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| | September 19, 2007
Colorado Goldfields Inc. Commences Drilling Program
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| | LAKEWOOD, Colo.- Colorado Goldfields Inc., formerly Garpa Resources, Inc. (OTCBB: COGF - News; the "Company"), is pleased to announce the commencement of a drilling program at the Company's Gold King Mine project near Silverton, Colorado. The drilling program is intended to consist of up to 12,000 feet of NQ core diamond drilling in up to 17 drill holes. The Company's drilling contractor delivered a Longyear 38 drill rig to the project support facilities at Gladstone, Colorado on September 13, 2007. The drill rig was transported to the first drilling location on September 15, 2007, and drilling commenced September 18, 2007.
The drilling program is designed to test the continuity of two veins identified by drilling of a previous operator in 1985, with historic (and unverified) intercepts of 2.0 feet true width of 1.82 ozs/st Au, 14.34 ozs/st Ag, 9.2% Pb, and 10.2% Cu, and 1.8 feet true width of 1.59 ozs/st Au, 3.9 ozs/st Ag, 1.6% Pb, 5.8% Cu and 1.43% Zn. Additional structures at the Gold King Property may also be tested.
The drilling program is also planned to test the Mogul Mine Property, which is adjacent to the Gold King Property. Historic (and unverified) sampling maps on the Mogul Mine Property in the area of the proposed drilling indicate historic ore grades of up to 13% Zn and 8% Pb over mining widths, with varying Au, Ag and Cu contents. The proposed drilling on the Mogul Mine Property is subject to possibly intersecting old workings in the target areas.
There is no assurance that the historic grades referenced in this news release can be verified or duplicated by the Company. Colorado Goldfields Inc. has an option to acquire an 80% interest in the Gold King, Mogul and Mayflower Mine properties, the details of this option are in the Company's previous S.E.C. filings.
The Company may terminate the drilling program earlier than anticipated due to the onset of winter weather conditions and/or other factors. No S.E.C. compliant reserves or N.I. 43-101 compliant reserves/resources exist on either property at this time, and the drilling program may not result in either S.E.C. compliant reserves or N.I. 43-101 compliant reserves/resources being established.
Forward-Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, the expectation and/or claim, as applicable, that: (1) the drilling program is intended to consist of up to 12,000 feet of NQ core diamond drilling in up to 17 drill holes; (2) the drilling program is designed to test the continuity of two veins identified by drilling of a previous operator in 1985, with historic (and unverified) intercepts of 2.0 feet true width of 1.82 ozs/st Au, 14.34 ozs/st Ag, 9.2% Pb, and 10.2% Cu, and 1.8 feet true width of 1.59 ozs/st Au, 3.9 ozs/st Ag, 1.6% Pb, 5.8% Cu and 1.43% Zn; (3) additional structures at the Gold King property may also be tested; (4) the drilling program is also planned to test the Mogul Mine Property, which is adjacent to the Gold King Property; and (5) Colorado Goldfields Inc. may terminate the drilling program earlier than anticipated due to the onset of winter weather conditions and/or other factors.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (1) the Company's ability to complete the drilling program as planned, including meeting capital, labor and equipment requirements; (2) the Company's ability to interpret sample results and estimate mineral resources and reserves, geology, grade and continuity of mineral deposits; (3) unanticipated difficulties with interruptions in operations, including accidents, equipment breakdowns and labor disputes; (4) the Company's ability to obtain and maintain any necessary government, regulatory or other permits or approvals; and (5) the Company's ability to comply with environmental, health and safety laws. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time to time with the S.E.C. and available at www.sec.gov.
Contact:
Colorado Goldfields Inc.
Todd Hennis, President, 303-984-5324 |
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| | You can view the Next News Releases item: Wed Nov 14, 2007, Colorado Goldfields Inc. Announces Plans For Underground Work At Gold King Mine
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This website contains historical and archived press releases for Colorado Goldfields, Inc. The information in these press releases is historical in nature, has not been updated, and is current only to the date indicated in the particular press release. This information may no longer be accurate and therefore you should not rely on the information contained in these press releases. To the extent permitted by law, Colorado Goldfields, Inc. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. | |
