Colorado Goldfields Inc. (fka CGFI)

[M_T_Pockets]

POW is owned by CGFI. It was purchased from Fearn. It states so in the 10Q.
CGFI owns a lease option on the Silverwing mine.
The way that works is the company paid a fee for the right to operate the mine. The proceeds of the mine go to CGFI and a % of the metals taken from the mine go to the owner. The actual ownership stays with the present owner. (The 10Q does not say who the present owner is.)
Here is a link to the 10Q:
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7924151

By the way, all this misinformation about the permit not being owned by CGFI is absolutely wrong. Here is the statement from the 10Q that unequivocally states the title to the permit has been transferred to CGFI.

Page 15 of the above 10Q:
Quote:
"In March 2008, the Colorado Division of Reclamation, Mining and Safety transferred the mill permit into our name, and in connection therewith, we posted a bond in the amount of $318,154 with the Division in the form of a letter of credit. We have recorded an estimated asset retirement obligation of $656,570 in connection with our estimated future reclamation costs."

That should satisfy any one who believed otherwise. And that is a fact, not an opinion or semantic spin of the truth regarding ownership of the permit.

Hope that covers some things for you Biowise!
GLTY
CGFIA!