NEWS CGFIA TIME TO SELL THE FARM AND LOAD UP!
Shares of Colorado Goldfields Inc. (OTC: CGFIA) are seeing a huge rally in today’s trading. The penny stock at one point soared past 100% gains, and is currently up 56.25% to $0.0025, on above average volume of 360.96 million. The stock is currently trading above its 50-day and 200-day moving averages.
The company recently announced that it signed a letter of intent to purchase the Gavilanes Property located in Durango, Mexico. The company signed into a letter of intent to acquire the properties through an option to purchase currently held by Aurelio Resource Corporation in exchange for its common stock.
Aurelio confirmed through its exploration, geological and assay results, the mineralization consisting of more than 0.2 ppm gold. The study also projected that the mineralization area could be as large as 700 meters in east-west direction and 600 meters north to south.
The Gavilanes properties are situated in the Tamazula District, Durango, Mexico, and consist of mining claims and concessions covering approximately 100 hectares. Additionally, 900 hectares of exploration concessions have been staked around the initial Gavilanes property.
The acquisition significantly enhances the enterprise value of Colorado Goldfields by giving the company geographic diversity and access to ore concentrate year-round.
The company also announced that it received $9.1 million purchase orders in custom gold ore milling from active mines in southwestern Colorado. The initial gold ore flow to Colorado Goldfields is now estimated to be approximately 300 tons per day by these orders, and represents $9.1 million in revenue in the first 12 months of operations, generating a projected $4.8 million in net profits for the company.
The cash proceeds from these purchase orders would commence within 45 days of reactivation of The Pride of the West Mill.
