Colorado Goldfields Inc. 'Gold Dynamics in the News' Part 7 -- Gold Over $1,400 an Ounce as Predicted by Company President Lee Rice, Inflation, Federal Reserve Policy -- Relevant Information for Company Shareholders Gold Stocks

LAKEWOOD, CO -- (Marketwire) -- 12/14/10 -- Colorado Goldfields Inc. (OTCBB: CGFIA) provides this commentary as Part 7 of its 'Gold Dynamics in the News' series.

In March 2010, Company President Lee R. Rice predicted that the price of gold would rise to $1,300 - $1,500 per ounce by year end. In June, the Company reported validation of its predicted gold price movement when gold reached a record high of $1,255.70. In November and December gold prices topped $1,400 per ounce. Recently, gold expert Peter Schiff explained why.

To view Peter Schiff's complete commentary, follow this link:
http://www.youtube.com/watch?v=DlxuFenX8oA&feature=related

On November 4, 2010 gold touched $1,300 an ounce, was over $1,400 per ounce on December 3 (up to a record high), which is up 30% over last year. 'You ain't seen nothin' yet. I don't have to explain it; I'll let Bernanke explain it. The Fed has now laid its monetary cards on the table. The Fed has claimed that its new mandate is to create inflation. [The Fed's actions] are going to create a lot of inflation, and that's why people are buying gold. That's why it's hitting a record high. That's why Silver hit a 30-year high today. These metals prices are going to keep going higher and higher as more and more people out that the Fed is going to rob 'em blind, but it made the mistake of letting the cat out of the bag. [The Fed] is actually telling us it's going to rob us. So if you don't want to get robbed, buy gold,' said gold expert Peter Schiff on November 4, 2010 in an appearance on CNBC Fast Money TV.

Peter David Schiff is an American economist, author, commentator and popular video blogger. Schiff, a licensed stock broker, is the president of Euro Pacific Capital, headquartered in Westport, Connecticut.

Additionally, the Company reports that the hearing date for the Pride of the West Mill permit amendment before the Colorado Mined Land Reclamation Board has been extended to December 16, 2010.

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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