Colorado Goldfields' President and CEO Lee R. Rice Receives Lifetime Achievement Award, Permit Amendment Complete Gold Stocks

LAKEWOOD, CO -- (Marketwire) -- 06/15/10 -- Colorado Goldfields Inc. (OTCBB: CGFIA) announced today that on May 20, 2010, its President and CEO Lee R. Rice received the Lifetime Achievement Award from the Society for Mining, Metallurgy and Exploration. The Society for Mining, Metallurgy, and Exploration (SME) is an international society of professionals in the minerals industry. The SME membership is more than 16,000 strong, with members in nearly 100 countries.

Karen F. Jass, Mining Engineer, presently with the U.S. Office of Surface Mining, and Chairman of the Colorado Section, Society for Mining, Metallurgy and Exploration presented Mr. Rice with the award stating:

'Your work in the industry has been distinguished by the highest levels of quality and integrity. Your work in conducting geological and engineering studies for many client companies around the world, varied leadership roles in engineering appraisals and evaluations at the U.S. Bureau of Mines, author of advanced technical publications, and your entrepreneurial development of specialized computer modeling and automation systems for mining companies are examples of only a few of your contributions and dedication to the mining industry.

You have also served your profession well in voluntary positions including Director of the Colorado Engineering Council, active membership in SME-AIME including Chair of the Colorado Section and the Mining and Exploration Division, SME Editor of mining handbooks, participation in numerous SME committees, and your continuing interaction with students through the Colorado Science and Engineering Fair.

The mining industry and especially the mining community of Colorado are fortunate to count you as one of us. Thank you for continuing to represent our industry at the high standards you have set.'

Additionally, the Company has received notification from the Colorado Division of Reclamation and Mining Safety that its amendment to the Reclamation Permit to include water supply structures associated with the Hematite Creek Pipeline and Cunningham Creek Pipeline and pump station has been accepted as complete. The Division estimates the final decision date for the entire permit to be September 8, 2010.

'Even though the final decision regarding the entire Reclamation Permit has been extended, the Division's recent approval of other key elements of the reactivation plan will allow the Company to move forward with our business plan,' stated C. Stephen Guyer, CFO for Colorado Goldfields.

President and CEO Lee R. Rice and CFO Stephen Guyer returned for a live television and radio simulcast interview on 'The Big Biz Show with Sully and Russ T. Nailz,' on June 3, 2010. Rice and Guyer updated listeners with current events of the company including its recent funding transaction, progress at the Pride of the West Mill, and expert analysis regarding gold and silver price movement.

The Big Biz Show interview may be found at: http://www.cologold.com/uploads/2010-06-03_Big_Biz_Show.wmv.

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About Big Biz Radio, Inc.
'Big Biz Radio Show' could be best described (actually it WAS described by The Wall Street Journal) as 'Business with a Bar Room slant. It is a talk show that covers business and the business of life, sports and any other thing its two hosts feel are relevant.' The 'Big Biz Show' broadcasts out of San Diego, California. The show, recently named by TALKERS Magazine as one of the 'Top 10 Most Influential Financial Shows' in the country, is highly recognized for discussing current business events, internet related issues, and other hot topics in the business world; doing so in an informing, laid back, and humorous manner. Bob 'Sully' Sullivan and Russ 'T Nailz' Stolnack; both are renowned and experienced radio broadcast personalities. The 'Big Biz Show' airs Monday through Friday, 4:00 p.m. to 6:00 p.m. ET.

About Colorado Goldfields Inc.
Colorado Goldfields Inc. (OTCBB: 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.

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