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Colorado
Goldfields Inc. (OTCBB: CGFI)
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Dear Reader,
What happens when new technology reaches one of gold mining’s legendary
locations? The answer is, we’ll see.
A new entry into mining has targeted the epic Silverton Mining District
in Colorado. Colorado Goldfields Inc’s (OTCBB: CGFI) strategy is
to focus on historic mining areas using the latest in mining methods and
tools. With the gold spot price pushing $900–which is up 36% for the year-
one can see why.
We also like that the company has some short term prospects via a local
mill facility.
If you’ve been watching gold’s ascent over the past few years and the
dollar’s decline, perhaps CGFI is a story to keep on your radar.
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About Colorado Goldfields |
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Colorado Goldfields Inc. ("Colorado Goldfields""CGFI") is a new player in the gold exploration world, focused on a major gold
project in the legendary Silverton Mining District in Colorado. Colorado
Goldfields is focused on working in historic gold camps; on projects
that have multiple deposit discovery potential and by utilizing leading
edge exploration tools and modern geophysics techniques. The CGFI business
model in Colorado provides an outstanding combination of former producing
properties with excellent exploration and production potential and a currently
inactive, modern 500 to 700 ton per day capacity mill facility to
allow for an attractive short-term production time frame. |
CGFI's two extremely promising gold mining properties, and formerly
producing mines: the Gold King and the Mogul mines located
in San Juan County in Southwest Colorado comprise 44 patented and 13 unpatented
mining claims; and CGFI has a 70% undivided interest in 19 patented mining
claims in the Mayflower mine. CGFI was founded in 2004 as
Garpa Resources, Inc. and changed its name to Colorado Goldfields, Inc.
in June 2007. Colorado Goldfields is based in Lakewood, Colorado.
The location of one of the greatest gold rushes in North America, Colorado is now the
site of increasing gold exploration, where millions of ounces of gold have
been mined since 1859. The source of this gold is currently being explored
and developed by industry leaders using state-of-the-art geologic science and mining expertise to locate new sources of gold and continue the
tradition of gold mining in Colorado. Colorado is the third largest state
for gold production in the U.S.
With an experienced team that understands project viability, Colorado
Goldfields is aggressively putting together an exploration and development
program for its Silverton, Colorado properties (where the gold mining history
dates back 135 years). CGFI has purchased a 5 cubic yard Caterpillar
814 LHD for the Silverton, Colorado operations and is currently negotiating
a purchase of a package of underground production equipment.
In March of this year, CGFI signed a contract with Godbe Drilling,
LLC of Montrose, Colorado for the resumption of drilling at the Gold King
and Mogul properties in San Juan County, Colorado. The contract calls for
a minimum of 7000 feet of exploration drilling. The drilling contractor
plans to be on site in July 2008 and intends to use a truck mounted
Longyear 44 drill rig.
"2008 looks to be a very busy
year for us on the San Juan County properties."
Todd Hennis, President of Colorado
Goldfields Inc.
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With an experienced management
team along with exploring a number of large projects in the prolific mining
districts of North America, Colorado
Goldfields is poised to be an excellent mining opportunity for 2008.
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The Market, the Value and the Mines |
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THE GOLD MARKET AROUND THE WORLD
Two of the most important world
markets, however, are in London and New York.
The London market is one of the oldest in the
world and is the largest market for physical gold. Since September 12,
1919 the price of gold has been set at "the London gold fix" and this price
is used in contract arrangements around the world. Today, the gold fixings
take place at 10:30am and 3pm and provide published prices which are used
as official pricing medium by producers, consumers and central banks.
The New York market opens as the second London
fix takes place and gold then trades throughout the day. The New York market
is particularly noted for the volume of "paper gold transactions" such
as futures contracts that are traded on the exchanged. The Comex division
of the New York Mercantile Exchange is the center of these activities.
There are other important gold markets in Zurich, Tokyo, Sydney, Hong Kong
and elsewhere - so gold is being traded somewhere 24 hours a day.
