Colorado Goldfields, Inc. (OTCBB: CGFI)

Dear Reader,

Colorado Goldfields, Inc. (OTCBB: CGFI) may be one of the best risk/reward opportunities in the junior mining industry. CGFI continues its focus on the progress of its summer 2008 drilling program, which is progressing toward positive results. John Ferguson, CGFI director of operations recently reported that “The core drilling program begun summer 2008 is progressing on schedule. The first two drill holes on the Gold King have intercepted multiple mineralizations. While assay reports remain in progress, the mineralizations appear to be consistent with historic information that showed significant gold, silver, and other mineral deposits at this location."  Please take a few moments to review the profile below along with the company recent news.  

About Colorado Goldfields

Colorado Goldfields, Inc. 10920 West Alameda, Suite 207 Lakewood, Colorado 80226 www.cologold.com

Ticker: CGFI (OTC BB)

Colorado Goldfields Inc. (OTCBB: CGFI), http://www.cologold.com, 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 500 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.

Milestones

Jul 2008 – Feb 2009 Surface drilling  7th level rehabilitation NI 43-101 report

Feb 2009 – Nov 2009 Underground Drilling New Workings Full Mine Permit

Dec 2009 – May 2010 Underground Drilling New Workings Feasibility Study

May 2010 – Dec 2010 Mill Rehabilitation Mill Reactivation  * Begin Production *

Management Team Lee R. Rice - CEO & President C. Stephen Guyer - CFO John Ferguson - Director, Operations Debbie Cokes - Environmental Affairs Brad Long - Investor Relations blong@cologold.com 1-866-579-2434

Company Information Symbol / Market: CGFI / OTC:BB Shares authorized: 1,185 M Shares outstanding: 103 M Assets: $16.6 M+ (market value) Market Cap: $10.7 M Average volume (3m): 189,492 Share Price: $0.11

Fiscal Year: Revenue:  Gross Margin:

FY08 $0

FY09  $2M 31%

FY10 $10M 37%

FY11 $22M 45%

FY12 $36M 49%

This press release contains forward-looking statements within the meaning of United States Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934 as amended. Investors are cautioned that these forward-looking statements involve uncertainties and risks that could cause actual performance and results of operations to differ materially from those anticipated by these statements. These risks and uncertainties include issues related to the ability to: obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new opportunities, and the unpredictable nature of business risks; as well as other factors set forth in the Company's most recently filed SEC reports. The forward-looking statements contained herein represent the Company's judgment as of the date of this release and it cautions readers not to place undue reliance on such statements. The Company assumes no obligation to update the statements contained in this release.

Recent News From CGFI

Press Release Source: Colorado Goldfields, Inc.
Thursday September 11, 7:54 am ET

LAKEWOOD, Colo.--(BUSINESS WIRE)--Colorado Goldfields, Inc. (OTCBB:CGFI - News) announces that as part of its collaborative teaming arrangement with the Colorado Division of Reclamation, Mining and Safety, Maisel Excavation of Silverton, Colorado has completed the installation of a permanent portal-discharge diversion structure at the Gold King Level 7 Portal. Design, construction, and materials were funded by the Colorado Division of Reclamation, Mining and Safety.

This structure will convey water discharge from the “Lu Adit” from the mine to an adjacent stable rock slope on the east edge of the discharge mound. This significant site improvement will enhance Colorado Goldfields’ ability to accurately monitor water quality and flow; benefiting overall site conditions and safety.

“This project, along with the financial participation of the Division of Reclamation, Mining and Safety is another example of Colorado Goldfields’ recognized commitment to environmentally responsible mining,” said Debbie Cokes, Environmental Affairs Manager for Colorado Goldfields. MORE

LAKEWOOD, Colo.--(BUSINESS WIRE)--Colorado Goldfields Inc. (OTCBB:CGFI) announces that core drilling on the Gold King and Mogul Mines is providing useful data on the geology of the systems. The Company is currently correlating data from the initial Gold King 2008 drill holes with historic intercepts. When assay returns are received from this year's drilling program, the Company believes it will be able to confirm some of the historic data and also build upon new data from unexplored areas of the veins.

“We anticipate, subject to third party assay verification, that we will be able to determine if there are one or more mineable veins in this system parallel to the principal Gold King Davis vein. We are excited about the possibility of multiple veins containing historically unrecognized ore shoots,” said John Ferguson, Colorado Goldfields’ Director of Operations. MORE

Press Release Source: Colorado Goldfields Inc.
Monday September 8, 8:00 am ET

LAKEWOOD, Colo.--(BUSINESS WIRE)--Colorado Goldfields Inc. (OTCBB:CGFI) announces that the summer 2008 drilling program is progressing toward positive results. John Ferguson, Director of Operations for Colorado Goldfields, reports that “The core drilling program begun summer 2008 is progressing on schedule. The first two drill holes on the Gold King have intercepted multiple mineralizations. While assay reports remain in progress, the mineralizations appear to be consistent with historic information that showed significant gold, silver, and other mineral deposits at this location. We believe that the results will confirm the historic resource estimates.

