Colorado Goldfields Inc. Advances Expert Exploration Program for King Solomon Mine; $20 Million Gold and Silver Potential Gold Stocks

LAKEWOOD, CO -- (Marketwire) -- 08/02/11 -- Colorado Goldfields Inc. (OTCQB: CGFIA) (PINKSHEETS: CGFIA) announced that it has begun its 2011 exploration program 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.

Although this season's late snow melt delayed the start, the planned surface work is now proceeding. Surveying of the patented mining claims is under way to verify the exact location of the claim corners and boundaries. Location of the portals, dumps, roads, vein outcrops and other geologic features are being identified and mapped. Identifiable vein outcrops, mine dumps and other mineralized expressions being sampled to define metal values.

This work is under the direction of Robert Larson, Certified Professional Geologist, Professional Land Surveyor, and founder of Monadnock Mineral Services of Ouray, Colorado. Mr. Larson graduated with an Engineer of Mines degree, Colorado School of Mines, 1968. Over 40 years experience in mining, exploration and surveying mostly in the western United States. Mining experience includes base and precious metal engineering and management, both surface and underground; Exploration includes precious metals, base metals, uranium and industrial minerals in various geological environments, including volcanogenic, sediment-hosted replacement and chemical precipitates within sediments; Surveying includes property surveys, subdivision surveys, underground and surface mining surveys, mining claim surveys and constructions surveys.

Immediately following the surface work, surveying and mapping of the two accessible underground levels of the mine will be undertaken. Sampling of the underground workings will be conducted to identify metal values and to define the occurrence of metal values within the vein structures. All surveying and sampling data will be analyzed and incorporated into a three-dimensional model of the mine which will be used to develop a core drilling program to further evaluate the mineral potential of the property and develop a mining plan.

'With gold and silver prices continuing to rise, the King Solomon represents an ever increasing value to Colorado Goldfields. The estimated value of the Mine has increased by $2 million in just the last month,' stated C. 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