Colorado Goldfields Earns Validation of Clean Water Technology at Gold King Mine

Colorado Goldfields Earns Validation of Clean Water Technology at Gold King Mine

Colorado Goldfields Inc. in conjunction with Blue Sky Water Technologies, Inc., of Folsom, California, has proven its ability to treat water issues at its Gold King Mine.

Results from Alpha Analytical, a nationally certified third-party testing laboratory in Sparks, Nevada, showed that Blue Sky’s technology removed five of the EPA’s “contaminants of concern.” Cadmium, copper, manganese, lead and zinc were reduced to non-detectable levels or significantly below acceptable state of Colorado discharge targets. “We now know that we can produce water that meets or exceeds the discharge levels for the Animas River watershed, and these laboratory results prove that we can,” stated Bill Whiteside, President of Blue Sky Water Technologies, Inc.

Blue Sky’s technology uses patented Ionic State Modification (ISM) Reactors. The system targets harmful contaminants, alters them so that they are no longer soluble in water and removes them using standard chemistry. In most waste streams, Blue Sky’s ISM technology uses comparatively small amounts of lime and greatly reduces sludge volumes that usually yield large amounts of hazardous waste.

Debbie Cokes, Manager of Environmental Affairs for Colorado Goldfields Inc., supervised the gathering of samples for the Blue Sky ISM bench test, and comments, “These results demonstrate our pro-active commitment to environmental excellence and our ability to solve water quality issues. Colorado Goldfields Inc. is a steadfast good steward of the environment. We have great respect for the beauty of southwestern Colorado and the Silverton area, and we remain devoted to preserving it.”

In other recent events, on Friday, October 17, 2008, the Company’s Board of Directors authorized a 30% (thirty percent) dividend 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.

Colorado Goldfields Inc. (OTC BB:CGFI.OB), 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 discovery. 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.

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