Colorado Goldfields Inc. (OTCQB: CGFIA) (CGFIA.PK) announces today
that as of February 23, 2011, the Company's stock quotation
coverage has moved from the FINRA operated OTC Bulletin Board to
the OTC Markets Group, Inc.'s OTCQB under the same symbol "CGFIA."
This new comprehensive over-the-counter market tier includes the
securities of over 768 SEC reporting companies and banks formerly
designated as Pink Sheets stocks, in addition to the 3,050
securities that were quoted in both OTC Markets Group's electronic
inter-dealer quotation system and FINRA's OTCBB. All securities in
the new OTCQB tier are displayed on www.otcmarkets.com with an icon
reading, "OTCQB -- U.S. Registered."
On Friday, February 25, 2011, shares traded on the interdealer
quotation system of OTC Markets Group totaled 6.2 billion shares
(representing $874 million), across 9,984 issuers.
The FINRA operated OTCBB, now contains approximately 20
securities which are quoted solely on this system and represent
less than 0.1% of the average daily dollar volume for the entire
OTC market.
C. Stephen Guyer, Chief Financial Officer of Colorado Goldfields
Inc. has engaged in multiple conferences with management at the OTC
Markets Group, Inc. and describes the shift in quotation coverage
and what it means for the Company as follows:
The OTCQB is one of three tiers established by OTC Markets
Group, Inc. together called "OTC Link," which operates one of the
world's largest electronic interdealer quotation systems for
broker-dealers. The OTC"QB" designation identifies companies that
are fully reporting with the SEC, including Colorado
Goldfields.
In September, 2009, the Financial Industry Regulatory Authority
(FINRA), which owns and operates the Over-the-Counter Bulletin
Board (OTCBB), announced that it wished to divest itself of the
ownership and operation of the OTCBB and intended to sell to an
independent third party the OTCBB.com web site, URL, and
reservation rights, certain OTCBB.com content; and the OTCBB
trademark.
Given the uncertainty of the fate of the FINRA operated OTCBB,
there has been a large migration of market makers from the OTCBB
quotation system to the OTC Link quotation system. According to
otcmarkets.com, in the past 30 calendar days, there have been over
624 publically traded companies that have moved from being dually
quoted (OTCBB and OTC Link) to being quoted exclusively on the OTC
Link platform, and only 19 issuers remain exclusively quoted on the
OTCBB. As of February 18, 2011, priced quotes published on OTC Link
made up 95% of priced quotes in the OTC marketplace.
Regarding 3rd party data providers, Joseph Oltmanns, Director at
OTC Markets, tells Colorado Goldfields that, "We are working
closely with all 3rd party data providers to make their data
presentation accurate and efficient."
For further information regarding this change, see OTCBB
Delistings and Rule 15c2-11: What Happened?
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. We expect
that this strategic plan will allow Colorado Goldfields to reach
its goal of profitability, potentially within the next 18
months.
The Company has made available a current CGFIA Fact Sheet in PDF
format at http://www.cologold.com/uploads/CGFIFactSheet.pdf.
About OTC Markets Group, Inc. OTC Markets
Group Inc. (OTCQX: OTCM) operates the world's largest electronic
marketplace for broker-dealers to trade unlisted stocks. Our OTC
Link platform supports an open network of competing broker-dealers
that provide investors with the best prices in over 10,000 OTC
securities. In 2010, securities on OTC Link traded over $144
billion in dollar volume, making it the third largest U.S.
equity-trading venue, after NASDAQ and the NYSE. We categorize the
wide spectrum of OTC-traded companies into three tiers -- OTCQX
(the quality-controlled marketplace for investor friendly
companies), OTCQB (the U.S. reporting company marketplace for
development stage companies), and OTC Pink (the speculative trading
marketplace) -- so investors can identify the level and quality of
information companies provide.
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-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 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-KSB which may be
secured from us, or from the SEC's website at
http://www.sec.gov/edgar.shtml. 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
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