Colorado Goldfields Inc. Acquires Utah Payday and Rage Uranium Mines; 63 Unpatented Uranium Claims With an Estimated Value Equal to $14,000,000 -- Part 3 Gold Stocks

LAKEWOOD, CO -- (Marketwire) -- 07/15/11 -- Colorado Goldfields Inc. (OTCQB: CGFIA) (PINKSHEETS: CGFIA) announced on June 29, 2011 that the Company had acquired the Payday & Rage Mines located in San Juan County, Northeast of Monticello, Utah. This acquisition marks a significant expansion into other metals, both 'precious' and 'exotic,' and provides Colorado Goldfields a greatly enhanced ability to capitalize on a wider number of market drivers for price -- both investor economics and manufacturing.

John Ferguson, Director of Operations for Colorado Goldfields, provides the following background and insights into the importance of this acquisition.

The recent acquisition of a group of claims in San Juan County, Utah area affords Colorado Goldfields with an important strategic opportunity. This group of claims is located close to Monticello, Utah and close to the Southwestern end of the famous Uravan Mineral Belt. The Uravan Mineral Belt was first mined in the early World War I era for carnotite (a uranium mineral that contains radium) for the radium content which was used in Madam Curie's radiation experiments, and in phosphorescent paint.

After World War II, the area was extensively prospected for uranium for use in the nuclear weapons program. The US Atomic Energy Commission constructed a uranium mill and ore buying station just south of Monticello. Extensive mining took place in the Colorado Plateau Region beginning in 1953-54. During that time, additional mills were constructed in Uravan (Union Carbide), Naturita (Vanadium Corp of America), Durango (VCA), Hite (VCA), Grand Junction, Colorado (Climax Uranium), and later Moab, Utah (Atlas Corp). By the end of the decade the massive increase of production of uranium from the Colorado Plateau, Grants, New Mexico, and other areas of Colorado, New Mexico, Wyoming, South Dakota, and Texas were supplying more uranium than was required for the weapons program.

A considerable amount of production has occurred adjacent to the area of the Colorado Goldfields claims -- both to the north and east of the claims. Most notable were the Deremo group of mines to the east which were operated for many years by Union Carbide and other mines in the Summit Point area northeasterly from Colorado Goldfields' claims.

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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