Gold mining in Colorado has been an industry since 1859. Today, gold mining still has a tremendous
influence on the Colorado region. Currently in Colorado, interests in several
gold properties are being advanced. The Cripple Creek & Victor Gold
Mining Co., a subsidiary of Anglo Gold, operates the largest open pit and
heap leach gold mine in the state of Colorado, including the most productive
gold mine in Colorado's modern history, the Cresson Mine, which produced
more than 8.8 tonnes (283,000 troy ounces) of gold in 2006.
Other active gold mines in the state are underground the Golden Wonder
mine near Lake City, and the Cash and Rex mines in the Gold Hill mining
district in Boulder County.
Source: National Mining Association Facts About Minerals
2005; Leaming, Mining and the American Economy, 1999; Colorado Geological
Survey Mineral Fuel Inventory Report (2004); Colorado Mining Association
Survey of Coal and Mineral Producers (2004).
through March 2008
CGFI
The CGFI corporate strategy involves a long-term, results-oriented approach towards exploration research,
supported by a scaled expansion of field operations on carefully
selected assets.
Consider CGFI’s optioned properties when they were
last active and the price of gold at the time.
(1) Gold King, last active in 1990 when gold was $380 an ounce.
(2) Mogul, last active in 1965 when gold was still $35 an ounce (until 1972)
(3) Mayflower, last active in the 1980’s, when gold averaged around $400
Consider historic production figures, by mine...
(1) Gold
King Mine: the mine has produced 345,000 ounces of gold and
1.4 million ounces of silver, which would be worth approximately $331 million
at current metals prices. According to an extensive technical evaluation
report compiled for a previous owner, Gold King Mine could contain historic
probable and potential resources of 1.4 million short tons at 0.29 ozs/st
Au and 2.64 ozs/st Ag equaling 406,000 ounces of gold and 3.7 million ounces
of silver which has an equivalent value of $424 million at current metal
prices.
(2) Mogul:
the Mogul unit was operated intermittently from 1901 to 1965, producing
an unknown quantity of base metal ore.
(3) Mayflower
Mine: Published historic production figures for the Mayflower
Mine (also known as the Shenandoah-Dives Mine) for the period 1901-1957
are 4.5 million tons containing 520,000 ounces of gold, 12.3 million ounces
of silver, 18,000 tons of copper, 47,000 tons of lead and 10,000 tons of
zinc3. Some portion of this production may have originated from adjoining
properties.
Gold extraction cost averages $238,
so the gross margin per ounce at today’s price
would be $888 less $238, or $650
per ounce on the average, or 74% gross margin.
Denver, Colorado is also the headquarters of one of the world's largest
gold producers, Newmont Mining Corporation.
Other publicly traded Gold Mining companies include:
Newmont Mining Corporation (NYSE:NEM) - AngloGold Ashanti
Limited (NYSE:AU)
Barrick Gold Corporation (NYSE:ABX) - Gold Fields Limited
(NYSE:GFI)
LIHIR Gold Limited ADR (NASDAQ:LIHR) - Goldcorp Incorporated
(NYSE:GG)
Kinross Gold Corporation (NYSE:KGC) - Yamana Gold Incorporated
(NYSE:AUY)
Randgold Resources Limited (Nasdaq:GOLD) - Orezone Resources
Inc. (AMEX:OZN)
Nevsun Resources Ltd. (AMEX:NSU) - Golden Star Resources
Ltd. (AMEX: GSS)
Vista Gold Corp. (Amex: VGZ) - Agnico-Eagle Mines Limited
(NYSE:AEM)
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The CGFI Properties and the Pride of the West Mill |
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Over a 15 year period, working closely with business, government and
community leaders, CGFI CEO Todd Hennis has purchased and strategically
consolidated three of the best mines in the Silverton Mining District.
Historically, significant quantities of gold were produced from high-grade
ore found in the Silverton Mining District.
A significant portion of this production was from the Gold King Mine,
which is the centerpiece of Colorado Goldfield's land position. The Mayflower
Mine produced large quantities of gold, and the Mogul Mine is noted for
it's past high grade base metal production.
