Colorado Goldfields Announces, as Gold Prices Soar, Company Receives Orders for $6.1 Million in Custom Gold Ore Milling Gold Stocks

LAKEWOOD, CO -- (Marketwire) -- 06/22/10 -- Colorado Goldfields Inc. (OTCBB: CGFIA) reports confirmation of its CEO's prediction on future gold prices of $1,250 per ounce as given in a June 3, 2010 interview on the Big Biz Show. On Friday June 18, 2010 gold reached another record high of $1,255.70 per ounce.

'There is a 'perfect storm' for gold,' says Bill O'Neill, of LOGIC Advisors. 'The metal has become the ultimate currency as few want to commit to the Euro, Pound or Yen. And while the U.S. dollar may be the best of a weak lot, it also holds little appeal. Central banks are lessening currency reserves within their asset portfolio mix and that seems likely to continue. Central banks will actually be net buyers of gold in calendar 2010 and I suspect 2011 as well.'

For more background, note that 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.

Colorado Goldfields also announced today that the Company has received preliminary purchase orders totaling $6.1 million for custom milling of gold ore from two active mines in southwestern Colorado. The initial gold ore flow to Colorado Goldfields is estimated to be approximately 100 tons per day.

'The execution of these preliminary purchase orders brings us one giant step closer to operating revenue. Cash proceeds from these purchase orders would commence within 45 days of reactivation of The Pride of the West Mill. We fully anticipate additional orders in the very near future. These executed preliminary orders are a resounding 'proof of concept' for our business model. To paraphrase other industry leaders, we are moving toward a 'perfect storm' for gold and Colorado Goldfields,' stated C. Stephen Guyer, CFO of Colorado Goldfields.

Gold Stocks

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