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Hey Dart... CGFI posted finding this morning...plus they are paying dividends to shareholders 30%

Testing at Gold King Mine Affirms Colorado Goldfields' Drilling Program

ALERT: Gold Discovery Breakthrough With State-of-the-Art NITON XRF Testing at
Gold King Mine Affirms Colorado Goldfields' Drilling Program

LAKEWOOD, CO, Nov 11, 2008 (MARKET WIRE via COMTEX) -- Colorado Goldfields Inc.
(CGFI) announces the results of NITON XRF analyses of select interval core
samples from the Company's Gold King Mine property. The results of the NITON XRF
analysis confirm that mineralization from Gold King B Vein contains gold grades
ranging from .28 - 3.39 oz/ton, and silver grades of 1.46 - 30.97 oz/ton.

As part of the 2008 drill program, the Company completed 3,459' (1,054m) of core
drilling in three drill holes. These particular diamond drill holes were
positioned to test for NE-SW trending veins continuing from the property's Gold
King-Davis vein system. As anticipated, these drill holes successfully
intercepted multiple parallel veins throughout the length of the drilling. While
several veins are interpreted as being continuous mineralized structures with
potential, the 'B' Vein Zone demonstrated significant mineralization with an
estimated true width of 12-13 feet and continuity.

"The 'B' Vein Zone was encountered in hole CG08-01 at a depth of 635 feet,
expressing two strong quartz sulfide veins that are approximately 30 feet apart.
Step-out holes to the northeast and to the southwest intercepted the 'B' Vein at
615 ft. and 680 ft., respectively. All three intercepts indicated that this is a
strong, well-mineralized, and continuous structure, and as we anticipated and now
demonstrated via the NITON XRF Analyzer, we have indeed established the presence
of gold and silver in the Gold King Mine Extension -- that's very exciting," said
Project Geologist Jonathan Moore.

While awaiting the completion of the entirety of assay results, being provided by
Skyline Laboratories in Tucson, Arizona, Company management requested XRF
analysis in order to obtain early indicative analyses of precious metal content.
Management chose the Thermo Scientific NITON(R) XL3t handheld Analyzer because of
its superior capabilities. While attending the testing at the Company's location
in Silverton, Colorado, Stephen Guyer, the Company's Chief Financial Officer,
declared, "We are most gratified to confirm there is gold in the Gold King
property."

"The use of handheld XRF units, such as the NITON XL3t Analyzer within the mining
industry has been demonstrated worldwide as a statistically reliable technology
for field geologists and other technical personnel to acquire accurate results,
instantly and efficiently. Personally observing the NITON XL3t Analyzer doing its
job was inspiring and will greatly accelerate our ability to create measureable
and confirmable results," said Guyer.

Results from the NITON XL3t Analyzer testing performed on the Gold King Mine
Extension mineralized segments of the 'B' Vein over a 2.4 ft. drill width are set
forth below:

Hole IDDepth (ft)Au (ppm)Ag (ppm)Cu (%)Pb (%)Zn (%)
---------- --------- --------- --------- --------- --------- ---------
CG08-01639.2114.341551.040.46.3
---------- --------- --------- --------- --------- --------- ---------
CG08-01639.6116.131,0621.452.023.1
---------- --------- --------- --------- --------- --------- ---------
CG08-01639.843.1450.180.351.336.6
---------- --------- --------- --------- --------- --------- ---------
CG08-01640.464.9272.490.701.195.8
---------- --------- --------- --------- --------- --------- ---------
CG08-01640.569.764720.840.8190.2
---------- --------- --------- --------- --------- --------- ---------
CG08-01640.969.0058.330.420.9447
---------- --------- --------- --------- --------- --------- ---------
CG08-01641.261.6154.370.431.7621.7
---------- --------- --------- --------- --------- --------- ---------
CG08-01641.678.4663.80.363.0712.8
---------- --------- --------- --------- --------- --------- ---------



Source: Colorado Goldfields Inc. field testing, November 7, 2008, Silverton,
Colorado using Thermo Scientific NITON(R) XLt x-ray fluorescence (XRF).

--Results are reported in parts per million. To convert parts per
million to troy ounces per short ton, divide by 34.2857
--Sample analyses were performed on whole rock drill core with no prep
--Analysis duration was 120 seconds




Qualified person:

One of the qualified persons responsible for overseeing and reviewing the
technical data is Lee R. Rice, President and CEO of Colorado Goldfields Inc., and
Registered Professional Engineer in Colorado. The technical information prepared
for disclosure in this news release has been read and approved by Mr. Rice.

About the NITON XL3t Series analyzers:

Featuring a high-performance thermoelectrically cooled detector, 80 MHz real-time
digital signal processing, and dual state-of-the-art embedded processors for
computation, data storage, communication and other functions, the XL3t
incorporates many new features directly benefiting the customer. XL3t instruments
can be used for many nondestructive testing applications, including analysis of
metal alloys, screening of electronics and consumer goods for prohibited
substances, mining exploration and grade control, and more. The Thermo Scientific
NITON XL3t 800 Series is the definitive tool for Positive Material Identification
(PMI).

Colorado Goldfields' Dividend:

On Friday, October 17, 2008, the Company's Board of Directors authorized a 30%
(thirty percent) stock dividend (payable in additional shares of common stock),
of the Company's Common Stock. The Stock Dividend Pay Date to stockholders will
be on Wednesday, November 26, 2008. The Company reminds shareholders that they
need to be a shareholder on or before the close of trading November 26, 2008 to
receive the dividend.

About Colorado Goldfields Inc.

Colorado Goldfields Inc. (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 discoveries. 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 up 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.

The Company has made available a current CGFI Fact Sheet in PDF format at
http://www.cologold.com/s/pdfs/CGFIFactSheet.pdf. An audio presentation of the
CGFI 2009 business plan is available on the web at
http://www.cologold.com/s/multimedia/audiopresentation.wmv. The most recent live
investor conference (of September 4, 2008), is available at
http://www.cologold.com/s/audio/CGFI_Live_Investor_CC.wma
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