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| | March 25, 2008
Colorado Goldfields Signs Agreement to Resume Drill Program in Colorado
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| | 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.
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Todd C. Hennis, President |
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| | You can view the Next News Releases item: Thu Mar 27, 2008, Colorado Goldfields Hires Geological Engineer/Project Manager - Mexico
You can view the Previous News Releases item: Thu Mar 13, 2008, Colorado Goldfields Inc. Announces Letter of Intent to Acquire 75% Interest in Producing Mexican Silver Company
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