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Colorado Goldfields Earns Validation of Clean Water Technology at Gold King Mine

November 6, 2008

Colorado Goldfields Inc. (OTCBB: CGFI) in conjunction with Blue Sky Water Technologies, Inc., of Folsom, California, has proven its ability to treat water issues at its Gold King Mine.

Results from Alpha Analytical, a nationally certified third-party testing laboratory in Sparks, Nevada, showed that Blue Sky’s technology removed five of the EPA’s “contaminants of concern.” Cadmium, copper, manganese, lead and zinc were reduced to non-detectable levels or significantly below acceptable state of Colorado discharge targets. “We now know that we can produce water that meets or exceeds the discharge levels for the Animas River watershed, and these laboratory results prove that we can,” stated Bill Whiteside, President of Blue Sky Water Technologies, Inc.

Blue Sky’s technology uses patented Ionic State Modification (ISM) Reactors. The system targets harmful contaminants, alters them so that they are no longer soluble in water and removes them using standard chemistry. In most waste streams, Blue Sky’s ISM technology uses comparatively small amounts of lime and greatly reduces sludge volumes that usually yield large amounts of hazardous waste.

Debbie Cokes, Manager of Environmental Affairs for Colorado Goldfields Inc., supervised the gathering of samples for the Blue Sky ISM bench test, and comments, “These results demonstrate our pro-active commitment to environmental excellence and our ability to solve water quality issues. Colorado Goldfields Inc. is a steadfast good steward of the environment. We have great respect for the beauty of southwestern Colorado and the Silverton area, and we remain devoted to preserving it.”

In other recent events, on Friday, October 17, 2008, the Company’s Board of Directors authorized a 30% (thirty percent) dividend of the Company’s Common Stock. The Stock Dividend Pay Date to stockholders will be on Wednesday, November 26, 2008. The Company reminds shareholders that they need to be a shareholder on or before the close of trading on November 26, 2008 to receive the dividend.

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.

The Company has made available a current CGFI Fact Sheet in PDF format at http://www.cologold.com/s/pdfs/CGFIFactSheet.pdf. An audio presentation of the CGFI 2009 business plan is available on the web at http://www.cologold.com/s/multimedia/audiopresentation.wmv. The most recent live investor conference (of September 4, 2008), is available at http://www.cologold.com/s/audio/CGFI_Live_Investor_CC.wma.

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 10920 W. Alameda Avenue, Suite 207 Lakewood, CO 80226 http://www.cologold.com

SOURCE: Colorado Goldfields Inc.




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