Colorado Goldfields Announces $450,000 Total Pay Down on Pride of the West Mill Mortgage and Receives Extension Through the E...
July 12 2012 - 8:30AM
Marketwired
Colorado Goldfields Inc. (OTCQB: CGFIA) (PINKSHEETS: CGFIA)
announces that it has paid down a total of $450,000 of the existing
promissory note on the Pride of the West Mill through the same
funding facility announced in June 2010, leaving a balance of
approximately $200,000 plus accrued interest. It is anticipated
that this funding source will also assist the Company in funding
operations through permit approval and into the construction phase
of the Pride of the West Mill.
The Company has also received an extension until December 31,
2012 of the loan on the Company's Pride of the West Mill. The loan
was originally due to expire on July 1, 2012, at which time
Colorado Goldfields would have had to repay the balance in
full.
1st SB Partners Ltd., a consulting firm providing strategic
advisory services in the micro-cap realm, headquartered in New York
City, was instrumental in arranging for and maintaining the
financing facility for the Company.
Colorado Goldfields 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.
The Company also reminds readers of its 3D animation of the
Pride of the West Mill. Like never before, this three-dimensional
presentation takes the viewer through the entire milling process in
a way that can't even be seen in person. "This presentation is a
way to see and understand how to turn ore into gold in a very
realistic way," stated Lee Rice, President & CEO of Colorado
Goldfields.
The 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 Knight Piésold Knight Piésold is an
international consulting company providing engineering and
environmental services for the mining, power, water, transportation
and construction sectors. With offices around the globe, our team
of over 750 experienced professionals delivers high quality
specialized services and innovative solutions that respect social,
environmental and economic responsibilities.
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