Colorado Goldfields Inc. (fka CGFI)

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CGFIA-NEWS-Colorado Goldfields Joins in Mountain Studies Institute's Mining Conference Summit in Silverton

LAKEWOOD, CO - Colorado Goldfields Inc.'s (OTCQB:CGFIA) (CGFIA.PK) executive management team attended the Mountain Studies Institute's Mining Conference held in Silverton at The Kendall Mountain Community Center on Thursday, April 26, 2012.
Attendees at the conference included representatives from Sunnyside Gold, the U.S. Bureau of Land Management, San Juan County Commissioners, the Cripple Creek and Victor Gold Mine Co., the Colorado Division of Reclamation, Mining, and Safety ("DRMS"), and approximately 50 local residents of San Juan County.

As described in the Silverton Standard and the Miner on May 3, 2012:

"Loretta Pineda, DRMS director, said the agency operates on a $10 million annual budget and oversees 1,539 mine sites and 245 exploratory sites statewide. That includes operations to extract construction materials such as gravel. A total of 181,000 acres are permitted for mining activities in Colorado and the agency holds $423 million in bonds to assure reclamation takes place once the mining operations cease.

"DRMS does not decide 'should a mine be in this place', Pineda said. 'We just don't have that kind of jurisdiction.' But the agency does try to assure that mining operations do not cause irreparable harm to the environment.

"In San Juan County, DRMS currently has 17 permitted sites. Of those, four are for extracting construction materials, four are for hardrock mining and nine are for exploration. 'We have a thriving mineral industry in the southwest (part of Colorado),' said Wally Erickson of the Durango field office. He described his role as being a 'dirt cop' and he said the agency 'can't just sit on it' when an application for a permit is filed.

"Bob Larson, mining engineer and consultant to Colorado Goldfields, stated, 'Reasonable rules and regulations are necessary. But they need to be reasonable and attainable. We need to keep that dialogue open and work together.'"
The DRMS is continuing their evaluation of an amendment to the Company's reclamation permit.

The Company has received over $9 million in preliminary purchase orders for toll gold/silver ore milling in advance of the permit process completion from gold/silver mines in the area, including.

A 3D animation showing ore processing may be viewed on the Company's website at: http://www.cologold.com/prideofthewest.htm

A video tour of the Pride of the West Mill may be viewed at: http://www.cologold.com/uploads/2009-05-14_Mill.wmv

In a press release on May 1, 2012, the Company stated: "after a two month extensive review and analysis of the Company's 526 page permit amendment application, exhibits and attending documents together with a compliance meeting with Colorado Goldfields Inc. management, the United States Bureau of Land Management ('BLM') has issued a letter stating that the Agency has no objection, nor does it require a petition before the Colorado Mined Land Reclamation Board in connection with operations at the Pride of West Gold/Silver Mill."

The sentence should read: "The United States Bureau of Land Management ('BLM') has issued a letter stating that the Agency has no objection, nor does it require a petition before the Colorado Mined Land Reclamation Board in connection with operations at the Pride of West Gold/Silver Mill."

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About the Mountain Studies Institute:
The Mountain Studies Institute (MSI) is an independent, non-advocacy, not-for-profit 501(c)3 center for research, education, and outreach. MSI operates its headquarters and a high-altitude field station in Silverton, CO. MSI also has an office on campus at Fort Lewis College in nearby Durango, CO. MSI's mission is to enhance understanding and sustainable use of the San Juan Mountains through research and education.

About Colorado Goldfields Inc.
Colorado Goldfields Inc. (OTCQB:CGFIA) (http://www.cologold.com) is a Denver-based junior exploration and mining company primarily exploring for gold and silver. Our seasoned management team targets historic gold camps with strong potential for multiple deposit discoveries. Currently, our business model in Colorado provides an outstanding combination of former producing properties with excellent exploration and production potential and a currently inactive, modern, up to 700 ton per day capacity mill facility to allow for an attractive short-term production time frame. A 3D animation showing ore processing may be viewed on the Company's website at: http://www.cologold.com/prideofthewest.htm. A video tour of the Pride of the West Mill may be viewed at: http://www.cologold.com/uploads/2009-05-14_Mill.wmv

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