Aug 22 2013
Colorado Goldfields Inc. is pleased to announce that the Company's contractual ownership rights for the Champion Mine and the Silver Wing Mine were increased and augmented on May 6, 2013. The increase provides the Company with a measured and indicated resource of 1,030,900 tons of ore that is expected to be processed at the Company's Pride of the West Mill located northeast of Silverton, Colorado.
Work conducted by Lee R. Rice in developing resource estimates from available data for these properties has concluded that this resource, when de-rated for mill recovery (but not allowing for smelter losses), will yield 103,600 ounces of gold, 4,524,000 ounces of silver, 12,300 tons of copper, 9,500 tons of lead, and 8,000 tons of zinc valued at more than $433 million.
Although further exploration is expected to significantly increase resource quantities at both mine properties, the current resource is sufficient to feed the Pride of the West Mill at full capacity for approximately 11.3 years.
Mr. Rice is President and CEO of Colorado Goldfields Inc. and is a Qualified Person (QP) as defined by Canadian Securities Administrator's National Instrument 43-101 (NI43-101) standards to perform resource and reserve estimates and to prepare NI43-101 technical reports. Mr. Rice is a Registered Professional Engineer in the state of Colorado and is a Registered Member of the Society for Mining, Metallurgy, and Exploration, Inc. as well as a member in good standing of a number of other professional technical societies. Mr. Rice has practiced internationally as an exploration geologist since 1970 and has been a practicing engineer of mines since 1974.
The Pride of the West Mill is located 5.3 miles northeast of Silveton, Colorado. The Mill is situated on approximately 120 acres of patented mining claims on San Juan County Road 2, within a nine air-mile radius of the Champion Mine, the Silver Wing Mine, the King Solomon Mine, and numerous other mine properties. The Mill is located within the famous "San Juan Triangle" mining center of southwestern Colorado, which also includes the historic mining towns of Telluride and Ouray, and encompasses one of the most richly mineralized areas of North America.
About Colorado Goldfields Inc.
Colorado Goldfields Inc. (OTCQB: CGFI) is a Denver-based junior exploration and mining company primarily exploring for gold and silver. Our seasoned management team targets historic gold camps with strong potential for multiple deposit discoveries. Currently, our business model in Colorado provides an outstanding combination of former producing properties with excellent exploration and production potential and a currently inactive, modern, up to 700 ton per day capacity mill facility to allow for an attractive short-term production time frame. A 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
The Company has made available a current CGFI Fact Sheet in PDF format at http://www.cologold.com/uploads/CGFIFactSheet.pdf.