Colorado Goldfields Inc. Announces Exploration Plan for King Solomon Mine; Expansion Into a $20 Million Gold and Silver Play Gold Stocks

LAKEWOOD, CO -- (Marketwire) -- 05/11/11 -- Colorado Goldfields Inc. (OTCQB: CGFIA) (PINKSHEETS: CGFIA) announces its exploration and development plan for the King Solomon Mine. The King Solomon Mine is located on the southern flank of King Solomon Mountain, just a few hundred yards up the mountain from the first discovery of gold in the San Juan Mountains in Little Giant Basin.

'Using ore depth levels from nearby mines, and knowing that the structure of the King Solomon is 'open at depth,' and 'on strike,' allows us to estimate the total potential resource. By expanding our recovery into silver, the total resource is estimated to be as high as $20 million,' stated Stephen C. Fearn, Registered Professional Engineer for Colorado Goldfields.

Historical assay results for the King Solomon Mine have revealed gold at 0.15 ounce per ton, but more importantly silver content as high as 42 ounces per ton. At $35.75 per ounce for silver, that represents about $1,500 in dollar value per ton. Combined with gold at $1,500 per ounce, total value per ton could be as high as $1,725 per ton.

Work during the exploration season of 2011 will be directed toward verifying the property position, surface and underground geological mapping and surface and underground sampling. As with the planned work at the Company's Brooklyn Mine, these activities represent minor surface and underground disturbances that are not expected to require a formal prospecting permit.

Two levels of the King Solomon Mine remain open from previous operations and are immediately accessible. Therefore, the patented claims comprising the King Solomon mine will be surveyed and the corners set; including portals, dumps, roads, vein outcrops and other geologic features will be located and mapped. Almost simultaneously, the two open underground levels of the King Solomon Mine will be surveyed and geologically mapped. By locating the underground features relative to surface features and claim locations, a three-dimensional computerized model will be developed.

Surface Sampling will be conducted on all identifiable outcrops, mine dumps and other mineralized expressions will be sampled to define metal values, and once again simultaneously the existing underground workings will be sampled to define metal values contained in the exposed vein areas. This data will be overlaid upon the three-dimensional model.

'Regardless of the recent short-term bouncing around, silver prices are so far above the original economic profitability models that it would be a mistake not to develop the resource. Silver is becoming more important to the Company, and there has always been an abundance of silver in our district,' stated Stephen Guyer, CFO for Colorado Goldfields.

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About Colorado Goldfields Inc.
Colorado Goldfields Inc. (OTCQB: 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