Colorado Goldfields, Inc. (OTCPK:CGFI) entered into a contract to acquire Silver Wing Mine from Jo Grant Mining Company, Inc. for $1.9 million on October 31, 2012. Under the terms of the contract, Colorado Goldfields will issue to Jo Grant Mining twelve million four-year restricted shares of CGFIA Class A common stock on or before January 6, 2013, Colorado Goldfields will also pay off the existing note in favor of a Colorado bank having a present balance of approximately $0.06 million, pay to Jo Grant Mining Company a sum of $0.05 million no later than January 6, 2013 and provide to Jo Grant Mining for a period of 99 years a 5% Net Smelter Royalty.