CEO Lee R. Rice Announces Revised Acquisition Plan for Kinross Colorado Mining Properties

CEO Lee R. Rice Announces Revised Acquisition Plan for Kinross Colorado Mining Properties

December 24, 2008 Filed Under: Precious Metal  

President and Chief Executive Officer Lee R. Rice of Colorado Goldfields Inc. announced a revised acquisition plan for the mining properties owned by Kinross Gold Corporation in the Silverton, Colorado area, including the Sunnyside Mine.

“It became clear that sufficient due diligence regarding the Sunnyside Mine cannot be completed by year end. Moreover, there may be significant environmental issues that would arise if the Sunnyside Mine were reactivated by a third-party purchaser, which must be fully vetted before the parties could reasonably move forward. Given these conditions, and my long-standing personal respect for Tye Burt, President of Kinross, realistically we need to take a pause. Perhaps in early 2009, subject to re-evaluation by both Kinross and Colorado Goldfields, the parties may resume discussions,” said Rice.

“In light of Colorado Goldfields’ Board of Directors considered opinion that we aggressively explore several well-placed merger opportunities that have been recently presented to us with larger mining companies that have market capitalizations significantly higher than our Company represents today, the ‘Kinross pause’ is consistent with overall Company strategy,” added Chief Financial Officer C. Stephen Guyer.

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