Colorado Goldfields Inc. (fka CGFI)

[kuni]

FWIW - hope this helps


http://www.marketwire.com/press-release/colorado-goldfields-announces-450000-total-pay-down-on-pride-west-mill-mortgage-receives-otcqb-cgfia-1679338.htm


July 12, 2012 08:30 ET

Colorado Goldfields Announces $450,000 Total Pay Down on Pride of the West Mill Mortgage and Receives Extension Through the End of the Year



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LAKEWOOD, CO--(Marketwire - Jul 12, 2012) - Colorado Goldfields Inc. (OTCQB: CGFIA) (PINKSHEETS: CGFIA) announces that it has paid down a total of $450,000 of the existing promissory note on the Pride of the West Mill through the same funding facility announced in June 2010, leaving a balance of approximately $200,000 plus accrued interest. It is anticipated that this funding source will also assist the Company in funding operations through permit approval and into the construction phase of the Pride of the West Mill.

The Company has also received an extension until December 31, 2012 of the loan on the Company's Pride of the West Mill. The loan was originally due to expire on July 1, 2012, at which time Colorado Goldfields would have had to repay the balance in full.

1st SB Partners Ltd., a consulting firm providing strategic advisory services in the micro-cap realm, headquartered in New York City, was instrumental in arranging for and maintaining the financing facility for the Company.

Colorado Goldfields 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 ore mines in the area.

The Company also reminds readers of its 3D animation of the Pride of the West Mill. Like never before, this three-dimensional presentation takes the viewer through the entire milling process in a way that can't even be seen in person. "This presentation is a way to see and understand how to turn ore into gold in a very realistic way," stated Lee Rice, President & CEO of Colorado Goldfields.

The 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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