Colorado Goldfield's full-scale, early-stage exploration program is
centered on the original Gold King Mine, the most advanced of the three
mining properties. The Gold King Mine has a documented expenditure of $9.7
million in the late 1980s, when it was the major property of the public
company Gold King Consolidated, Inc.
With the advanced stage Gold King
property and the Pride of the West Mill in Howardsville, Colorado,
the Company projects that initial
gold production can potentially occur within a two
to three year time frame, rather
than the standard 8-10 year lead time for most mining projects.
Colorado Goldfields is also currently
considering the acquisition or staking of other
new properties in the San Juan
County Mining District.
Aerial
View of Silverton Mining District
THE GOLD KING PROPERTY
Located 8 miles from Silverton, Colorado, the
Gold King property is in the heart of a long-standing gold-producing area.
The property consists of approximately 170 acres and has known gold potential.
Approximately 20,000 short tons of ore were produced
by a joint venture with Echo Bay Mines' adjoining Sunnyside Gold Mine in
1990, with the Gold King Mine in stasis since that date. Very little base
metals exist in the deposit, and a large part of the projected values may
be produced in an unrefined gold product from the mill.
The mine has produced 345,000 ounces of gold
and 1.4 million ounces of silver, which would be worth approximately $331
million at current metals prices. According to an extensive technical
evaluation report compiled for a previous owner, Gold
King Mine could contain historic probable
and potential resources of 1.4 million short tons at 0.29 ozs/st Au and
2.64 ozs/st Ag equaling 406,000 ounces of gold and 3.7 million ounces of
silver which has an equivalent value of $424 million at current metal prices.
 
- Historic production of 345,000 ounces
of gold and 1.4 million ounces of silver.
- US $9.7 million in exploration expenditures
from 1985 -1990.
- Potential to greatly expand resource/reserve
base.
- Adjoins Kinross Gold's Sunnyside
Mine which produced approximately one million ounces of gold.
- Potential early production at Howardsville
Mill from Gold King development ore.
The Gold King Mine property consists of 27 patented
mining claims covering approximately 198 acres and a total of 13 unpatented
mining claims covering approximately 100 acres. All 27 patented mining
claims and 13 unpatented mining claims are governed by the Option Agreement.
The Gold King Property is located in San Juan County, Colorado, at Township
42 North, Range 7 West of the New Mexico Prime Meridian.
The Gold King's history of significant gold production
leads CGFI to believe that it is in a favorable geologic zone for gold
mineralization called the Eureka Graben, where significant gold production
has occurred in the past from the neighboring Sunnyside Mine and other
properties.
The historic ore occurrences were in stringers,
veins and shoots. The economic potential of the property depends on the
successful identification and exploitation of gold bearing veins and ore
shoots. The Gold King Unit property includes seven levels of mine workings,
none of which is currently accessible. Abundant water exists in the
mine workings. The Gold King Property is not currently
subject to any proposed action by the EPA.
To watch a Windows movie of the
Gold King site, Click
Here
THE MOGUL MINE PROPERTY
The Mogul Mine is a high-grade zinc/lead/silver property that adjoins
the Gold King Mine. The property was active from 1901-1909 as a precious
metals mine, and has not had the benefit of exploration activity in modern
times. The Mogul Mine has the potential to host a considerable tonnage
of ore, and is the continuation of the George Washington vein of the Sunnyside
Mine (Kinross Gold), which accounted for a large part of Sunnyside's base
metal production.
The Mogul Mine Property consists of 17 patented mining claims which
adjoin the Gold King Property. The claims cover approximately 126 acres.
The mineralization of the Mogul vein is primarily lead and zinc sulfide
minerals, with some copper, silver and gold mineralization.
The Mogul property is located in the headwaters of the North Fork of
Cement Creek in Township 42 North, Range 7 West of the New Mexico Prime
Meridian, San Juan County, Colorado. CGFI believes that the Mogul property
has significant visual surface mineralization of lead and zinc sulphides,
and the Mogul Vein has surface outcrops which run for approximately 4500
feet. CGFI also believes the Mogul Vein has significant widths, such that
if exploration activities delineate sufficient grades of mineralization,
potential mining widths exist.
