Colorado Goldfields Acquires California Mining Properties -- History of the Properties, 1.23 Million Ounces of Gold,

LAKEWOOD, CO, Aug 27 (MARKET WIRE) --
Colorado Goldfields Inc. (OTCBB: CGFIA) is pleased to present additional
historical data on the Eddy Gulch properties, which are currently under a
Letter of Intent for purchase by Colorado Goldfields.

An estimate of the total potential resource from historical data is 1.23
million ounces of gold, representing $1.15 billion at $935 per ounce. That
estimate is derived by attributing 1) half of the 2 million ounces from
placer production to erosion from Eddy Gulch, 2) adding the reported
placer production of 150,000 ounces, and 3) reported lode production of
81,352 ounces from mines at Eddy Gulch.

The following table shows historical lode production from the properties
valued at today's gold price of approximately $935 per ounce. Historic
lode production would be valued today at over $76 million. The production
data shown below is from California State Mineralogist's reports and
numerous private geologic reports.

Gold Production
Mine Years Dollars ($935/Oz.) Ounces
----------------------- --------- ------------------ ------
Klamath 1863-1865 $ 2,668,490 2,854
Klamath 1870-1881 $ 18,932,815 20,249
Klamath 1883 $ 1,356,685 1,451
Klamath/Mt. 1900-1906 $ 8,323,370 8,902
Union & Union Extension 1863-1932 $ 13,570,590 14,514
Mt. Laurel 1863-1886 $ 27,141,180 29,028
Laurel 1906-1910 $ 4,070,990 4,354
------------------ ------
Totals 1863-1932 $ 76,064,120 81,352
------------------ ------

In the 1850s, placer mines in Eddy Gulch produced 150,000 ounces of
gold. The source of the placer gold was the series of lode deposits that
strike across the head of Eddy Gulch, the principal one being the
structure now covered by the Eddy Gulch Group of claims. The Mountain
Laurel Mine and the Klamath Mine, the greatest producers in Eddy Gulch,
were discovered in 1862, and the Union Mine about the same time. The Anna
Johnson Mine was discovered in 1895.

The 1925 California State Mineralogist's report states that the placer
mines in the North Fork of the Salmon River from Sawyers Bar (Eddy Gulch)
to Forks of Salmon, produced about 2 million ounces of gold.

In an all stock transaction, Colorado Goldfields will acquire the Eddy
Gulch Properties in exchange for shares of Class A Common Stock. The
acquisition is of course subject to mutual due diligence by both Colorado
Goldfields and Eddy Gulch. The due diligence period extends to September
30, 2009.

All roll-up acquisitions by the Company will be all stock transactions.
The shares issued in these transactions will be restricted, and
furthermore locked up beyond the 6 months required by Rule 144. C.
Stephen Guyer, CFO for Colorado Goldfields, reaffirms his lock-up of
20,000,000 shares as previously reported on August 7, 2009 and corrects
the calculation then reported as "Proceeds from the sale of stock owned
by Mr. Guyer in 2009 total $26,400." The corrected calculation is "Net
proceeds from the sale of stock owned by Mr. Guyer for calendar 2009
total $34,849."

World Market Media will consistently release breaking news and content
updates on Colorado Goldfields at: www.worldmarketmedia.com/CGFIA.

About World Market Media, Inc.

World Market Media utilizes cutting edge social media platforms to connect
the world's securities exchanges and their various investment communities
with the goal of creating the world's first Global Online Investment
Community. WMM implements innovative media solutions to produce real world
market results for clients delivering in-house services including public
and investor relations, advertising, marketing, social media, web-traffic,
search marketing, web development, branding and audio/video and motion
graphics production.

For further information and to view our press releases please visit our
Social Media Newsroom at: www.worldmarketmedia.com/SMNR and our blog at
www.wmmblog.com.

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
303-984-0524
http://www.cologold.com

Copyright 2009, Market Wire, All rights reserved.

-0-