CGFI-Colorado Goldfields Announces NI 43-101 Technical Report for Silver Wing Mine; Total Estimated Resource Valued in Excess of $120 Million

LAKEWOOD, CO--(Marketwire - Jan 24, 2013) - Colorado Goldfields Inc. (OTCQB: CGFI ) announces that it has received a Preliminary Technical Report for the Silver Wing Project located in San Juan County, Colorado. The report was prepared by Lee R. Rice, P.E. in accordance with Canadian National Instrument 43-101 criteria.

The Report concludes:

"Available data confirm the presence of a 400,000 ton polymetallic resource in the properties constituting the Silver Wing Mine Project. This resource, when mined and processed through the company's Pride of the West Mill may yield more than 8,000 ounces of gold, 720,000 ounces of silver, 19.2 million pounds of copper, 10.8 million pounds of zinc, and 8.8 million pounds of lead worth more than $120 million."

The report further states:

"A preliminary examination of project development and operating costs indicate the economic feasibility of the project with substantial profitability for the operator. The work performed to date indicates that development of the project is warranted."