Colorado Goldfields Inc. Reaffirms Insiders' Common Share Lock-up

LAKEWOOD, CO, Apr 20 (MARKET WIRE) --
Colorado Goldfields Inc. (OTCBB: CGFIA) announces today the reaffirmation
of the Insiders' lock-up agreement entered into in August 2008. At that
time the Company's Board of Directors and executive officers entered into
a 24 month lock-up agreement regarding their respective common shares,
which as a group totals approximately 90 million common stock shares of
the Company. The lock-up agreement provides that these insiders are
effectively barred from directly or indirectly transacting their common
stock shares of Colorado Goldfields Inc. Certain exceptions are made for
stock issued to officers as monthly salary compensation in lieu of cash.

About Colorado Goldfields Inc.

Colorado Goldfields Inc. (OTCBB: 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.

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

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