The Mogul property lies in volcanic tuffs, primarily the Henson and
Burns Formations that are cut by the Mogul vein, which is associated with
a ring fault of the Silverton Caldera. Other minor veins exist on the property.
The Mogul vein contains quartz, pyrite, sphaelerite, galena and chalcopyrite,
with minor amounts of gold and silver mineralization. Abundant water
exists in the mine workings.
Management intends to conduct limited drilling on the Mogul Mine Property
in 2008, and intends to investigate reopening one or more portals on the
Mogul Mine Property to conduct environmental and other reconnaissance activities.
The historic ore grade from the Mogul is approximately 6.5% zinc, 4% lead,
0.75% copper and varied precious metal content. Vein widths of up to 50
feet have been reported and an average approximate width of 8 to10 feet
appears on the surface. In February 2008, a limited surface sampling program
was conducted on the patented claims of the Mogul property. Highlights
from this surface sampling are as follows:
Sample Zinc
Lead Silver Copper Indium
Sample
#
% % (g/mt)
% (ppm)
Type
756541 10.24
5.87 91 0.417
13 Grab - mine dump
756545 29.34 13.63
177 1.0
62 Grab - float
Results from drillhole 07-01, which was
completed prior to the onset of winter weather, contain the following significant
intervals:
From (meter)
Interval (meter) Au (g/mt) Ag
(g/mt) Cu%
120.40 to 123.44
3.05
0.50
142.50 1.03
210.22 to 214.27
4.05
0.28
228.75 to 229.73
0.98
0.48
33.0 0.86
Continuation of Sunnyside Mine's
hugely prolific Washington Vein.
Historic grade of 6.5% zinc, 4%
lead, 0.75% copper.
Historic grade of four ounces/st
silver and varying gold content.
Approximately 4,500 feet length
of vein strike.
Vein outcrop up to 50 feet wide.
To watch a Windows movie of the
Gold King site, Click
Here
THE MAYFLOWER MINE PROPERTY
The Mayflower Mine consists of approximately 250 acres of mineral
rights located in the heart of the San Juan county gold-producing region,
about 3 miles from Silverton. The Mayflower Mine had a historic production
of approximately 520,000 ounces of gold and 12.3 million ounces of silver
from 1929-1953. The value of precious metals produced during that period would
be the equivalent of US $672 million at current metals prices. In the
late 1980s, Echo Bay Mines conducted limited exploration of the property
which identified the continuation of historic ore grades below the main
haulage way. The financial difficulties of Echo Bay Mines precluded placing
the property into planned large-scale underground mining operation.
The Mayflower Mine Property consists of a 70% undivided interest in
19 patented mining claims covering approximately 179.4 acres, or
a net ownership at 70% of approximately 125.5 acres. The property is approximately
3 miles from Silverton, Colorado, and is located in Township 41 North,
Range 7 West, New Mexico Prime Meridian, San Juan County, Colorado. The
historic mineralization of the Mayflower Mine has consisted of base metals
with some gold and silver contents.
The Mayflower property was one of the largest production mines in the
history of the Silverton area. CGFI believes that drilling done by a previous
owner in the 1980s indicates that potentially economic mineralization exists
below the main haulage level, such that if further exploration activity
confirms this mineralization and a significant volume of mineralized material,
then the potential exists to place this mine back into production at some
point in the future.
Access to the Mayflower property is via county road. The Mayflower
Vein is located in the Silverton Volcanic series. The historic economic
mineralization was located in the Hanging Wall Zone and Footwall Zone,
which could exceed 10 feet in width each in places. The historic ore produced
was relatively low grade in precious and base metals, but with a sufficient
combined value to make production economic at the time.
Estimated exploration costs for the San Juan Properties
over a three-year period (amounts in $ millions)
Gold King: $5.725 - Mogul: $2.225 - Mayflower:
$1.21
At the Gold King and Mogul Units, underground work is planned to commence
in 2008 to reopen old workings and to conduct underground exploration,
all subject to availability of funds, availability of contractors, and
securing the necessary permits. Extension of the workings of the Gold King
and Mogul Units is contemplated to allow for underground drilling and sampling
activities. Based on the information gathered from these phases, additional
work will be conducted.
