Colorado Goldfields Inc. (OTCBB: CGFI)

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

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. 

The Market, the Value and the Mines

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). 

(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

(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.

The CGFI Properties and the Pride of the West Mill

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. 

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'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. 

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 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. 

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 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. 

CGFI in the News

Press Release Source: Colorado Goldfields Inc. 
Tuesday June 10, 8:00 am ET 

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

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.

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

• 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 

Company Contacts

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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