Colorado Goldfields acquires $234 Million gold-silver

New Post Public Reply Private Reply Replies (1) Message Board
Lmcat

Colorado Goldfields acquires $234 Million gold-silver property — the Champion Mine

LAKEWOOD, CO–(Marketwire – Dec 12, 2012) – Colorado Goldfields Inc. (OTCQB:  CGFI ) announces that it has acquired the Champion Mine, which is located within 6 miles of the Company's Pride of the West Mill. The total estimated resource for gold and silver in the property is $234 million. Furthermore, its proximity to the Company's Pride of the West Mill makes the Champion a perfect addition to Colorado Goldfields' stable of mineral rights.

The Champion Mine consists of approximately 354 acres located in the San Juan Mountains at Silverton, Colorado. The Mine is located within the historically productive rim (i.e. over $700 million in gold, silver and base metals produced since 1874) of the Silverton Caldera complex at the southwestern extremity of the very prolific Colorado mineral belt. Several major narrow (i.e. average 3 to 6 feet wide with stopes up to 9,000 feet long and vertical extent of at least 2,500 feet) vein deposits each up to 10 million tons or more have previously operated profitably in the district.

The property has been intermittently developed and mined by numerous separate operators between 1876 and 1942, during which period an estimated 375,000 ounces of gold and 15,000,000 ounces of silver have been produced from a northwesterly trending and steeply south dipping vein system. Production was halted in 1942 because of the US Government's Gold Mine Closing Order, brought on by World War II.

The Pride of the West Mill ("Mill"), is located 5.3 miles northeast of Silverton, Colorado. The Mill is located on approximately 120 acres of patented mining claims on San Juan County Road 2, within a nine air-mile radius of the Silver Wing Mine, the King Solomon Mine, and many other mine properties. The Mill is located within the famous "San Juan Triangle" mining center of southwestern Colorado, which also includes the historic mining towns of Telluride and Ouray, and encompasses one of the most richly mineralized areas of North America.

On November 2, 2012, the Company entered into a contract for purchase of the Champion Mine. The terms of the contract provide that the Company issue 24,000,000 4-year restricted shares of Class A Common Stock and pay $3,000,000 to owners for the purpose of consummating the purchase contract and other consideration. The Company will also pay the former owners a 5% Net Smelter Royalty ("NSR"), from the Champion Mining Claims. The complete purchase contract may be viewed in the Company' Form 8-K filed on November 6, 2012.

Colorado Goldfields Inc. (CGFI) Stock Research Links

CGFI Board Company Profile Buy Rating Time & Sales News Filings Financials
Scroll down for more posts ▼

Top 10 Most Recent News Articles

Zoomlion Boosts Mining Gear Amid Global Revenue Surge

Updated Category News Views 6

An Ambitious Expansion Overhaul Alright, let's talk Zoomlion Heavy Industry Science & Technology Co., Ltd. They're not just making a splash; they're wading knee-deep into expanding their mining machinery operations and taking charge in international markets. You see, in the first half of 2026, this Chinese behemoth saw its mining machinery business skyrocket by over...

Continue Reading
AI in Music: CITY JAM Focuses on Human Creativity

Updated Category News Views 6

Breaking Down the AI Music Race In the wild world of music production, AI's making waves. Here's the thing though—it's all about how fast and how much it can churn out. Now, won't lie to you, that's impressive, but not the full picture. Pat Villaceran, the brain behind CITY JAM, is adamant that the real gold isn't just speed. It's the unique sound each artist brings to...

Continue Reading
Tchah Sup Kim: A Retrospective at KCCNY in 2026

Updated Category News Views 4

A Glimpse into Tchah Sup Kim's Legacy Stumble into the world of Tchah Sup Kim (1940–2022) this fall at the Korean Cultural Center New York. Kim's posthumous retrospective, "The Key to a New World," brings together over 130 of his works alongside archival materials, offering a comprehensive dive into a mind that spent decades between New York and Korea. The exhibit,...

Continue Reading
Young Visionaries Win Junior Medals at STARMUS VIII

Updated Category News Views 8

Fresh from the Canary Islands' shores, STARMUS VIII has lifted the veil on two young powerhouses shaping tomorrow—Valeria Corrales and Aneeshwar Kunchala. These two have snagged coveted honors, crowning them as champions of their generation. Igniting Passion for Science and the Environment Valeria Corrales isn't just another face in the crowd; she’s the force behind a...

Continue Reading
New Docs Spotlight Psychiatry on World Mental Health Day

Updated Category News Views 7

Unmasking Mental Health on the Global Stage Hold onto your hats, folks. The Scientology Network is cranking up the heat this World Mental Health Day. On October 10, they’re rolling out a program that puts the spotlight on CCHR’s crusade against what they see as dark forces in the psychiatric industry. It’s a marathon of documentaries that dives into allegations of...

