$CGFIA NEWS!
Colorado Goldfields Inc. Pre-Pays Financial Obligation, Totals $416,892 -- Moves Closer to Permit for Pride of the West Mill
Gold Stocks
Wednesday April 6, 2011, 7:30 am
LAKEWOOD, CO--(Marketwire - 04/06/11) - Colorado Goldfields Inc. (Pinksheets:CGFIA - News) (Pinksheets:CGFIA - News) announces pre-payment, bringing the total financial warranty funded by the Company to $416,892, pursuant to the joint stipulation with the Division of Reclamation, Mining and Safety ("DRMS"). This pre-payment reflects the confidence of the Company's investors in the Pride of the West Mill project.
The financial warranty is in effect a surety bond that serves to guarantee the ultimate reclamation of the site. The joint stipulation between the Company and the State of Colorado DRMS calls for four payments, the first of four installments of approximately $50,000 was funded by the Company on March 9, 2011; the second was paid on an accelerated basis, 10 days early. The last two installments are due in May and June 2011 respectively. Colorado Goldfields will have posted a total financial warranty of $515,130 as of June, 2011. The Company has successfully identified the funding source for the required payments, which will place the Company in full compliance with the financial warranty requirements of the DRMS.
"It is gratifying to see the Company move much closer to permitting The Pride of the West Mill," stated C. Stephen Guyer, CFO for Colorado Goldfields.
News 
Market Data 
Discover 
AI
