Colorado Goldfields' CEO Lee Rice and CFO Stephen Guyer Appear on 'The Big Biz Show' With Russ and Sully -- Mill Progress, Permitting Details, Political Climate, Gold Prices Gold Stocks

LAKEWOOD, CO -- (Marketwire) -- 12/16/10 -- Colorado Goldfields Inc. (OTCBB: CGFIA) announced today that its President and CEO Lee R. Rice and CFO Stephen Guyer, were recently interviewed on 'The Big Biz Show.'

A link to the interview will be provided soon.

Guyer and Rice update listeners with current events of the Company which include the Pride of the West Mill re-activation, the permitting process, political change, gold price increase, and much more.

One of the topics in the interview was the permitting process for the Company's Pride of the West Mill. 'At the core of the reactivation efforts is the submission of what is known as Regular (112d) Designated Mining Operation Reclamation Permit. In total, the Company has submitted over 1,000 pages of documents, including engineering studies, mapping, seismic analysis, water analysis, air quality, mining plans, wildlife protection plans, and environmental protection facilities. Over the past 12 months, this has been the major project for the Company involving well over 15 people, 5 engineering firms, and a mining law firm. The project began in October, 2009, and requires the highest level of professional services available to the Company,' said Stephen Guyer, CFO for Colorado Goldfields.

'Colorado elected a new Governor in November -- John Hickenlooper. I have met face-to-face with John and he has voiced his support for what we are doing. John's background is geology and as we all know, creating real jobs is what will fuel a real economic recovery. He understands what we're doing and supports it. That will create a very receptive political arena in which to work,' continued Guyer.

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.

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 show has been on the air for over 12 years. Its contents are replayed on the Wealth Television (Herring Broadcast Group) network of radio stations.

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