CXO Colorado Resources Ltd

COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") is
pleased to announce it is very actively exploring several of its British
Columbia and Yukon Properties this summer and is providing the following project
updates.


Oro Property, Yukon



--  2000 line kilometres of helicopter-borne EM/Magnetic survey completed 

--  7000 soil samples, 300 silt samples, 500 rock samples collected to date 

--  Geological mapping of favourable lithologies and structures is underway 

--  Trenching programs underway 



Fugro Airborne Surveys has recently completed a 2000 line kilometre
helicopter-borne DIGHEM EM/Magnetic survey over Colorado's 100% owned Oro
Property located near MacMillan Pass, Yukon. This geophysical work, although
preliminary in nature, has identified significant features that require ground
follow up.


A total of over 7,000 soil samples, 300 silt samples and 500 rock samples have
been taken to date across the 15 km wide x 30 km long property. Although the
majority of samples are awaiting laboratory analyses, as an integral part of
Colorado's technical program all soil and silt samples are analysed in the
Company's field laboratory utilizing a Niton bench top XRF (x-ray fluorescence)
analyser to collect real time semi-quantitative results for several pathfinder
elements known to characterise Carlin style gold occurrences for immediate
follow up. 


Heart Peaks, BC



--  977 kilometres of Helicopter-borne EM/Magnetic survey completed 

--  Preliminary geological mapping and sampling has commenced 

--  Claims significantly expanded to over 14,396 hectares 



Fugro Airborne Surveys has recently completed a 977 line km helicopter-borne
DIGHEM EM/Magnetic survey on Colorado Resources 100% owned Heart Peaks Project.


The results of this survey, along with preliminary geological reconnaissance
undertaken in conjunction with a major company property examination, has led the
Company to significantly expand the property to cover an area in excess of
14,396 hectares along a 6 km x 20 km prospective corridor.


Assay results obtained by previous exploration companies on this property have
returned values up to 28.0 g/t (0.9 opt) gold and 1120 g/t (36 opt) silver from
banded epithermal quartz veins over 20 cm widths. Evidence for bulk tonnage
potential is also indicated in a previous drill-hole which returned 0.464 g/t
gold over 113.3 metres from 24.4 to 137.7 metres.


The Company plans to continue with its geological mapping and sampling program
and to begin exploration on its newly expanded tenure holdings. 


Hit Property, BC



--  Trenching of vein structure underway 

--  Geological mapping and channel sampling has commenced 



The Company recently received government permits and is currently completing a
trenching program over the main showing area and along strike to better
understand the gold mineralization within this complex shear and vein system.
This work will define targets for subsequent diamond drilling. 


In 2010, the Company completed an induced polarization geophysical survey which
outlined a resistivity low over the Hit Zone that extends more than 1.5 km north
of the main showing indicating that the zone may extend under deeper overburden
in that direction.


Red Sky Property, BC (Kinross Gold Corp. (TSX:K) ("Kinross") Joint Venture)



--  25 line kilometres of Induced Polarization geophysical survey completed
    which outlined a 600 m x 1000 m anomaly 

--  Geological mapping and rock chip sampling is on-going 

--  Diamond drilling program is currently being permitted 



The Red Sky Property is located approximately 150 kilometres west of Williams
Lake south of the community of Redstone. Under the terms of an agreement noted
in a News Releases dated February 9, 2011 Colorado Resources acquired the Red
Sky Property under an assignment agreement in March 2011 (previously called
Redstone Property) from Osisko Mining Corporation ("Osisko") (who had recently
acquired Brett Resources). The Company is currently completing the $500,000
expenditure requirements under the exploration agreement with Kinross to fund
the 50/50 JV earn in. 


Recently the Company has completed detailed till sampling, geological mapping
and rock chip sampling plus a 25 line km Induced Polarization ("IP") and
Magnetometer geophysical survey completed by Peter E. Walcott & Associates
geophysical contractors. The Company is pleased to report that a partially open
ended 600 m x 1000 m chargeability anomaly lies coincident with the up ice
direction of the anomalous till results was returned from an area of extensive
till cover.


Both the Company and Kinross are encouraged by the results of this geophysical
program and have approved drill testing of this IP chargeability anomaly. 


Mr. Adam Travis, President of Colorado Resources states: "I am very pleased with
the technical team we have assembled in short order and the significant progress
our Company has made in rapidly advancing our 'Carlin style' Oro Property and
Heart Peaks Project and the interest these properties have already generated
from major mining companies. The subsequent acquisition of a significant
landholding by Newmont within the MacMillan Pass area of the Yukon is further
evidence for this area's high potential to host Carlin style mineralization. Our
technical team has also advanced our Red Sky property, in a joint venture with
Kinross, and our Hit Property both to the drill stage and continues to identify
other opportunities for exploration during the Yukon 'off-season'. 


Our significant cash position (greater than $15 million) courtesy of a financing
announced earlier this year co-led by Macquarie and Dundee and also the
participation by both Kinross and Osisko has allowed us to aggressively pursue
opportunities. I look forward to the continuation of a very exciting field
season culminating with drilling on a number of our projects."


Qualified Person 

Ms. Linda Dandy, P.Geo., is the Qualified Person as defined by National
Instrument 43-101 who supervised the preparation of the technical data in this
news release.


About Colorado

Colorado is currently engaged in the business of mineral exploration for the
purpose of acquiring and advancing mineral properties located in British
Columbia and the Yukon and is also aggressively seeking properties in Latin
America. Colorado's primary focus is on the Oro Property located in the
MacMillan Pass area of the Yukon, in which it has the option to acquire a 100%
interest.


ON BEHALF OF THE BOARD OF DIRECTORS OF

COLORADO RESOURCES LTD.

Adam Travis, President and Chief Executive Officer

NR 10-11

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of
Canadian securities laws. Such information includes, without limitation,
information regarding proposed exploration activities. Although the Company
believes that such information is reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking information is typically
identified by words such as: believe, expect, anticipate, intend, estimate,
postulate and similar expressions, or are those, which, by their nature, refer
to future events. The Company cautions investors that any forward-looking
information provided by the Company is not a guarantee of future results or
performance, and that actual results may differ materially from those in
forward-looking information as a result of various factors, including, but not
limited to, the state of the financial markets for the Company's equity
securities, the state of the market for gold or other minerals that may be
produced generally, recent market volatility; variations in the nature, quality
and quantity of any mineral deposits that may be located, the Company's ability
to obtain any necessary permits, consents or authorizations required for its
activities, to raise the necessary capital or to be fully able to implement its
business strategies and other risks associated with the exploration and
development of mineral properties. The reader is referred to the Company's
prospectus dated September 16, 2010 for a more complete discussion of such risk
factors and their potential effects, a copy of which may be accessed through the
Company's page on SEDAR at www.sedar.com.

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