Colorado Goldfields Announces Total Estimated Resources of the Champion Mine and the Silver Wing Mine Greater Than 1 Million ...
August 21 2013 - 8:00AM
Marketwired
Colorado Goldfields Inc. (OTCQB: CGFI) is pleased to announce that
the Company's contractual ownership rights for the Champion Mine
and the Silver Wing Mine were increased and augmented on May 6,
2013. The increase provides the Company with a measured and
indicated resource of 1,030,900 tons of ore that is expected to be
processed at the Company's Pride of the West Mill located northeast
of Silverton, Colorado.
Work conducted by Lee R. Rice in developing resource estimates
from available data for these properties has concluded that this
resource, when de-rated for mill recovery (but not allowing for
smelter losses), will yield 103,600 ounces of gold, 4,524,000
ounces of silver, 12,300 tons of copper, 9,500 tons of lead, and
8,000 tons of zinc valued at more than $433 million.
Although further exploration is expected to significantly
increase resource quantities at both mine properties, the current
resource is sufficient to feed the Pride of the West Mill at full
capacity for approximately 11.3 years.
Mr. Rice is President and CEO of Colorado Goldfields Inc. and is
a Qualified Person (QP) as defined by Canadian Securities
Administrator's National Instrument 43-101 (NI43-101) standards to
perform resource and reserve estimates and to prepare NI43-101
technical reports. Mr. Rice is a Registered Professional Engineer
in the state of Colorado and is a Registered Member of the Society
for Mining, Metallurgy, and Exploration, Inc. as well as a member
in good standing of a number of other professional technical
societies. Mr. Rice has practiced internationally as an exploration
geologist since 1970 and has been a practicing engineer of mines
since 1974.
The Pride of the West Mill is located 5.3 miles northeast of
Silveton, Colorado. The Mill is situated on approximately 120 acres
of patented mining claims on San Juan County Road 2, within a nine
air-mile radius of the Champion Mine, the Silver Wing Mine, the
King Solomon Mine, and numerous other mine properties. The Mill is
located within the famous "San Juan Triangle" mining center of
southwestern Colorado, which also includes the historic mining
towns of Telluride and Ouray, and encompasses one of the most
richly mineralized areas of North America.
About Colorado Goldfields Inc. Colorado
Goldfields Inc. (OTCQB: CGFI) (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 CGFI 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