Colorado Goldfields Inc. 'Gold Dynamics in the News' Part 4 -- Gold Price Movements and Predictions -- Relevant Information for Company Shareholders Gold Stocks

LAKEWOOD, CO -- (Marketwire) -- 09/21/10 -- Colorado Goldfields Inc. (OTCBB: CGFIA) provides this commentary as Part 4 of its 'Gold Dynamics in the News,' series.

'I've been buying gold for 10 years now, or more, and I'm not uncertain about anything. I'm buying gold because I'm certain that [. . .] gold will rise. Also on the bullish front for gold is that AngloGold Ashanti announced they would be raising about a billion and a half dollars so they can buy back what remains of their hedge book. This is bullish for gold because they have to go buy gold that was previously sold short,' said gold expert Peter Schiff last week. To view Peter Schiff's complete commentary, follow this link: Peter Schiff on Gold September 17, 2010.

In the commentary above, chief global strategist of Euro Pacific Capital Inc. and gold expert Peter Schiff presented his latest analysis of the relationship between gold prices and other economic factors such as the dollar, global currency behavior, fiscal and monetary government actions, and uncertainty.

Most importantly, Schiff clearly describes in this analysis recent gold and silver price movements and how those dramatic increases can remove the uncertainty that still plagues the investment community. Colorado Goldfields' shareholders will find this commentary extremely relevant and insightful.

Management is also pleased to announce that at its September 15, 2010 board meeting the Colorado Mined Land Reclamation Board approved several date modifications for the Company's reclamation permit process for the Pride of the West Mill. After collaboration between the Company and the Division of Reclamation Mining and Safety ('DRMS'), the DRMS decision date has been set for October 26, 2010 from August 27, 2010. Full board approval would then occur on November 17, 2010.

The Company has completed many projects as part of the permitting process for the Pride of the West Mill. Among them, a Seismic Hazard Evaluation report. Using data from the National Earthquake Center encompassing a 250 mile radius of the mill, the study concluded that the probability that the mill would incur any significant damage from seismic events is virtually zero.

Additionally, the holder of the mortgage associated with the Pride of the West Mill has granted an extension to December 31, 2010. Furthermore, the effective interest accrual rate has been reduced from 12 percent to 7 percent.

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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