Colorado Goldfields Announces Assay Results From Brooklyn Mine Sampling Program; 1.3 Ounces per Ton Gold vs. 6 Ounces per Ton...
June 05 2012 - 8:30AM
Marketwired
Colorado Goldfields Inc. (OTCQB: CGFIA) (PINKSHEETS: CGFIA)
announces that assay results from the Brooklyn Mine geochemical
surface sampling and vein structure outcrop sampling conducted
during the last season have been received from ALS Minerals
Laboratories in Reno, Nevada. These samples were fire assayed with
gravimetric finish producing a range that included a high of 1.3
oz. per ton gold and 6 oz. per ton silver. The ALS Minerals North
America region includes a key analytical facility in North
Vancouver, British Columbia, analytical laboratories in Val-d'Or
Quebec, and Reno, Nevada, USA.
Fourteen channel samples were taken in the vicinity of the
Rainbow Vein and Gloucester Vein intersection. A preliminary
evaluation of this sampling coupled with historic sampling
indicates that further exploration on this intersection is
warranted.
Geochemical sampling was conducted on a regular grid with the
sample points identified by survey. 196 samples were analyzed by an
ALS Minerals standard geochemical analyses procedure. The samples
included standard and blank samples as a part of the Colorado
Goldfields Quality Control and Quality Assurance process. The
geochemical data is being evaluated by Monadnock Mineral Services
of Ouray, Colorado.
Areas of special interest are the intersection of the Rainbow
and Gloucester and the projected Growler pipe area. The geochemical
survey may also locate other potential veins or breccia pipes.
Based upon the geochemical data, A Notice of Intent to Conduct
Prospecting Operations ("NOI") is being constructed for the
Colorado Division of Reclamation, Mining and Safety. The NOI is
expected to be submitted on or before June 15, 2012. Approval by
the DRMS is then expected on or before August 1, 2012.
The NOI for the Brooklyn is being prepared simultaneously with
the continuing permitting work for the Pride of the West Mill, and
prospecting may commence prior to approval of the Mill permit.
The Company has received over $9 million in preliminary purchase
orders for toll gold/silver ore milling in advance of the permit
process completion from gold/silver ore mines in the area.
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
Gold stocks
About Colorado Goldfields Inc. Colorado
Goldfields Inc. (OTCQB: CGFIA) (http://www.cologold.com) 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 CGFIA Fact Sheet in PDF
format at http://www.cologold.com/uploads/CGFIFactSheet.pdf.
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 includes 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-K filed on November 23, 2011, which is on file with the
Securities and Exchange Commission at
http://www.sec.gov/Archives/edgar/data/1344394/000095012311100285/0000950123-11-100285-index.htm,
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 events 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.
Cautionary note to U.S. Investors -- The United States
Securities and Exchange Commission permits U.S. mining companies,
in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or
produce. We use certain terms on this website (or press release),
such as "measured," "indicated," and "inferred" "resources," which
the SEC guidelines strictly prohibit U.S. registered companies from
including in their filings with the SEC. U.S. Investors are urged
to consider closely the disclosures in our 10-K which may be
secured from us, or from the SEC's website at
http://www.sec.gov/Archives/edgar/data/1344394/000095012311100285/0000950123-11-100285-index.htm,
this press release may contain information about adjacent
properties on which we have no right to explore or mine. We advise
U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S.
Investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties.
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Contact: Investor Relations Colorado Goldfields Inc.
866-579-9444 or 303-984-0524 http://www.cologold.com