“Drilling on the Mogul Mine is expected to intercept the Mogul vein this week. Surface shallow short drill holes are underway, which will supplement the deep drilling and surface sampling,” said Mr. Ferguson.

Previously, it was announced that the Board of Directors and executive officers of Colorado Goldfields entered into a 24 month lock-up agreement for 40,500,000 shares of common stock, representing approximately 40% of the issued and outstanding common shares. The lock-up agreement provides that they will not directly or indirectly trade, sell, or otherwise transact their shares of Colorado Goldfields Inc.

“Our drilling program progress reinforces our confidence in the long-term outlook for the company and we are affirmed in our strategic direction. I believe that this lock-up agreement continues to send a clear message to our shareholders that the management team has a long term fundamental commitment to Colorado Goldfields,” said CEO Todd Hennis.  MORE

LAKEWOOD, CO -- (BUSINESS WIRE) -- Colorado Goldfields Inc. (OTCBB: CGFI), a junior mining company exploring for gold and silver, will host its first quarter investor conference call on Thursday, September 4, 2008 at 11 AM (EST).  The Company’s management team will discuss its fiscal year 2009 business plan including how the commencement of drilling at the Gold King and Mogul Mines as well as management’s recently announced lock-up agreement affect the Company’s future.

Conference call particulars are as follows: 

Date:  Thursday, September 4, 2008
Time:   11 AM EST
Dial-in number: 877-718-5107 in the U.S. and 
719-325-4791 for international callers (Passcode 9074671)
Replay Number: 888-203-1112 in the U.S. and 719-457-0820 for international callers.  (Passcode: 907467)

Investors will be able to access a replay of the conference call and the Webcast on the Internet at http://www.cologold.com/s/2008-09-04Call.asp

The Company has made available a current CGFI Fact Sheet (http://www.cologold.com/s/factsheet.asp) and audio presentation of the CGFI 2009 business plan (http://www.cologold.com/s/audiopresentation.asp) on its website at http://www.cologold.com.  MORE

August 19, 2008 05:53 AM Mountain Daylight Time

LAKEWOOD, CO -- (BUSINESS WIRE) -- Colorado Goldfields Inc. (OTCBB: CGFI) commenced drilling at its Mogul Mine Project in San Juan County, Colorado.  CGFI will drill multiple holes into various geologic zones to verify potentially recoverable gold and silver and to determine exactly where mining will yield the highest production. 

Colorado Goldfields Inc.’s company Longyear 34 drill is drilling to intercept the Mogul-Brenneman-Washington vein on the Company controlled Mogul property.  The objective of this drilling is to extend the Mogul base metal rich (with some gold and silver) below the old workings.  It is anticipated that a 43-101 compliant resource can be indicated from this drilling coupled with historic data. 

The Mogul Mine is situated on property that is located in the heart of the San Juan County gold fields and proven gold producing ground, 8 miles from Silverton.

The Mogul Mine is a high-grade zinc/lead/silver property that adjoins both the Gold King Mine and the Sunnyside 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 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 to feet appears on the surface.

The purpose of this drilling, as well as the previously announced drilling at the Company’s Gold King Mine, is to verify and expand the historic delineated tonnage at the property to N.I. 43-101 standards.

Drilling commenced July 19, 2008. 

About Colorado Goldfields Inc.
Colorado Goldfields Inc. (OTC:BB CGFI), http://www.cologold.com, 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 500 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.

Notice regarding forward-looking statements
This news release may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995.  Forward-looking statements or information includes statements regarding the expectations and beliefs of management.  Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.  Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to obtaining financing to meet the Company's exploration program and operating costs during its exploratory stage, the interpretation of exploration results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, or other unanticipated difficulties with or interruptions in production and operations, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including the inability to obtain mining permits and environmental regulatory restrictions and liability, the speculative nature of mineral exploration, dilution, competition, loss of key employees, and other risks and uncertainties, including those described under "Risk Factors" in the Company's Annual Report on Form 10-KSB filed on December 27, 2007, and as amended on March 3, 2008, which is on file with the Securities and Exchange Commission, as well as the Company's other SEC filings. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements.  Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.  The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect event or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as is required under applicable securities laws.

