Colorado Goldfields Inc. (fka CGFI)

[cleangold]

deal with Brooklyn mine closed..............
Colorado Goldfields Completes Acquisition of Brooklyn Mine; Company CEO and CFO Third Appearance on "The Big Biz Show" with Russ and Sully



LAKEWOOD, CO -- Colorado Goldfields Inc. (OTCBB:CGFIA) is pleased to announce that the Company has completed execution of a Mining Lease with Option to Purchase Agreement for the Brooklyn Mine in San Juan County, Colorado. The terms of the agreement include the issuance of 75,000,000 restricted shares of Class A common stock in Colorado Goldfields restricted in a lock up for a period of 3 years during which no sales or other conveyances may be undertaken, a work commitment averaging $200,000 per year, and a 5% Net Smelter Royalty. The lease automatically renews so long as ores, minerals, or metals are being produced or sold.



The properties consist of approximately 600 acres of patented and unpatented claims located along the historic Brooklyn Mine and associated structures. Since its discovery in the year 1900, the Brooklyn Mine has consistently produced exceptionally high-grade gold ore. Brooklyn Mine



An historic resource estimate of $13.8 million (14,535 ounces of gold times $950 per ounce) at a grade of 0.69 ounces per ton contained in two established and accessible ore shoots below the existing workings is based on well-documented and confirmed prior exploration. "We are targeting grades of 0.30 to 0.90 opt Au, however the Brooklyn Vein has produced ore with grades as high as 30.0 ounces of gold per ton," stated Jonathan Moore, Project Geologist. "The Brooklyn represents a property that is perfectly aligned with our Company's strategy of targeting past producing mining properties in historic districts for exploration and production," said Moore.



Also, Company Executives Lee R. Rice and C. Stephen Guyer were invited back for a third interview on the "Big Biz Show," which airs today October 6, 2009, at 4:10pm EDT. The interview will also be available Wednesday morning on the Company's website at:



http://www.cologold.com/uploads/2009-10-06_BigBizShow.wmv.



About Big Biz Radio, Inc.
Big Biz Radio Show could be best described (actually it WAS described by The Wall Street Journal) as "Business with a Bar Room slant. It is a talk show that covers business and the business of life, sports and any other thing its two hosts feel are relevant." The show has been on the air for over 12 years. Its contents are replayed on the Wealth Television (Herring Broadcast Group) network of radio stations.