Colorado Goldfields Inc. Completes 2008 Drilling Program, Eyes the Future

Colorado Goldfields Inc. Completes 2008 Drilling Program, Eyes the Future

October 21, 2008 Filed Under: Precious Metal  

Colorado Goldfields Inc., announces that the 2008 drilling program has been successfully completed. Several hundred pounds of surface and core samples have been sent to Skyline Assayers & Laboratories in Tucson, Arizona for analysis. Skyline is recognized as an industry leader for all types of base metal, ferrous and non-ferrous analysis including high quality ore-grade assays. The Tucson laboratory has provided high quality analytical service for over 70 years. Assay results are expected by the end of November.

“We saw so many confirming configurations this season that I am more excited than ever to see the actual assay results. The potential in this entire area remains enormous,” said Jonathan Moore, Project Geologist.

Management has received numerous inquiries from our new and expanding shareholder base regarding our projected 18 month timeline to profitability. Questions have come in, such as “What is the timeline, why 18 months and what should we anticipate during the timeline?” While we direct everyone to visit the Company’s comprehensive website, the following summarizes our plan:

* October 2008 – Complete drilling program * November through February – Geological and engineering analysis and independent report preparation * March 2009 – Publish independent technical 43-101 reserve estimate report for the mining properties * May 2009 – Begin Pride of the West Mill activation * June 2009 – Commence 2009 Drilling program * July 2009 – Open Gold King underground workings, begin underground drilling * August 2009 – Process ore through the Pride of the West Mill * September 2009 – Accept ore processing from nearby properties (first revenue), begin drilling operations underground in the Gold King, Silverton, Colorado * October 2009 – Process ore from Company mines

* December 2009 – Profitability arrives

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 for its Stockholders of Record as of Thursday, November 6, 2008. The Stock Dividend Pay Date to stockholders will be on Wednesday, November 26, 2008.

Colorado Goldfields Inc., 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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