Colorado Goldfields Inc. (fka CGFI)

[ten_percent_or_more]

Their latest press release:
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Colorado Goldfields Commences Drilling at Gold King
Tuesday August 12, 9:00 am ET

LAKEWOOD, Colo.--(BUSINESS WIRE)--Colorado Goldfields Inc. (OTCBB:CGFI - News) 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 hole of the 2008 season is 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. (OTCBB:CGFI - News), 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.

Contact:
Colorado Goldfields Inc.
Brad Long
866-579-2434
http://www.cologold.com

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Source: Colorado Goldfields Inc.