Message #5 From:
NewsBot Date: March 26, 2008 08:55:54 AM
Colorado Goldfields Signs Agreement to Resume Drill Program in Colorado
Colorado Goldfields, Inc. (OTCBB: CGFI) (the
"Company") today announced the signing of a contract with Godbe Drilling,
LLC of Montrose, Colorado for the resumption of drilling at the Gold King
and Mogul properties in San Juan County, Colorado. The contract calls for
a minimum of 7000 feet of exploration drilling.
The drill program is the planned resumption announced in late 2007, which
was suspended due to the onset of inclement winter weather conditions. The
drilling contractor plans to be on site in July 2008 and intends to use a
truck mounted Longyear 44 drill rig. The proposed drill core size is HQ
core.
Todd Hennis, President of Colorado Goldfields Inc., states: "Our Company
has successfully secured a drilling contractor with extensive experience in
the San Juan Mountains of Colorado. This fact, together with the
availability of a larger drill rig than previously employed, means we can
expect to see the results of the planned drilling program within a very
reasonable timeline. We particularly look forward to drilling a promising,
but previously undrilled, part of the Gold King Mine, together with the
first known surface drilling of the Mogul property. 2008 looks to be a
very busy year for us on the San Juan properties and elsewhere. This news,
along with our previously announced proposed acquisition of a majority
interest in Besmer, S.A. de C.V. of Mexico, should lead to further and
interesting developments in both these areas."
Further to this news, Company management has stated that it intends to
raise capital through the private sale of common stock within the next
couple of months in order to fund the planned 2008 drilling program,
potential acquisition of Besmer and operating expenses during the Company's
exploratory stage. No assurance can be made that the Company will be
successful in raising adequate funds.
Colorado Goldfields Inc. - - - - - - - - - - - - - - - - - - - - Todd C. Hennis, President
Colorado Goldfields is a Denver-based junior exploration and mining
development company exploring for significant deposits in Colorado. Our
strategy involves a results-oriented approach towards exploration research,
supported by a scaled expansion of field operations on carefully selected
assets. Colorado Goldfields is focused on working in proven gold camps; on
projects which have multiple deposit discovery potential and by utilizing
leading edge exploration tools and modern geophysics techniques. Our
business model in Colorado provides a unique combination of advanced,
former producing properties with excellent exploration and production
potential and a modern 500 to 700 ton per day capacity mill facility to
allow for an attractive short-term production time frame. Recently the
Company has indicated plans to deploy a similar business model in Mexico.
With an experienced management team at the helm, Colorado Goldfields is
poised for growth in 2008.
Notice regarding forward-looking statements
This news release may contain forward-looking statements or information
within the meaning of the United States Private Securities Litigation
Reform Act of 1995. Forward-looking statements or information include
statements regarding the expectations and beliefs of management.
Forward-looking statements or information include, but are not limited to,
statements or information with respect to known or unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from
any future results, performance or achievements expressed or implied by
such forward-looking statements or information. Forward-looking statements
or information are subject to a variety of risks and uncertainties which
could cause actual events or results to differ from those reflected in the
forward-looking statements or information, including, without limitation,
risks and uncertainties relating to obtaining financing to meet the
Company's exploration program and operating costs during its exploratory
stage, the interpretation of exploration results and the estimation of
mineral resources and reserves, the geology, grade and continuity of
mineral deposits, the possibility that future exploration, development or
mining results will not be consistent with the Company's expectations,
accidents, equipment breakdowns, title matters, or other unanticipated
difficulties with or interruptions in production and operations, the
potential for delays in exploration or development activities or the
completion of feasibility studies, the inherent uncertainty of production
and cost estimates and the potential for unexpected costs and expenses,
commodity price fluctuations, currency fluctuations, regulatory
restrictions, including the inability to obtain mining permits and
environmental regulatory restrictions and liability, the speculative nature
of mineral exploration, dilution, competition, loss of key employees, and
other risks and uncertainties, including those described under "Risk
Factors" in the Company's Annual Report on Form 10-KSB filed on December
27, 2007, and as amended on March 3, 2008, which is on file with the
Securities and Exchange Commission, as well as the Company's other SEC
filings. Should one or more of these risks and uncertainties materialize,
or should underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements. Accordingly,
readers are advised not to place undue reliance on forward-looking
statements or information. The Company does not undertake any obligation
to release publicly revisions to any "forward-looking statement," to
reflect event or circumstances after the date of this news release, or to
reflect the occurrence of unanticipated events, except as is required under
applicable securities laws.
