Colorado Goldfields, Inc. (OTCPK:CGFI) entered into a contract to acquire the Champion Mine from Jo Grant Mining Company, Inc. for $6.5 million in cash and stock on November 2, 2012. Under the terms of the agreement, Colorado shall issue 24 million shares and pay $3.05 million till January 6, 2013. Also Colorado Goldfields shall provide Jo Grant for a period of 99 years a 5% Net Smelter Royalty on the Champion Mining Claims.