Replies to post #5701 on $STOCK UNDERGROUND$

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CGFIA News, all buys on ask so far this morning

Colorado Goldfields Inc. Announces Exploration Plan for King Solomon Mine; Expansion Into a $20 Million Gold and Silver Play
Gold Stocks
Wednesday May 11, 2011, 9:20 am

LAKEWOOD, CO--(Marketwire - 05/11/11) - Colorado Goldfields Inc. (OTCQB: CGFIA) (Pinksheets:CGFIA - News) announces its exploration and development plan for the King Solomon Mine. The King Solomon Mine is located on the southern flank of King Solomon Mountain, just a few hundred yards up the mountain from the first discovery of gold in the San Juan Mountains in Little Giant Basin.

"Using ore depth levels from nearby mines, and knowing that the structure of the King Solomon is 'open at depth,' and 'on strike,' allows us to estimate the total potential resource. By expanding our recovery into silver, the total resource is estimated to be as high as $20 million," stated Stephen C. Fearn, Registered Professional Engineer for Colorado Goldfields.

Historical assay results for the King Solomon Mine have revealed gold at 0.15 ounce per ton, but more importantly silver content as high as 42 ounces per ton. At $35.75 per ounce for silver, that represents about $1,500 in dollar value per ton. Combined with gold at $1,500 per ounce, total value per ton could be as high as $1,725 per ton.

Work during the exploration season of 2011 will be directed toward verifying the property position, surface and underground geological mapping and surface and underground sampling. As with the planned work at the Company's Brooklyn Mine, these activities represent minor surface and underground disturbances that are not expected to require a formal prospecting permit.

Two levels of the King Solomon Mine remain open from previous operations and are immediately accessible. Therefore, the patented claims comprising the King Solomon mine will be surveyed and the corners set; including portals, dumps, roads, vein outcrops and other geologic features will be located and mapped. Almost simultaneously, the two open underground levels of the King Solomon Mine will be surveyed and geologically mapped. By locating the underground features relative to surface features and claim locations, a three-dimensional computerized model will be developed.

Surface Sampling will be conducted on all identifiable outcrops, mine dumps and other mineralized expressions will be sampled to define metal values, and once again simultaneously the existing underground workings will be sampled to define metal values contained in the exposed vein areas. This data will be overlaid upon the three-dimensional model.

"Regardless of the recent short-term bouncing around, silver prices are so far above the original economic profitability models that it would be a mistake not to develop the resource. Silver is becoming more important to the Company, and there has always been an abundance of silver in our district," stated Stephen Guyer, CFO for Colorado Goldfields.

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