Colorado Goldfields Offers Gold and Silver Challenge

LAKEWOOD, Colo.--(Business Wire)--
Colorado Goldfields Inc. (OTCBB:CGFI) will give away up to 50
silver coins (1 ounce U.S. Silver Eagles) and one gold coin (24K 1
ounce U.S. American Buffalo) in the interest of generating additional
subscribers for the CGFI Investor Newsletter. Minimum requirements
must be met, and participants will be randomly selected from those who
sign up online for CGFI Investor Newsletter at:

Gold and Silver Challenge Investor Newsletter
(http://visitor.constantcontact.com/optin.jsp?v=001Rx4RxQ1SVjbw2LqxCqa
gpiLoko9oNdnA)(Due to its length, this URL may need to be
copied/pasted into your Internet browser's address field. Remove the
extra space if one exists.)

Each person over the age of eighteen (18) who completes the online
signup form for the CGFI Investor Newsletter, with valid and complete
personal information, will be eligible to be selected to receive a
silver coin, one of 50 that the Company will make available in a
random drawing to be conducted when 100,000 people sign up or, at the
latest, November 13, 2008 at 10:00 AM Mountain Time. If more than
100,000 new subscribers join the CGFI Investor Newsletter on that day
by, there will also be a 1 ounce American Buffalo Coin included to be
available to one of the randomly selected participants.

Join the fun of prospecting for precious metals, sign up for the
CGFI Investor Newsletter today!

About Colorado Goldfields, Inc.

Colorado Goldfields Inc. (OTCBB:CGFI), 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
discovery. 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.

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 event 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.

Colorado Goldfields Inc.
Brad Long, 866-579-2434 or 303-984-0524
Director of Investor Relations
http://www.cologold.com

Copyright Business Wire 2008