COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") is
pleased to announce the initiation of a drilling program on its Red Sky Project,
in a joint venture partnership with Kinross Gold Corporation (TSX:K)(NYSE:KGC),
one of the world's leading senior gold producers.


The road accessible Red Sky Property is located approximately 150 kilometres
west of Williams Lake and south of the community of Redstone. The property has
the potential to host copper-gold porphyry style mineralization similar to
Taseko's Prosperity deposit as well as to host bulk tonnage gold mineralization
similar to that found on Amarc's Newton property 30 km to the southeast. 


The Company is currently completing $500,000 of expenditure requirements under
an exploration agreement with Kinross to complete a 50/50 JV earn in.


The Company completed a program of geological mapping, till and rock chip
sampling, Induced Polarization and magnetometer geophysical surveying on the
property earlier this summer. This work defined a partially open 600 x 1,000
metre chargeability anomaly in an overburden covered area up ice from a
coincident copper, zinc, gold and silver geochemical anomaly defined by detailed
till sampling. 


An initial 4 hole, 700 metre drilling program has been initiated to test the
chargeability anomaly which occurs in an area of extensive glacial cover. 


Company President Adam Travis states, "I am very pleased that we have been able
to trace back initial government till anomalies more than 5 kilometres to their
apparent source and that this area is underlain by a significant geophysical
anomaly in an area of cover. Drill testing of this geophysical anomaly will give
us an indication of the potential for the area to host economic mineralization."


Qualified Person 

Mr. Greg Dawson, 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

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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