Colorado Goldfields Inc. announced that it has signed a letter of intent to lease with an option to purchase the Brooklyn collection of properties located in San Juan County, Colorado, USA. The properties consist of approximately 600 acres of patented and unpatented claims located along the historic Brooklyn Mine and associated structures. The Brooklyn Mine has consistently produced exceptionally high-grade gold ore since its discovery around 1900. The abundance of free gold associated with the ore makes historical production records difficult to interpret. However, a historic resource estimate of $13.8 million (14,535 ounces of gold times $950 per ounce) at a grade of 0.69 ounces per ton contained in two established and accessible ore shoots below the existing workings is based on well-documented and confirmed prior exploration. Colorado Goldfields is currently developing an aggressive exploration and development plan for the Brooklyn property. Since the underground workings are accessible, exploration will be able to be performed year-round despite the properties' 11,000 foot elevation. Underground and surface geologic mapping and sampling, a geochemical soils survey, and geophysical work is planned for the fall and winter season, along with extensive underground diamond drilling. In an all-stock transaction, Colorado Goldfields will lease with an option to purchase the Brooklyn properties in exchange for shares of Class A Common Stock. The acquisition is of course subject to mutual due diligence. The due diligence period extends to September 30, 2009.

Colorado Goldfields Inc. announced 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.

Colorado Goldfields Inc. announced that braving frigid winter weather and carrying snowshoes, avalanche beacons, and ski poles, in addition to their sampling equipment, field work began for the 'Upper Cement Creek Water Quality Characterization' project. The team was led by the U.S. Environmental Protection Agency (USEPA). Trained personnel from member organizations of the Animas River Stakeholders Group, including Debbie Cokes from Colorado Goldfields, collected water quality samples and captured flow measurements. Samples will be analyzed by USEPA's Lab in Denver. The water sampling began on May 19, 2009, and includes the Gold King Mine, which is part of the system of historic mines that feed Cement Creek. The picture included shows the access-way to the water testing site.