Colorado Goldfields Inc. (fka CGFI)

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CGFIA-Furthermore on June 3, 2011 we submitted a Notice of Intent to Conduct Prospecting Activities on the 35-acre dry stacking site. This notice is describes the necessary work to be performed pursuant to constructing the major portion of Amendment No. 3 to the Reclamation Permit. This work is also subject to the approval of the DRMS, which was given on June 21, 2011.

DEFINITION:

“Prospecting” is defined in Rule 1.1(43) of the Hard Rock/Metal Mining Rules and Regulations as the act of
searching for or investigating a mineral deposit. “‘Prospecting’ includes, but is not limited to, sinking shafts,
tunneling, drilling core and bore holes and digging pits or cuts and other works for the purpose of extracting
samples prior to the commencement of development or extraction operations, and the building of roads,
access ways, and other facilities related to such work. The term does not include those activities which cause
very little or no disturbance.

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GL