COLORADO GOLD RUSH!
Colorado Goldfields Inc. said Thursday it has closed on $1 million in financing from an unidentified institutional investor to help it reactivate its Pride of the West Mill in San Juan County.
"There is no question that over the past few years the challenges surrounding capital availability has slowed our progress. Now, Colorado Goldfields has the financing vehicle to meaningfully begin executing our business model," C. Stephen Guyer, CFO for Lakewood-based Colorado Goldfields (OTCBB: CGFIA), said in a statement.
"Our shareholders ... should now have a comfort level that many, if not all, of our milestone objectives may soon be reached," Guyer added.
The funds will also support "an aggressive exploration program at our Brooklyn and King Solomon mines," said Lee Rice, company president and CEO.
According to Colorado Goldfields, the Pride of the West Mill has the capacity to refine up to 700 tons of gold and silver ore per day, and is within 50 miles of more than 1,000 gold and silver mines.
"Of the several hundred junior mining companies in North America, Colorado Goldfields enjoys the distinction of being the only one with the capability to perform its own milling," the company statement said.
For a company video presentation on the mill, click here.
Read more: Colorado Goldfields plans mill reactivation with $1M financing - Denver Business Journal
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