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Thursday, September 22, 2011 7:38:33 AM
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$CGFIA ~ Colorado Goldfields Inc. Launches NI 43-101
Colorado Goldfields Inc. Launches NI 43-101 "Property of Merit" Project for Utah Uranium Claims -- Valuation Estimate Increases to $50 Million
LAKEWOOD, CO--(Marketwire -09/21/11)- Colorado Goldfields Inc. (OTCQB: CGFIA.PK - News) (Pinksheets: CGFIA.PK - News) announced today that the Company has launched an aggressive exploration project to determine the potential value of its 63 uranium claims.
On June 29, 2011, Colorado Goldfields announced that it had purchased the Pay Day and Rage claims. These claim groups consist of 63 (55 Pay Day and 8 Rage) claims. The Pay Day claim group is located in Township 32 South, Range 24 East of the Salt Lake Meridian in Sections 26, 27, 34, and 35, in San Juan County northeast of Monticello, Utah. The Rage claim group spans Stevens Canyon on the southeast flank of the Seven Sisters Buttes in Township 33 South, Range 20 East of the Salt Lake Meridian in Section 33, San Juan County, Utah. Both claim groups have been plotted on USGS topographic maps as shown.
Based upon the preliminary geological report and information from the Atomic Energy Commission, the seller of the properties extrapolated a resource estimate of 45,000 tons of uranium bearing ore. The uranium content averages 0.27% which is 5.4 pounds per ton, yielding 243,000 pounds. On May 30, 2011, the spot market price for uranium was $57.50 per pound. Therefore, the total estimated value of the uranium content would be $13,972,500.
An initial internal analysis by Company president Lee R. Rice indicates that the historical information used by others did not account for all possible sources and additional potential resource at depth. For that reason, we have engaged Allan P. Juhas, Ph.D. in Economic Geology, University of Manitoba 1973, to undertake the preparation of an NI43-101 technical report based upon the Company's exploration plan and previous work that can be verified. Dr. Juhas has over 50 years experience in a broad spectrum of precious metals and base metals geological pursuits. He is well recognized in the industry, and prepares a number of NI43-101 reports each year.
National Instrument 43-101 ("NI43-101") is a mineral resource classification and reporting medium used for the public disclosure of information relating to mineral properties in Canada. The NI43-101 is a strict guideline for how public companies can disclose scientific and technical information about mineral projects on bourses supervised by Canadian Securities Administrators. Furthermore, the NI43-101 has become the de facto standard for almost all public mining companies.
"Our objective is to establish an NI43-101 compliant resource for our Utah Properties, which we believe will be significantly greater than the information that has been gathered to date," stated Lee Rice, President of Colorado Goldfields.
http://finance.yahoo.com/news/Colorado-Goldfields-Inc-iw-2486126499.html?x=0
Colorado Goldfields Inc. Launches NI 43-101 "Property of Merit" Project for Utah Uranium Claims -- Valuation Estimate Increases to $50 Million
LAKEWOOD, CO--(Marketwire -09/21/11)- Colorado Goldfields Inc. (OTCQB: CGFIA.PK - News) (Pinksheets: CGFIA.PK - News) announced today that the Company has launched an aggressive exploration project to determine the potential value of its 63 uranium claims.
On June 29, 2011, Colorado Goldfields announced that it had purchased the Pay Day and Rage claims. These claim groups consist of 63 (55 Pay Day and 8 Rage) claims. The Pay Day claim group is located in Township 32 South, Range 24 East of the Salt Lake Meridian in Sections 26, 27, 34, and 35, in San Juan County northeast of Monticello, Utah. The Rage claim group spans Stevens Canyon on the southeast flank of the Seven Sisters Buttes in Township 33 South, Range 20 East of the Salt Lake Meridian in Section 33, San Juan County, Utah. Both claim groups have been plotted on USGS topographic maps as shown.
Based upon the preliminary geological report and information from the Atomic Energy Commission, the seller of the properties extrapolated a resource estimate of 45,000 tons of uranium bearing ore. The uranium content averages 0.27% which is 5.4 pounds per ton, yielding 243,000 pounds. On May 30, 2011, the spot market price for uranium was $57.50 per pound. Therefore, the total estimated value of the uranium content would be $13,972,500.
An initial internal analysis by Company president Lee R. Rice indicates that the historical information used by others did not account for all possible sources and additional potential resource at depth. For that reason, we have engaged Allan P. Juhas, Ph.D. in Economic Geology, University of Manitoba 1973, to undertake the preparation of an NI43-101 technical report based upon the Company's exploration plan and previous work that can be verified. Dr. Juhas has over 50 years experience in a broad spectrum of precious metals and base metals geological pursuits. He is well recognized in the industry, and prepares a number of NI43-101 reports each year.
National Instrument 43-101 ("NI43-101") is a mineral resource classification and reporting medium used for the public disclosure of information relating to mineral properties in Canada. The NI43-101 is a strict guideline for how public companies can disclose scientific and technical information about mineral projects on bourses supervised by Canadian Securities Administrators. Furthermore, the NI43-101 has become the de facto standard for almost all public mining companies.
"Our objective is to establish an NI43-101 compliant resource for our Utah Properties, which we believe will be significantly greater than the information that has been gathered to date," stated Lee Rice, President of Colorado Goldfields.
http://finance.yahoo.com/news/Colorado-Goldfields-Inc-iw-2486126499.html?x=0
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