Colorado Goldfields Receives One Year Extension on Pride of the West Mill Note Repayment

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 21, 2009 -- LAKEWOOD, CO -- (MARKET WIRE) -- 07/21/2009 -- Colorado Goldfields, Inc. (OTCBB/CGFIA) Receives One Year Extension on Pride of the West Mill Note Repayment

Colorado Goldfields announces that it has received an extension until June 29, 2010 of the loan on the Company's Pride of the West Mill. The loan was originally due to expire on June 29, 2009, at which time Colorado Goldfields would have had to repay the balance in full.

"This is the kind of tangible support from our business partners that reaffirms our belief that our business plan is sound, and that we are on the right track," stated Stephen Guyer, CFO of Colorado Goldfields.

Colorado Goldfields 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.

Brad Long, Director of Investor Relations
Colorado Goldfields Inc.
866-579-2434 or 303-984-0524

Animas River Stakeholders     Maisel Excavating     Pride of the West     Red Mountain Mining District