Colorado Goldfields (CGFI.OB) is a Denver-based junior exploration and mining company primarily exploring for gold and silver. The company is focused on mining in the traditionally rich mining areas of Colorado.
Colorado Goldfields has focused on a major gold project in the legendary Silverton Mining District of Colorado. The company has an option to earn an 80% interest in three extremely promising gold mining properties, featuring advanced, formerly producing mines. These mines are: the Gold King, Mayflower, and Mogul mines located in San Juan County in southwest Colorado.
Colorado Goldfields’s 2008 drilling program is progressing toward positive results. John Ferguson, the company’s director of operations, recently reported that “The core drilling program begun summer 2008 is progressing on schedule. The first two drill holes on the Gold King have intercepted multiple mineralizations. While assay reports remain in progress, the mineralizations appear to be consistent with historic information that showed significant gold, silver, and other mineral deposits at this location.”
Colorado Goldfields hopes to reach profitably within the next 18 months. This is based on both the prospects for the mines and the availability of an inactive, modern, 500 to 700 ton-per-day capacity mill facility located near the mines. This modern mill facility will allow for an attractive short-term production time frame.
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