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| | April 03, 2008
Colorado Goldfields Hires Milling Consultant for Mexico
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| | Colorado Goldfields Inc. (OTCBB: CGFI) (the "Company") announced today that it has retained the services of Mr. John Ferguson of Durango, Colorado as a consultant to the Company in order to perform due diligence on the previously announced proposed acquisition of 75% of the stock of Besmer, S.A. de C.V. of Durango, Mexico.
Mr. Ferguson will examine Besmer's mill facility at Boca Hacienda, near Suchil, Mexico in order to examine the feasibility of expanding the mill initially to 250 metric tons per day capacity and a further potential increase in capacity up to 500 metric tons per day. He will also examine the current operations of the mill to specify additional equipment and metallurgical procedures to increase the mill efficiency and recoveries.
Mr. Ferguson has extensive experience in flotation milling of base and precious metals ore, having previously fulfilled many years of supervisory work at the Pride of the West Mill located at Howardsville, CO which the Company acquired in June of 2007.
Todd Hennis, President of Colorado Goldfields states, "We look forward to the results of Mr. Ferguson's work. It is our belief that, should the Besmer transaction close, then a rapid expansion in the capacities of Besmer's mill and mines can be subsequently accomplished. We are putting together our list of hardware necessary to accomplish this expansion program, and identifying potential near-term equipment suppliers. We are also considering the need for on-site geological personnel in Mexico to manage the exploration of Besmer's properties and to identify and examine other potential property acquisitions."
Colorado Goldfields Inc.
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Todd C. Hennis, President
About Colorado Goldfields Inc. (OTCBB: CGFI) www.cologold.com
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. |
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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. | |