THE PRIDE OF THE WEST MILL
The mill consists of approximately 120 acres of private land,
a relatively modern gravity, floatation and cyanide leach mill, office
building, laboratory building, and water rights. The Gold King, Mayflower and Mogul mines are all within a nine-mile radius of the Mill with good roads connecting the mines to the mill.
The Mill
has the capacity to expand to 700 short tons per day
Colorado Goldfields acquired the mill $900,000
over two years,
and the assumption of $300,000 in reclamation
permit bond requirements.
The replacement value for the mill is approximately
US $12 million.
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CGFI in the News |
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Press
Release Source: Colorado Goldfields Inc.
Tuesday
June 10, 8:00 am ET
Colorado
Goldfields Inc. Announces Purchase of Surface Drill
LAKEWOOD,
CO--(MARKET WIRE)--Jun 10, 2008 -- Colorado Goldfields Inc. (OTC BB:CGFI.OB
- News) (the "Company") announces it has purchased a Longyear 34 surface drill rig for conducting
additional surface drilling on the Company's San Juan County, Colorado
properties which it has under option. The drill rig purchase included NQ
and HQ drill rod, bits, water pump, and numerous accessories.
The
Company has identified two experienced drill operators from the local area,
as well as other drill labor. The Longyear 34 drill rig is expected to
arrive at Gladstone, Colorado on or before June 16, 2008. The company intends
to commence drilling on the Gold King and Mogul properties as soon as possible,
subject to adequate funding.
The
Company had previously announced its contract with Godbe Drilling to bring
a second drill rig to the properties on approximately July 15, 2008. Godbe
may supply either a skid mounted or truck mounted drill rig.
Todd
Hennis, President of the Company, stated, "The purchase of the Longyear
34 rig will increase our exploration flexibility on the 2008 drill program
and in later years. We look forward to placing this drill rig in service
and anticipate drilling previously unexplored areas of the Gold King property." MORE
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Management at CGFI |
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Todd C. Hennis, President &
CEO
Todd C. Hennis has 24 years experience
in the mining and metals business, including being President of a small
public mining company in the mid 1980s. Mr. Hennis formed Salem Minerals
Inc. in 1987 and San Juan Corp. in 1997. Both companies are privately owned
100% by Mr. Hennis. Both companies are headquartered at 645 Water St.,
Silver Plume, CO 80476. San Juan Corp. owns the Mogul Mine and the Gold
King Mine, consisting of a large number of patented mining claims (fee
simple property). Mr. Hennis owns a 70% interest in the Mayflower Mine,
which under established legal precedent in Colorado can enable complete
exploitation of the property, subject to certain procedures. Mr. Hennis
graduated from Harvard College in 1982 with honors in economics, with emphasis
on the natural resource industries.
Gary Schellenberg, VP Exploration
Mr. Schellenberg is President and
Director of TNR Gold Corp., he is the Director of New World Resources,
and he is President of Coast Mountain Geological Ltd., all of Vancouver,
Canada. Mr. Schellenberg graduated from the University of British Columbia
in 1981 with a B.Sc. in geology. After graduation, Mr. Schellenberg worked
for Teck Corporation and the B.C. Ministry of Highways, before forming
a private geological consulting firm and then becoming active in forming
junior public mining companies.
Mr. C. Stephen Guyer, Chief Financial
Officer
Mr. Guyer brings over 30 years
of experience in the financial field, having served throughout his career
as either CFO or as a senior financial executive for a number of firms
operating across a broad spectrum of industry sectors. Mr. Guyer has significant
public company experience including directing all aspects of financial
operations. Mr. Guyer holds an M.B.A. in Finance from the University of
Denver and is based at Company headquarters in Lakewood, CO.
Mr. Dean Misantoni, Exploration
Manager
Mr. Misantoni offers 27 years of
experience, with an emphasis on complex vein deposits in underground mines.
