February 8th, 2012
Posted on 30. Jul, 2010 by PublicWire in Finance
(CGFIA.OB) Colorado Goldfields Inc. To Acquire Gavilanes Property in Durango, Mexico
(PublicWire.com News Release)Colorado Goldfields Inc. (OTCBB: CGFIA) announced today that it has signed a Letter of Intent to acquire the Gavilanes Property located in Durango, Mexico. The Company has entered into a letter of intent to acquire the properties through an option to purchase currently held by Aurelio Resource Corporation in exchange for common stock of Colorado Goldfields Inc.
Exploration, geological and assay results performed by Aurelio confirmed mineralization containing more than 0.2 ppm gold. The study also estimated that the mineralization area could be as large as 700 meters in east-west direction and 600 meters north to south. With a vertical dimension of 150 meters, the target contains 200 million tones of gold bearing ore. Surface assay values within the target area are generally between 0.2 and 1.2 ppm gold. Using an average of 0.7 ppm, the total gold potential is 4.4 million ounces, representing $5.2 billion at today’s market price of $1,180.
(CGFIA.OB)Colorado Goldfields Inc. To Acquire Gavilanes Property in Durango, Mexico
“This acquisition greatly enhances the enterprise value of Colorado Goldfields by providing geographic diversity and access to ore concentrate year-round,” stated Stephen Guyer, CFO for Colorado Goldfields.
The Gavilanes properties are located in the Tamazula District, Durango, Mexico, and consist of mining claims and concessions covering approximately 100 hectares. Additionally, 900 hectares of exploration concessions have been staked around the initial Gavilanes property.
CGFIA.OB, CGFIA.OTCBB, OTCBB:CGFIA, CGFIA
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(CGFIA.OB)Colorado Goldfields Inc. To Acquire Gavilanes Property in Durango, Mexico