Colorado Goldfields Inc. (fka CGFI)

[flicker]

8 out of 9 amended permit criteria, listed as Environmental Protection Facilities, have been approved and work begun. The ninth criteria involves the Mill Tailings Repository.

The conditions specified by the DRMS regard the ninth EPF, which is the Mill Tailings Repository. The DRMS requested 1) additional geotechnical substrate stability analysis, 2) structure specific engineering designs for the cover of the repository, 3) analysis of the repository’s reserve capacity, 4) recalculation of financial warranty. The Company estimates that the conditions will be satisfied by the end of second quarter of fiscal 2013.

Thus the June start date projected for the Mill operation.

Of significant concern, however, is whether or not the company has the ability to continue the work needing to take place between now and June... lack of working capital being the problem.