Colorado Goldfields Acquires Utah Payday and Rage Uranium Mines

LAKEWOOD, CO - Colorado Goldfields Inc. reported that it has acquired the Payday and Rage Mines located in San Juan County, Northeast of Monticello, Utah. The elevation of the properties is between 5,500 to 6,000 feet with the main drainage area being the East Canyon Wash. The properties enjoy excellent access provided by a two lane county maintained road. The claims are part of the Morrison Formation known for the many valuable deposits of uranium.
The sandstone formation along the East Canyon Wash contains a good grade of Uranium and is easily mineable. Adjacent to the claims, a drift runs 800 feet. A full face of ore ranging from 8 - 12 feet in thickness is average on the properties. The sides and back of the drift indicate ore values ranging from 0.35 to 0.80 Uranium, and up 3% Vanadium.
Furthermore, the ridge to the north of the East Canyon Wash has many notable adits, including Deremo Shaft Mine, Locust Mine, Rim Shaft Mine and the Vanadium Queen, where several thousand pounds of uranium ore were removed from the 1950s thru 1970s.
East Canyon is included within the Lisbon Valley District where, since 1952 until the early 1990s over 85 million pounds of uranium were produced along the flanks of the Lisbon Valley anticline.
The claims are located within 30 miles of White Mesa Mill. The White Mesa Mill is a fully permitted uranium mill with a vanadium co-product recovery circuit, and is the only conventional uranium mill currently operating in the United States. It is located in rural southeastern Utah, near the town of Blanding in San Juan County. Access is by state highway. The Mill has been in operation for over 25 years since its startup in 1980.
Colorado Goldfields acquired the properties in all stock transaction consisting of 125,000,000 shares of 1-year restricted Class A Common Stock and 125,000,000 shares of 2-year restricted Class A Common Stock.
Colorado Goldfields is a Denver-based junior exploration and mining company primarily exploring for gold and silver. 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.