Colorado Goldfields, Inc. (Formerly Garpa Resources, Inc.) Announces Name Change and Property Transaction.

LAKEWOOD, Colo. -- Colorado Goldfields Inc., formerly Garpa Resources, Inc. (OTCBB:COGF) (the "Company") is pleased to announce the following material changes:

Name Change

Effective at the open of business June 18, 2007, the Company completed a name change from Garpa Resources, Inc. to Colorado Goldfields Inc. The Company's new stock symbol is "COGF.OB". The name change is coincident with the completion of the transactions described below.

Major Property Transaction

The Company entered into an Option Agreement with San Juan Corp. ("San Juan") of Silver Plume, Colorado and San Juan's principal shareholder, Mr. Todd C. Hennis of Golden, Colorado, whereby the Company was granted the sole and exclusive right and option to acquire up to an eighty percent (80%) undivided right, title and interest in and to the mineral rights of three mining properties, being the Gold King Mine, the Mayflower Mine and the Mogul Mine, all located in the historic Silverton mining district, in San Juan County, Colorado (the "Properties"). The most advanced of the Properties, the Gold King Mine, had a documented expenditure of US$9,700,000 in the late 1980s.

The Properties

Gold King Mine

The Gold King Mine had a fourth, advanced evaluation report completed in 1990 by MPH Consultants that listed proven, probable and potential reserves of approximately 1.376 million short tons at 0.29 ozs/st Au and 2.64 ozs/st Ag as of December 31, 1989, of which 438,000 short tons probable, 467,144 short tons possible and 471,460 short tons potential.(1) SEC compliant reserves in 1990 were 116,000 ounces of gold.(1) Approximately 20,000 short tons of ore were produced by a joint venture with Echo Bay Mines' adjoining Sunnyside Gold Mine in 1990, with the Gold King Mine in stasis since that date. Very little base metals exist in the deposit, and a large part of the projected values may be produced in an unrefined gold product from the mill. The historic production from the Gold King Mine between 1895 and 1920 was approximately 345,000 ounces of gold and 1.4 million ounces of silver, at approximate grades of 0.50 ozs/st gold and 3 ozs/st silver.

Mayflower Mine

The Mayflower Mine had a historic production of approximately 520,000 ounces of gold and 12.3 million ounces of silver from 1929-1953. In the late 1980s, Echo Bay Mines conducted limited exploration of the property which identified the continuation of historic grades below the historic main haulage level.

Mogul Mine

The Mogul Mine is a zinc/lead/silver property that adjoins both the Gold King Mine and the Sunnyside Gold Mine. The property was active from 1901 to 1909 as a precious metals mine, and has not had the benefit of exploration activity in modern times. The mineralization at the Mogul Mine is a continuation of the George Washington vein of the Sunnyside Gold Mine. The historic ore grade from the Mogul Mine has been high in zinc and lead content, with varying amounts of copper and precious metals.(1) Vein widths of up to 50 feet have been reported and an average approximate width of 8 to 10 feet appears in the surface outcrops.

The Pride of the West Mill

In conjunction with the above transaction, the Company also entered into a Purchase and Sale Agreement with Tusco Incorporated for the purchase of the Pride of the West Mill in Howardsville, Colorado for US$900,000 over two years, and the assumption of US$296,000 in reclamation permit bond requirements. The Pride of the West Mill consists of approximately 120 acres of private land, a relatively modern gravity circuit, a floatation and cyanide leach mill, an office building, a laboratory building and water rights.

The Properties are all within a nine mile radius of the Pride of the West Mill. The Company intends to seek opportunities to provide custom milling for other mining operations while it is developing the Properties.

Securities and Exchange Commission Filings

For more detailed discussion of the transactions announced in this press release, please see the Company's Current Reports on Form 8-K filed on June 20, 2007, June 26, 2007 and June 28, 2007.

Cautionary Note

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Forward-looking statements or information include statements regarding the expectations and beliefs of management. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to the Company's ability to obtain financing, the terms of the Option Agreement, the interpretation of exploration results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis, regulatory restrictions, including the inability to obtain mining permits and environmental regulatory restrictions and liability, the speculative nature of mineral exploration, dilution, competition, loss of key employees, and other risks and uncertainties, including those described under "Risk Factors" in the Company's Annual Report on Form 10-KSB filed on December 12, 2006, which is on file with the SEC, as well as the Company's other SEC filings. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect event or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as is required under applicable securities laws.

(1) Note: All estimates of metal occurrences referenced in this document are historical in nature. No N.I. 43-101 compliant reserves or resources or SEC compliant reserves have been established for the properties. The company may prepare N.I. 43-101 reports for the properties in the future. However, no assurance is given that historical estimates will be confirmed to be N.I. 43-101 compliant or historical proven and probable reserves will be SEC compliant.