Cautionary note to U.S. Investors -- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.  We use certain terms on this website (or press release), such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosures in our 10-KSB which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.  This press release may contain information about adjacent properties on which we have no right to explore or mine.  We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

Contact

Brad Long
Colorado Goldfields Inc.
866-579-2434
10920 W. Alameda Avenue, Suite 207, Lakewood, CO 80226
http://www.cologold.com

August 14, 2008 06:00 AM Mountain Daylight Time

LAKEWOOD, CO -- (BUSINESS WIRE) -- Colorado Goldfields Inc. (OTCBB: CGFI) announces that its Board of Directors and executive officers entered into a 24 month lock-up agreement for 40,500,000 shares of common stock, representing approximately 40% of the issued and outstanding common shares.  The lock-up agreement provides that they will not directly or indirectly trade, sell, or otherwise transact their shares of Colorado Goldfields Inc.
“We are excited about the long-term outlook for the company and are confident in our strategic direction. I believe that this lock-up agreement sends a clear message to our shareholders that the management team has a long term commitment to Colorado Goldfields”, said CEO Todd Hennis.

About Colorado Goldfields Inc.
Colorado Goldfields Inc. (OTC:BB CGFI), http://www.cologold.com, 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 500 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.

Notice regarding forward-looking statements 
This news release may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995.  Forward- looking statements or information include statements regarding the expectations and beliefs of management. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to obtaining financing to meet the Company’s exploration program and operating costs during its exploratory stage, the interpretation of exploration results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations, accidents, equipment breakdowns, title matters, or other unanticipated difficulties with or interruptions in production and operations, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including the inability to obtain mining permits and environmental regulatory restrictions and liability, the speculative nature of mineral exploration, dilution, competition, loss of key employees, and other risks and uncertainties, including those described under “Risk Factors” in the Company’s Annual Report on Form 10-KSB filed on December 27, 2007, which is on file with the Securities and Exchange Commission, as well as the Company’s other SEC filings. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. This press release may also contain information about adjacent properties on which the company has no right to explore or mine. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.”Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” to reflect event or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as is required under applicable securities laws.

Cautionary note to U.S. Investors -- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.  We use certain terms on this website (or press release), such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosures in our 10-KSB which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.  This press release may contain information about adjacent properties on which we have no right to explore or mine.  We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

Contact Information

Brad Long
Colorado Goldfields Inc.
866-579-2434
10920 W. Alameda Avenue, Suite 207, Lakewood, CO 80226
http://www.cologold.com

August 12, 2008 07:00 AM Mountain Daylight Time

LAKEWOOD, CO -- (BUSINESS WIRE) -- Colorado Goldfields Inc. (OTCBB: CGFI) commenced drilling at its Gold King Mine Project in San Juan County, Colorado.  CGFI will drill multiple holes into various geologic zones to verify potentially recoverable gold and silver and to determine exactly where mining will yield the highest production.  The purpose of this drilling is to verify and expand the historic delineated tonnage at the property to N.I. 43-101 standards.

The initial drilling targets are the North Vein of the property in an area of historic high grade gold intercepts.  The first three holes of the 2008 season are in the area of an unverified 1984 drill hole that intersected two high grade gold structures with substantial base metal content. The drilling area is also near an unverified underground drill hole completed in 1990 that reportedly hit a high grade gold structure.

The immediate drilling plan is anticipated to hit additional vein structures that have not been adequately tested in the past.  The drilling plan is also designed to reach the main Gold King-Davis vein structures and to test the Portland Extension Vein of the property.

CGFI has engaged Godbe Drilling of Montrose, Colorado to perform the drilling utilizing a truck-mounted Longyear 44 drill rig.  Drilling commenced July 19, 2008. 

About Colorado Goldfields Inc.
Colorado Goldfields Inc. (OTC:BB CGFI), http://www.cologold.com, 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 500 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.

Notice regarding forward-looking statements
This news release may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995.  Forward-looking statements or information includes statements regarding the expectations and beliefs of management.  Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.  Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to obtaining financing to meet the Company's exploration program and operating costs during its exploratory stage, the interpretation of exploration results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, or other unanticipated difficulties with or interruptions in production and operations, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including the inability to obtain mining permits and environmental regulatory restrictions and liability, the speculative nature of mineral exploration, dilution, competition, loss of key employees, and other risks and uncertainties, including those described under "Risk Factors" in the Company's Annual Report on Form 10-KSB filed on December 27, 2007, and as amended on March 3, 2008, which is on file with the Securities and Exchange Commission, as well as the Company's other SEC filings. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements.  Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.  The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect event or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as is required under applicable securities laws.

Cautionary note to U.S. Investors -- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.  We use certain terms on this website (or press release), such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosures in our 10-KSB which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.  This press release may contain information about adjacent properties on which we have no right to explore or mine.  We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

Contact

Brad Long
Colorado Goldfields Inc.
866-579-2434
10920 W. Alameda Avenue, Suite 207, Lakewood, CO 80226
http://www.cologold.com

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