Colorado Goldfields Inc. (fka CGFI)

[MUSHROOMKING]

Thanks bob lembo:

LAKEWOOD, CO--(Marketwire - 09/15/09) - Colorado Goldfields Inc. (OTC.BB:CGFIA - News) is pleased to announce that the Company Executives' interview on the "Big Biz Show," which originally aired on September 9, 2009, is available on the Company's website:

http://www.cologold.com/uploads/2009-09-09_BigBizShow.wmv.

In addition, the Company is pleased to provide an update of the 2009 work plan for the Brooklyn Mine acquisition.

The existing historic resource estimate for the Brooklyn Vein offers Colorado Goldfields a prime opportunity to develop a near-term minable reserve through confirmation and step-out diamond drilling. The expected resource blocks are located below the Number 2 Level of the mine and occur as down-dip extensions of known ore shoots. Most importantly, these ore shoots are open at depth and the continuity of mineralization is indicated by historic ore grade (0.10 to 2.13 ounces per ton of gold) drill intercepts over composite 4 foot mine widths. Colorado Goldfields will perform mapping and infill sampling of the Number 2 Level drift to support and guide diamond drilling from the surface to confirm and guide expansion of these important resource blocks.

Colorado Goldfields' personnel have completed an extensive review of all available information concerning the exploration, past production, and the existing historic resource estimate (14,535 oz. gold $14.5 million at $1000/oz.) of the project area, and have developed a specific and dynamic strategy for exploration.

In total, the Brooklyn property consists of approximately 600 acres of patented and unpatented mining claims centered on the Brooklyn Shear Zone. Surface reconnaissance of known mineralized areas, a geochemical soil survey, and a geophysical magnetic surveying are planned for late 2009 in order to assess the scale of any unrecognized mineralization.

Through historic data review and collaborative field work, we have identified three major geologic targets for detailed exploration -- Rainbow, Gloucester, and Frankie.

The Rainbow Shear Zone parallels the Brooklyn Vein to the northwest, and has yielded historic high-grade gold values in several locations both on the surface and underground.

The Gloucester Vein is a prominent structure that crosses the Rainbow and Brooklyn Veins and has historically returned numerous ore-grade sample results in prior exploration. The Gloucester Vein also produced significant high-grade ore (over 1.0 ounces per ton gold) where it was mined on the Number 2 Level of the Brooklyn mine.

The Frankie target is a small adit located on the SW end of the Rainbow Shear. All of the targets are open along strike and dip, and have never been drill tested in either capacity.

The table below presents sample data and assay results of these exploration targets.



�
Target Gold (opt) Silver (opt) Width (ft) Location
Rainbow 2.69 4.85 0.5 Surface Trench
Rainbow 0.176 5.19 3.7 143' x-cut
Rainbow 1.218 1.67 2.4 143' x-cut
Gloucester 0.380 6.62 0.5 Drift
Gloucester 2.644 1.66 1.5 Drift
Gloucester 0.652 4.39 1.1 Drift
Frankie 1.376 88.78 1.42 Prospect adit
Rainbow 0.444 2.16 1.1 143' x-cut
Rainbow 0.108 0.87 10.0 143' x-cut

- Sample results taken from Brooklyn Mining Company exploration completed
in summer 1984. All sample results are taken from assay reports of Root
and Norton Assayers of Silverton, Colorado. All sample locations taken
from field notes and summary reports of field geologists involved.


Proposed work for the remainder of 2009 includes detailed mapping and extensive sampling of accessible structures, outcrops, and prospects related to the Rainbow Shear and Gloucester Vein zones to generate diamond drill targets for follow-up exploration.

In an all-stock transaction, Colorado Goldfields will lease with an option to purchase the Brooklyn properties in exchange for shares of Class A Common Stock. The acquisition is of course subject to mutual due diligence. The due diligence period extends to September 30, 2009.