10 November 2009 1

Focused on Precious Metal Productionin Colorado

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Management & Advisory Team

Lee R. Rice - President and Chief Executive Officer, DirectorMr. Rice is an experienced geological engineer, having worked as a geologist and engineer in the natural resources industry since 1970. Since 1990, Mr. Rice has been employed by, and is currently Chief Engineer for, Data Technology Services, Inc. a Colorado-based, privately owned company that provides information technology services to various industries, including finance, oil & gas, geology, and chemistry. Prior to this, Mr. Rice held various geological, engineering and management positions with the U.S. Bureau of Mines and private industry. Mr. Rice holds a Bachelor of Science degree in Chemistry from Case-Western Reserve University and a Master of Science in Geology and Geological Engineering (with High Honors) from South Dakota School of Mines and Technology. Mr. Rice has been a Registered Professional Engineer in Colorado for more than 30 years and is a Registered Member of the Society of Mining, Metallurgy and Exploration. Mr. Rice is also a director of International Beryllium Corporation, a public company traded on the Toronto Venture Exchange with its headquarters in Vancouver, British Columbia.C. Stephen Guyer – Chief Financial Officer, DirectorMr. Guyer is a senior financial executive, having served as Chief Financial Officer for both public and private firms. Prior to joining Colorado Goldfields, he was a founder and Chief Executive Officer of Antelope Technologies, Inc., an international high-technology manufacturing venture with offices in both the USA and Switzerland. Mr. Guyer has also served as Chief Financial Officer for TCOM Ventures, Staff Administrators and the Moore Companies. Mr. Guyer was Chief Credit Officer for Monaco Finance and a divisional vice-president for a subsidiary of British Petroleum, and the former United Cable Television Corporation (now a part of COMCAST). Mr. Guyer holds an MBA, Finance, and Master of Arts, University of Denver, both with honors, a BA, Metropolitan State College, Magna Cum Laude, and BS, McPherson College.

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Management & Advisory Team

John Ferguson – Director of OperationsMr. Ferguson’s experience includes over 50 years of mining and milling experience. He studied Geology at Ft. Lewis College in Durango, and Mining Engineering at Colorado and the Colorado School of Mines.

Debbie Cokes – Manager, Environmental AffairsMs. Cokes has 27 years experience in the environmental field, with emphasis on mining operations and water treatment technologies.

Beverly Rich, Independent DirectorMs. Rich is the Treasurer for San Juan County, Colorado; Democratic Party Chairperson for San Juan County, Colorado; and is Democratic Party Chairperson for the 6th Senatorial District in Colorado. Ms. Rich graduated from Fort Lewis College in Durango, Colorado.

Norman J. Singer, Independent DirectorSince 2006 Mr. Singer has been an independent investor in the oil and gas sector, having previously served as a senior consultant to a publicly traded oil company assisting the firm with their Turkish drilling program and assembling a U.S. based acreage position. From 1978 to 2004, Mr. Singer was with the Usaha Tegas Group of Companies, a $5 billion diversified multi-national enterprise, opening two new energy related subsidiaries in Houston, Texas, and Tulsa, Oklahoma. Mr. Singer was Senior Vice President, General Counsel and Director for Oceanic Exploration Company in Denver, Colorado. Additionally, he served as legal and economic advisor to the Ministry of Finance, Dar esSalaam, Tanzania and the U.S. State Department in Washington, D.C.Mr. Singer holds a BA in Economics from Colgate University, an MA in International Affairs and Economics from Tufts University in conjunction with Harvard University’s Fletcher School of Law and Diplomacy, and an LL.B. from Columbia University. Additionally, Mr. Singer has completed post graduate studies at the London School of Economics.

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Overview

Colorado based exploration and mine development companyThree past producing mines and a modern ore processing facility in the Silverton gold mining district, ColoradoRevenue projected by 2009Highly skilled and experienced management teamWith the advanced stage of the Gold King Mine and the processing capacity of its Howardsville, Colorado mill, the company projects initial gold production can potentially occur within two years.The company’s full-scale, early-stage exploration program is centered on the original Gold King Mine, leveraging and building upon the previous owner’s $9.7 million development effort. The Gold King Mine features past gold and silver production The company is working to verify and expand these historic resource of 406,000 ounces of gold and 3.7 million ounces of silver. The company’s Mayflower Mine produced approximately 520,000 ounces of gold and 12.3 million ounces of silver from 1929-1953.

