Colorado Goldfields Inc. announced that it has retained the services of Mr. John Ferguson of Durango, Colorado as a consultant to the Company in order to perform due diligence on the previously announced proposed acquisition of 75% of the stock of Besmer, S.A. de C.V. of Durango, Mexico. Todd Hennis, President of Colorado Goldfields states, "We look forward to the results of Mr. Ferguson´s work. It is our belief that, should the Besmer transaction close, then a rapid expansion in the capacities of Besmer´s mill and mines can be subsequently accomplished. We are putting together our list of hardware necessary to accomplish this expansion program, and identifying potential near-term equipment suppliers. We are also considering the need for on-site geological personnel in Mexico to manage the exploration of Besmer´s properties and to identify and examine other potential property acquisitions."

Colorado Goldfields, Inc. has announced the signing of a contract with Godbe Drilling, LLC for the resumption of drilling at the Gold King and Mogul properties in SanJuan County, Colorado. The company also stated that it intends to raise capital through the private sale of common stock within the next couple of months in order to fund the planned 2008 drilling program, potential acquisition of Besmer S.A. de C.V. and operating expenses during the Company´s exploratory stage.

Colorado Goldfields Inc., Annual General Meeting, Mar 17, 2008, at 10:00 US Mountain Time. Location: Jackson Kelly PLLC, 1099 18th Street, Suite 2150, Denver Co. 80202,United States. Agenda: To elect directors to serve for a term of one year or until their successors are duly elected and qualified; to approve the company´s 2008 Stock Incentive Plan for purposes of qualifying the plan under Section 422 of the Internal Revenue Code; to ratify the action of the Board of Directors in appointing GHP Horwath, P.C. as the company´s independent registered public accounting firm; and to transact other business that may properly come before the Annual Meeting.