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| | November 14, 2007
Colorado Goldfields Inc. Announces Plans For Underground Work At Gold King Mine
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| | Lakewood, Colorado, November 14, 2007-- Colorado Goldfields Inc. (OTCBB: COGF.OB) (the "Company") announces plans to enter and rehabilitate the underground 7 Level workings of the Gold King mine in San Juan County, Colorado, subject to concluding an acceptable agreement with the U.S. Environmental Protection Agency (the "EPA").
The Company has requested that the EPA enter into an Administrative Order on Consent or other agreement to allow Colorado Goldfields Inc. to conduct an underground environmental reconnaissance of the 7 Level (main haulage level) of the Gold King Mine. The proposed agreement would clearly define the Company's responsibilities while conducting this reconnaissance and rehabilitation work. The Company has an option to earn up to an 80% interest in the Gold King property under an option agreement dated June 17, 2007, as amended by amendment to option agreement dated November 8, 2007.
The discussions with the EPA were at the request of Colorado Goldfields Inc. and there are no known actions in place or proposed by the EPA against the Gold King property.
The proposed work on the Gold King 7 Level is designed to mitigate potential pre-existing environmental conditions and to rehabilitate the existing workings to acceptable mine safety requirements. Construction of a new 7 Level portal is anticipated. The Company has purchased a 3 cubic yard LHD which is currently being refurbished in anticipation of this proposed work.
The Company's previously announced surface drilling program has been suspended temporarily due to the drilling contractor vacating the worksite during extreme winter conditions and dangerous avalanche conditions. The Company anticipates resuming the surface drilling program in the spring with a new contractor, subject to availability of an acceptable contractor, funding, and weather conditions.
Assay results from the drilling work completed this fall will be released when received by the Company.
Contact information:
Todd Hennis, President
Tel. 303-984-5324
Colorado Goldfields Inc.
10920 W. Alameda Avenue, Suite 207, Lakewood, CO 80226
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) Colorado Goldfields Inc. announces plan to enter and rehabilitate the underground 7 Level workings of the Gold King mine in San Juan County, Colorado, subject to concluding an acceptable agreement with the U.S. Environmental Protection Agency; (2) the proposed work on the Gold King 7 Level is designed to mitigate potential pre-existing environmental conditions and to rehabilitate the existing workings to acceptable mine safety requirements; (3) construction of a new 7 Level portal is anticipated; (4) the Company anticipates resuming the surface drilling program in the spring with a new contractor, subject to availability of an acceptable contractor, funding, and weather conditions; and (5) assay results from the drilling work completed this fall will be released when received by the Company.
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 negotiate and consummate an acceptable agreement with the EPA; (2) the Company's ability to identify and rehabilitate material deficiencies with existing workings to acceptable mine safety requirements; (3) the Company's ability to obtain funding and maintain adequate working capital to engage contractors and equipment, if and when necessary, to complete proposed work programs; (4) the ability of the Company and its contractors to cope with labor shortages, equipment malfunctions, adverse weather conditions and to obtain necessary permits and approvals; (5) litigation, legislation, environmental, judicial, regulatory, political and competitive developments in areas in which the Company operates. 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. |
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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. | |
