The Ely Times

Colorado Resources Ltd. announces further to its news release of Jan. 20, it has received the approvals from the Ely Ranger District of the United States Forest Service for the updated drill permits for the Green Springs Property and drilling has now commenced.

Colorado has contracted HD Drilling LLC out of Winnemucca for the RC drilling for the initial 4,000 foot phase that will consist of approximately 10 holes. The drill program has two principle goals:

• To test the nature of gold mineralization at the lower Chainmen Shale – Joana Limestone contact south of the historic mine workings and along the trend of a north-south striking structural corridor. This productive contact was exploited at the Green Spring mine where 1.1 million tons of rock averaged 2.1 g/t Au1; and

• To test the nature of gold mineralization associated with the lower Pilot Shale – Guilmette Limestone contact. This contact is well exposed to the north and to the east of the mine workings and is associated with jasperoidal bodies which both historic7 RC boreholes and surface rock samples had demonstrated to be significantly gold mineralized.

The Colorado RC program is designed to test both of these permissive stratigraphic and structural contacts over a combined strike length of approximately 3.0 km.

The Green Springs Property is currently under option with Ely Gold & Minerals Inc. (“ELY”) to acquire a 100 percet interest in 193 unpatented claims (1,416.2 hectares) held or under option by ELY and is located in the eastern Great Basin approximately 50 miles south of Kinross ‘s Bald Mountain/Alligator Ridge Mine2 and 35 miles west of Ely Nevada.

It is a classic Carlin-style gold system that represents part of a growing number of Carlin-type systems and new discoveries located outside the main Carlin and Cortez camps in largely underexplored parts of Nevada.