Colorado Goldfields, Inc. announced that it has received a Preliminary Technical Report for the Champion Mine Project located in San Juan County, Colorado. The report was prepared in accordance with Canadian National Instrument 43-101 criteria. Available data confirm the presence of a 300,800 ton polymetallic resource in the properties constituting the Champion Mine.

This resource, when mined and processed through the company's Pride of the West Mill may yield more than 76,000 ounces of gold, 2,430,000 ounces of silver, 31.8 million pounds of lead, 7.9 million pounds of zinc and 7.2 million pounds of copper worth more than $230 million. The Report compiles and examines all available data concerning the Champion Mine and the associated mine workings and metallic vein mineral vein deposits of the property. It contains assessments by the author, by other employees of Colorado Goldfields Inc., and by professional geologists and engineers contracted by the company to provide estimates of the quality and quantity of ore grade mineralization present.

The Champion Mine is a polymetallic mine production project located on private land holdings in one of the richest and most prolific metallogenic provinces on earth, the Colorado Mineral Belt. Previous development and production at the Champion Mine (also known as the Sultan Mountain Mine) resulted in an extensive system of adits and drifts along several vein structures that were partially developed by stopping. Mapping and sampling in these areas confirm a remaining resource from the Aletha, Champion, Hercules, Jennie Parker, and Little Dora veins of more than 300,800 tons.

The Pride of the West Mill is located 5.3 miles northeast of Silverton, Colorado. The Mill is located on approximately 120 acres of patented mining claims on San Juan County Road 2, within a nine air-mile radius of the Champion, Silver Wing Mine, the King Solomon Mine, and many other mine properties. The Mill is located within the famous "San Juan Triangle" mining center of southwestern Colorado, which also includes the historic mining towns of Telluride and Ouray, and encompasses one of the most richly mineralized areas of North America.