Colorado Goldfields, Inc. announced that it has entered into a Modified Purchase Agreement that adds the mineral resources from approximately 238 acres of adjoining patented claims to the Champion Mine including the historic North Star and Gladstone mines. This addition brings the Champion Mine property to over 590 acres of patented claims. Work conducted by Lee R. Rice from available data in developing the Preliminary Technical Report for the Champion Mine identified an additional poly-metallic resource in the North Star and Gladstone mines of 140,000 tons containing 36,000 ounces of gold, 820,000 ounces of silver, 25.7 million pounds of lead, 6.4 million pounds of zinc, and 2.2 million pounds of copper. The combined resource would contain 112,000 ounces of gold, 3,250,000 ounces of silver, 57.5 million pounds of lead, 14.3 million pounds of zinc and 9.4 million pounds of copper.

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.