COLORADO RESOURCES LTD. (TSX VENTURE:CXO) ("Colorado" or the "Company") is
pleased to announce it has entered into an option and joint venture agreement
(the "Agreement") with a wholly owned subsidiary of Gold Fields Limited, Gold
Fields Selwyn Exploration Corporation ("Gold Fields"), whereby Colorado has
agreed to transfer to Gold Fields up to a 70% interest in certain mineral claims
held by Colorado in Yukon and its optioned Oro Property (Property). The Property
covers approximately 36,000 hectares and is located in the mineral-rich
MacMillan Pass area of the Yukon. 


Under the terms of the Agreement, Gold Fields can earn a 51% interest in the
Property (the "51% Option") by making aggregate option payments consisting of
$600,000 and incurring minimum exploration expenditures of $7,500,000 and up to
$9,000,000 to complete 10,000 meters of drilling over a three year period.


Gold Fields can earn an additional 19% interest (the "19% Option") by making
aggregate option payments of $900,000 and incurring exploration expenditures of
$11,000,000 over the following two years.


Gold Fields shall be the operator during the option period and, upon exercise of
the 19% Option (or after exercise of the 51% Option and when the 19% Option is
not taken up, terminated or not satisfied), the Company and Gold Fields will
form a joint venture on the terms set out in the Agreement. 


The Company and the original vendors (the "Vendors") of the Oro Property have
agreed to amend the terms of the underlying option agreement (the "Underlying
Option"). Key amendments to the Underlying Option ("Amended Underlying Option")
include:




--  Cash payments of $1,100,000 over a four year period will be amended to
    $600,000 over a three year period (cash payments received under the 51%
    Option of the Agreement from Gold Fields will be paid to the Vendors); 
--  Share issuances of 1,300,000 shares over a 4 year period will be amended
    to instead be over a 3 year period as follows: 
    --  200,000 common shares within 5 business days of TSX Venture Exchange
        ("Exchange") approval; 
    --  300,000 common shares on or before January 15, 2014; 
    --  400,000 common shares on or before January 15, 2015; and 
    --  400,000 common shares on or before January 15, 2016.



Under its Agreement with Gold Fields, Colorado shall remain obligated for all
share issuances as described above. The Amending Underlying Option is subject to
TSX Venture Exchange approval.


All amounts expressed are in Canadian dollars unless otherwise noted

Adam Travis, President and CEO, stated, "Over the past two exploration seasons,
we have succeeded in identifying a zone extending over several kilometres
containing multi-element geochemical anomalies in rock formations typically
associated with Carlin style deposits. Given the large number of anomalies
worthy of follow up exploration and drilling, we believe that the Oro Property
would be best advanced by involving a major company and we are pleased to have
entered into the Agreement with Gold Fields."


Qualified Person 

Greg Dawson, P.Geo. is the Qualified Person as defined by National Instrument
43-101 who supervised the technical data in this news release.


About Colorado

Colorado is 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 quality properties in the US Southwest
and Latin America. Colorado's exploration focus is gold and copper-gold
properties and it is currently drilling two copper-gold properties located in
the Red Chris area of northwestern BC. 


ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.

Adam Travis, President and Chief Executive Officer

NR 13-05

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Colorado Resources Ltd.
Adam Travis
President and Chief Executive Officer
(250) 768-1511 or TF: (855) 768-8511


Colorado Resources Ltd.
Terese Gieselman
Chief Financial Officer and Secretary
(250) 768-1511 or TF: (855) 768-8511
(250) 768-0020 (FAX)
www.coloradoresources.com
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