In addition to holding Chief Geologist positions in small, producing underground
operations in Colorado (London and Sweethome mines), he gained extensive
experience in the San Juan Volcanic Field of Colorado (Creede, Summitville)
while working for Anaconda, Homestake and Crown Resources. He has explored
for similar Tertiary, volcanic-hosted, epithermal deposits in several Latin
American countries, including El Salvador, Costa Rica, Peru, and Mexico.
Mr. Misantoni earned a B.S. Degree in Geology from Southern Ill. Univ.,
and an M.S. in Economic Geology from Colorado State University and is based
at the Pride of the West Mill Office at Silverton, CO.
Ms. Debbie Cokes, Environmental
Affairs Manager
Ms. Cokes has 27 years of experience
in the environmental and water treatment fields and holds a degree in Civil
Engineering from the University of Colorado/Boulder. Ms. Cokes has a significant
background in process monitoring, mining, regulatory affairs, environmental
remediation, and working with watershed groups. Ms. Cokes operates out
of the Pride of the West Mill Office at Silverton, CO.
Eric Owens, Board Member
Dr. Owens is President, Treasurer and Director of Alexandria
Minerals Corporation of Toronto, Ontario, Canada. He has 23 years experience
in the mineral exploration industry in North America, Mexico and Central
America. Previously, he held positions with Newmont Mining, BHP Minerals,
Phelps Dodge Corp. and Echo Bay Mines. Dr. Owens holds a Ph.D (1992) in
geology from the University of Western Ontario and is a licensed Professional
Geologist.
Beverly Rich, Board Member
Ms. Rich is the Treasurer for San Juan County, Colorado;
Democratic Party Chairperson for San Juan County, Colorado; and is Democratic
Party Chairperson for the 6th Senatorial District in Colorado. She is Chairperson
for the San Juan County Historical Society, and is on the Colorado State
Historical Fund Advisory Board. She is also a board member of the Red Mountain
Task Force and is on the San Juan Regional Planning Commission. Ms. Rich
graduated from Fort Lewis College in Durango, Colorado.
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Financial Highlights For CGFI |
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Throughout
human history, gold has been not only a means of exchange, but also a store
of value. Gold is an excellent hedge against inflation, and protects earnings
for the future. Modern investors can invest in gold the traditional way
- by purchasing gold bullion in the form of bars or coins - or they can
trade in gold or gold futures electronically, or by investing in gold mining
or refining companies.
The Flight to Gold
- The US dollar is weak and getting weaker.
- Gold price appreciation makes up for
lost interest, especially in a bull market.
- The last four years are the beginning
of a major bull move similar to the 70's when gold moved from $38 to over
$800.
- Central banks in several countries
have stated their intent to increase their gold holdings instead of selling.
- All gold funds are in a long-term
uptrend with bullion, most recently setting new all-time highs.
- The trend of commodity prices to increase
is relative to gold price increases.
- Worldwide gold production is not matching
consumption. The price will go up with demand.
- Most gold consumption is done in India
and China and their demand is increasing with their increase in national
wealth.
- Several gold funds reached all-time
highs in 2006 and are still trending upward.
- The short position held by hedged gold
funds is being methodically reduced.
- The recent devaluation of the U.S.
dollar has eroded that currency as an international safe haven of last
resort.
CGFI
for a CGFI
PDF Power Point Presentation, Click
Here
Sector: Basic Materials - Industry: Industrial Metals
& Minerals
Avg Vol (3m): 297,020 - Market Cap: $24.37M - Recent price
$0.17
State or other jurisdiction of incorporation or organization:
NV
Transfer Agent: Empire Stock Transfer
TO VIEW THE SEC FILINGS FOR CGFI, CLICK
HERE
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Company Contacts |
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Colorado Goldfields Inc.
10920 W. Alameda Avenue, Lakewood, Colorado 80266
Telephone: 303.984.5324
Web site: www.cologold.com
Investor Relations
Brad Long
J&J Investor Relations Incorporated
Telephone: 866.579.2434
e-mail: blong@sologold.com
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