking statements

This news release may contain forward-looking statements orinformation within the meaning of the United States PrivateSecurities Litigation Reform Act of 1995. Forward-lookingstatements or information includes statements regarding theexpectations and beliefs of management. Forward-looking statementsor information include, but are not limited to, statements orinformation with respect to known or unknown risks, uncertaintiesand other factors which may cause the actual results, performanceor achievements of the Company to be materially different from anyfuture results, performance or achievements expressed or implied bysuch forward-looking statements or information. Forward-lookingstatements or information are subject to a variety of risks anduncertainties which could cause actual events or results to differfrom those reflected in the forward-looking statements orinformation, including, without limitation, risks and uncertaintiesrelating to obtaining financing to meet the Company's explorationprogram and operating costs during its exploratory stage, theinterpretation of exploration results and the estimation of mineralresources and reserves, the geology, grade and continuity ofmineral deposits, the possibility that future exploration,development or mining results will not be consistent with theCompany's expectations, accidents, equipment breakdowns, titlematters, or other unanticipated difficulties with or interruptionsin production and operations, the potential for delays inexploration or development activities or the completion offeasibility studies, the inherent uncertainty of production andcost estimates and the potential for unexpected costs and expenses,commodity price fluctuations, currency fluctuations, regulatoryrestrictions, including the inability to obtain mining permits andenvironmental regulatory restrictions and liability, thespeculative nature of mineral exploration, dilution, competition,loss of key employees, and other risks and uncertainties, includingthose described under "Risk Factors" in the Company's Annual Reporton Form 10-KSB filed on December 27, 2007, and as amended on March3, 2008, which is on file with the Securities and ExchangeCommission, as well as the Company's other SEC filings. Should oneor more of these risks and uncertainties materialize, or shouldunderlying assumptions prove incorrect, actual results may varymaterially from those described in forward-looking statements.Accordingly, readers are advised not to place undue reliance onforward-looking statements or information. The Company does notundertake any obligation to release publicly revisions to any"forward-looking statement," to reflect event or circumstancesafter the date of this news release, or to reflect the occurrenceof unanticipated events, except as is required under applicablesecurities laws.

Cautionary note to U.S. Investors -- The United States Securitiesand Exchange Commission permits U.S. mining companies, in theirfilings with the SEC, to disclose only those mineral deposits thata company can economically and legally extract or produce. We usecertain terms on this website (or press release), such as"measured," "indicated," and "inferred" "resources," which the SECguidelines strictly prohibit U.S. registered companies fromincluding in their filings with the SEC. U.S. Investors are urgedto consider closely the disclosures in our 10-KSB which may besecured from us, or from the SEC's website athttp://www.sec.gov/edgar.shtml. This press release may containinformation about adjacent properties on which we have no right toexplore or mine. We advise U.S. investors that the SEC's miningguidelines strictly prohibit information of this type in documentsfiled with the SEC. U.S. Investors are cautioned that mineraldeposits on adjacent properties are not indicative of mineraldeposits on our properties.