Colorado Goldfields Inc. (fka CGFI)

[ten_percent_or_more]

Here's another press release from the company...
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Colorado Goldfields' Board of Directors' Lock-up
Thursday August 14, 8:00 am ET

LAKEWOOD, Colo.--(BUSINESS WIRE)--Colorado Goldfields Inc. (OTCBB:CGFI - News) 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.

Contact

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