Colorado Goldfields Inc. Pays 30% Stock Dividend

Colorado Goldfields Inc. announces that the Company’s Board of Directors has 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.

The Company elected to reward those stockholders who had remained loyal to the Company despite adversities. Management hopes that this dividend would offset some of the losses suffered by the Company’s stockholders caused by the very substantial fall in the Company’s stock price in recent months. The board will consider additional stock dividends quarterly.

This Stock Dividend will be electronically credited to stockholders accounts on the Pay Date. Those stockholders who are not holding their shares with their Brokers will receive their Stock Dividends in certificated form.

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.