Continue Reading
Jiangxi Dialogues: Youths Forge Global Ties in 2026

Updated Category News Views 5

Bringing Global Youth to the Table In the heart of Jiangxi, China, young minds from across the globe gathered not just to chat but to shape the future. A bunch who only a decade ago might have been ignored in such circles are now leading discussions, and they’ve kicked off their powwow on September 22, 2026, with a bang in Nanchang. What’s the Agenda? Imagine more...

Continue Reading
Kailas Campaign Binds Climbers with Gear, Trust

Updated Category News Views 5

Embracing the Spirit of Climbing Connections Alright, so when's the last time you saw a brand digging into the human side of one rugged sport like climbing? That's where Kailas steps in, pulling us beyond gear talk into the trust and camaraderie that defines climbing. Their latest effort—dubbed “Stay Warm, Stay Together”—goes beyond mere technical prowess by...

Continue Reading
Kexing Biopharm Expands Global Reach at CPHI Milan

Updated Category News Views 11

Kexing Biopharm's Showstopper Moment in Milan Call it a strategic blowout or just audacious timing—Kexing Biopharm's move at the CPHI Milan 2026 has painted a clear picture. From October 6th to 8th, Milan was the stage where Kexing rolled out its showcase, bragging about a pipeline that screams innovation and possibility. And let’s be honest, their timing couldn’t...

Continue Reading
Haag-Streit Debuts Innovative Octopus 910 Perimeter at AAO

Updated Category News Views 3

Now here's something that'll tickle your ophthalmologist's fancy—Haag-Streit USA has rolled out the Octopus 910, a slick piece of kit set to shake up visual field testing for glaucoma management. This time, they're getting in front of the competition, unveiling it at the Association for Research in Vision and Ophthalmology's 2026 shindig in New Orleans. With this new...

Continue Reading
Buying Land in Greeneville: Avoiding Costly Mistakes

Updated Category News Views 5

Diving Headfirst into Raw Land Purchases Buying land isn't like your typical house flip in Greeneville, Tennessee. It's a whole different ballgame out there. You might think you're just purchasing a piece of Mother Earth, but you got to know there's more beneath the surface—quite literally—before you sign anything. You can go from a promising adventure to a...

Continue Reading

Top 5 Most Recently Viewed Articles

Fathom and Move Concierge Join Forces for Enhanced Relocation

Updated Category News Views 146

Fathom Holdings Inc. and Move Concierge's Strategic Alliance Fathom Holdings Inc. (NASDAQ: FTHM), a prominent real estate services platform utilizing innovative technology, has forged a strategic partnership with Move Concierge. This collaboration aims to enhance the moving experience for both Fathom agents and their clients, ultimately simplifying what can often be a...

Continue Reading
Above Food Ingredients Achieves Key Compliance Milestones

Updated Category News Views 195

Above Food Ingredients Achieves Key Compliance Milestones Above Food Ingredients Inc. (NASDAQ: ABVE) continues to mark its progress by successfully meeting significant compliance requirements set by The Nasdaq Stock Market LLC. The company acknowledges that they have resolved previous issues surrounding the market value of publicly held shares, which is a substantial step...

Continue Reading
Trump's Comments Spark Concerns for Taiwan Semiconductor Amid Trade Tensions

Updated Category News Views 243

Trump's Critique of Taiwan Semiconductor on Podcast Republican presidential candidate Donald Trump has taken a pointed stance against Taiwan Semiconductor Manufacturing Company (TSM). During a discussion on the Joe Rogan podcast, he accused Taiwan of negatively impacting America's chip industry. This accusation marks his second focused attack on the semiconductor giant....

Continue Reading
Parents Fear Financial Dependence of Kids Beyond Adulthood

Updated Category News Views 268

Parents are in the hot seat when it comes to worrying about their children’s financial futures. A recent survey from U.S. Bank lays bare that nearly one in four parents is fretting over this concern, and for Generation X parents, that number spikes to an eye-watering 50%. What’s the deal here? These aren’t just idle fears—this reflects a seismic shift in how...

Continue Reading
Revolutionary Mailbox Alert System Enhances Daily Convenience

Updated Category News Views 140

Innovative Mailbox Alert System Transforms Mail Delivery Experience Many people have experienced the hassle of repeatedly checking their mailbox, only to be disappointed when there’s no mail. One inventive thinker aimed to tackle this common nuisance by creating a product known as the MAIL ALERT. This ingenious device is designed to give homeowners a visual indication...

Continue Reading