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Corporate Goals

Become a medium sized precious metal and base metal producer

Rapid push towards production in Colorado– Place Pride of the West mill into production

– Rapid expansion of mine reserves and resources

• Drilling at the Gold King and Mogul mines

• Reopen the Gold King mine

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Corporate History

• Properties owned by San Juan Corp.

• Canadian Shell (Garpa Resources, Inc.) becomes Colorado Goldfields Inc.

• San Juan grants Option to acquire properties, receives existing shares in the shell, July 2007

• Private placement of $3.3 million in November 2007

• Colorado Goldfields buys Pride of the West Mill, and begins exploratory drilling

• Completes 2008 successful drilling program

• Now Constructing NI 43-101 report

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Use of $8 million Proceeds

$8,000,000$400,000 • Contingency $900,000 • General corporate expenses$350,000 • Colorado properties option payment

$700,000 –Other Colorado exploration and acquisitions

$750,000 –Gold King 7th level rehabilitation

$2,000,000 –Drilling program at the Gold King mine

• Mine development & Exploration:

$500,000 –New Pride of the West mill tailings

$700,000 –Extinguish mill mortgage

$1,700,000 –Pride of the West reactivation

• Income producing activities:

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Results from Use of Proceeds

Mill is free of encumbrances

Mill becomes operational at $1.08 million/yr gross margin

Mill is expanded to $2.5 million/yr

Drilling program is accelerated and produces – NI 43-101 resource estimate and engineering study

– Cash flow from mining as early as year 2

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The Colorado Properties

Pride of the West Mill

Gold King Mine

Mayflower Mine

Mogul Mine

Other nearby properties

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Aerial View of Silverton Mining District

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Pride of the West MillHowardsville Colorado

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Pride of the West Mill:

Modern gravity and flotation mill

Permitted, including for cyanide use

120 acres of land

Office, laboratory, floatation and cyanide leach mill and other support facilities

Expandable to 500 short tons per day capacity

Within 9 miles of all three mines, with good roads

Water rights and other infrastructure

Purchased June 29, 2007

Replacement value approximately $20 million

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Pride of the West Mill

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Gold King, Mogul and Sunnyside Mine Area Showing Interconnected Workings

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Gold King MineOverview

Historic probable, possible & potential reserves of 1.376 million short tons at 0.29 ozs/st gold and 2.64 ozs/st silver equals 406,000 ounces of gold and 3.7 million ounces of silver.

Historic production of 345,000 ounces of gold and 1.4 million ounces of silver at approx. grades of 0.50 oz/st gold and 3 ozs/st silver.

Potential to greatly expand resource/reserve base.

Adjoins Kinross Gold’s Sunnyside Mine which produced approximately 1 million ounces of gold.

10 November 2009 16

Gold King Mine Long Section

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Mayflower MineOverview

Historic production of 520,000 ounces gold, 12.3 million ounces of silver and significant base metal production 1929-1953.

Echo Bay Mines conducted exploration on the property in the 1980s – confirmed ore grade continuity below main haulage level – planned large scale underground mining operation.

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Longitudinal Section Through Mayflower -Shenandoah Dives Mine Workings

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Mogul MineOverview

Continuation of Sunnyside Mine’s hugely prolific Washington Vein

Adjoins both the Gold King Mine and the Sunnyside Gold Mine

Historic grade of 6.5% zinc, 4% lead, 0.75% copper, 4 ounces/st silver and varying gold content

No modern exploration on the property

Approximately 4,500 feet of strike identified on surface

Vein outcrop up to 50 feet wide

Very limited past production. Potential for large tonnage of base metal ore. Gold and silver potential.

