Colorado Goldfields Inc. announced that it has acquired the Champion Mine, which is located within 6 miles of the company's Pride of the West Mill. The total estimated resource for gold and silver in the property is $234 million. Furthermore, its proximity to the company's Pride of the West Mill makes the Champion a perfect addition to Colorado Goldfields' stable of mineral rights.

The Champion Mine consists of approximately 354 acres located in the San Juan Mountains at Silverton, Colorado. On November 2, 2012, the company entered into a contract for purchase of the Champion Mine. The terms of the contract provide that the company issue 24,000,000 4-year restricted shares of Class A Common Stock and pay $3,000,000 to owners for the purpose of consummating the purchase contract and other consideration.

The company will also pay the former owners a 5% Net Smelter Royalty (NSR), from the Champion Mining Claims.