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Mogul-Sunnyside-Gold Prince Mine Long Section

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Production Cash Flow Projection Assumptions

Production Cash flow with 100% of $8 million proceeds

Pricing: Gold $675, Silver $15

Early revenue is from custom milling (20,000 tons/year in month 5)

Capital expenditures (use of proceeds) are 100% included in year 1

Fixed G & A is $80,000 per month in year 1, $100,000 per month thereafter

Variable general and administrative expenses are estimated to be 10%

Additional capital expenditures are funded from operations

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Production cash flow – Yearly Summary

O perating Year 1 Year 2 Year 3 Year 4 Year 5 TotalCG FI - Co lorad o (Minin g)

Tons per day - 246 475 700 875 Price Ag 15$ 15$ 15$ 15$ 15$ Price Au 675$ 675$ 675$ 675$ 675$

Gross value of Ag -$ 3 ,066,525$ 5,925,150$ 8,731,800$ 10,914,750$ 28,638,225$ Gross value of Au -$ 15,158,391$ 32,319,000$ 55,069,875$ 74,418,750$ 176,966,016$ Tota l gross value per month -$ 18,224,916$ 38,244,150$ 63,801,675$ 85,333,500$ 205,604,241$ Gross value after payable 95% -$ 17,313,670$ 36,331,943$ 60,611,591$ 81,066,825$ 195,324,029$

Exp enses rates:Mining & milling per ton 150$ 150$ 150$ 150$ 150$ 150$

Exp enses:Mining & milling per ton -$ 12,906,250$ 24,937,500$ 36,750,000$ 45,937,500$ 120,531,250$ Tota l -$ 12,906,250$ 24,937,500$ 36,750,000$ 45,937,500$ 120,531,250$

Gross M argin -$ 5 ,318,666$ 13,306,650$ 27,051,675$ 39,396,000$ 85,072,991$ Gross m argin p er ton of o re -$ 61.8$ 80.0$ 110.4$ 128.6$ 105.9$

Dedu ct fo r Optio nor -20% - (1,063,733) (2 ,661,330) (5,410,335) (7,879,200) (17,014,598)

CG FI - Co lorad o (Custom Mil ling )Tons per period 21,667 50,000 20,000 - - 91,667 Gross margin per ton 50$ 1,083,333$ 2,500,000$ 1,000,000$ -$ -$ 4,583,333$

CG FI Margin from operatio ns 1,083,333$ 6,754,933$ 11,645,320$ 21,641,340$ 31,516,800$ 72,641,726$

G&A and other expensesFixed G&A 960,000$ 1 ,200,000$ 1,200,000$ 1,200,000$ 1,200,000$ 5,760,000$ Variable G &A 10% 108,333$ 675,493$ 1 ,164,532$ 2,164,134$ 3,151,680$ 7,264,173$

To tal G&A 1,068,333$ 1,875,493$ 2,364,532$ 3,364,134$ 4,351,680$ 13,024,173$

Year 1 Year 2 Year 3 Year 4 Year 5 TotalNet cash 15,000$ 4 ,879,439$ 9,280,788$ 18,277,206$ 27,165,120$ 59,617,553$

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Disclaimer

A qualified person has not done sufficient work to classify the historical resources as current mineral resources. The issuer is not treating the historical estimates as current mineral resources and the historical estimates should not be relied upon. This PowerPoint presentation was prepared to assist interested parties in making their own assessment of the Company and its mineral properties, and does not purport to contain all of the information that a prospective investor may desire. In all cases, interested parties should conduct their own investigation and analysis of the Company, its assets and the information provided in this presentation. Any and all statements, forecasts, projections and estimates contained in this presentation are based on management’s current knowledge and no representation or warranty is made as to their accuracy and/or reliability. Unless otherwise stated, all resource and reserve estimates in the document are historical in nature and do not comply with the current NI-43-101 reporting standards.

Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website (or press release), such as “measured,” “indicated,” and “inferred” “resources,” which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosures in our SEC filings which may be secured from us, or from the SEC’s website at:

http://www.sec.gov/cgi-bin/browse-edgar?company=Colorado+Goldfields&CIK=&filenum=&State=&SIC=&owner=include&action=getcompany.

“This presentation contains information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.”

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Contact Information

For more information on Colorado Goldfields Inc. please contact:

Lee R. Rice, President & CEO C. Stephen Guyer, CFO

Colorado Goldfields Inc.10920 W. Alameda AvenueSuite 207Lakewood, CO 80226Tel: (303) 984-5324Email: info@cologold.comWeb: www.cologold.com