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RENO, NEVADA–(Marketwire – June 14, 2012) – Consolidated Goldfields Corp. (“Consolidated” or the “Company”) (PINKSHEETS:CDGF): Consolidated is pleased to announce further assay results from its Cahuilla gold-silver project in Imperial County, California. Drilling continued along the Modoc fault zone and approximately 200 meters to the southeast in the south-central portion of the precious metal deposit. The following results continue to expand and delineate new mineralization in relatively untested areas.
| Hole # | From | To | TD | Thickness – m (ft) | Gold – g/t (oz/ton) |
| CAH-183 | 25.9 | 68.6 | 146.3 | 42.7 (140) | 0.72 (0.021) |
| Including | 50.3 | 51.8 | 1.5 (5) | 4.23 (0.123) | |
| CAH-184 | 27.4 | 53.3 | 164.6 | 25.9 (85) | 0.75 (0.022) |
| 109.7 | 132.6 | 22.9 (75) | 1.47 (0.043) | ||
| Including | 112.8 | 114.3 | 1.5 (5) | 4.95 (0.144) | |
| 157.0 | 158.5 | 1.5 (5) | 0.75 (0.022) | ||
| CAH-185 | 30.5 | 74.7 | 201.2 | 44.2 (145) | 0.72 (0.021) |
| 97.5 | 109.7 | 12.2 (40) | 0.68 (0.020) | ||
| 147.8 | 167.6 | 19.8 (65) | 1.10 (0.032) | ||
| 193.5 | 198.1 | 4.6 (15) | 1.95 (0.057) | ||
| Including | 193.5 | 195.0 | 1.5 (5) | 4.77 (0.139) | |
| CAH-186 | 7.6 | 27.4 | 109.7 | 19.8 (65) | 0.93 (0.027) |
| 115.0 | 57.9 | 22.8 (75) | 0.48 (0.014) | ||
| CAH-187 | 25.9 | 68.6 | 170.7 | 42.7 (140) | 0.45 (0.013) |
| CAH-188 | 6.1 | 143.3 | 170.7 | 137.2 (450) | 0.72 (0.021) |
| Including | 6.1 | 7.6 | 1.5 (5) | 4.39 (0.128) | |
| 166.1 | 167.6 | 1.5 (5) | 0.89 (0.026) | ||
| CAH-189 | 6.1 | 149.4 | 143.3 (470) | 0.86 (0.025) | |
| Including | 33.5 | 41.1 | 7.6 (25) | 3.87 (0.113) | |
The extensive thicknesses of gold mineralization encountered in CAH-188 and CAH-189 are particularly encouraging in expanding the deposit size. CAH-188 was drilled along the northwest margin of the south-central mineralized area and demonstrates that mineralization is open to the north and west. CAH-189 is an angle hole drilled in a southwest direction along the Modoc fault zone in the vicinity of CAH-186 and 187. A very substantial zone of near surface gold mineralization was encountered that indicates mineralization is open to the south, southwest and west of CAH-189. Additional drill holes have been located in both areas.
Assaying of the reverse circulation samples was conducted by Inspectorate Laboratory in Reno, Nevada. Drill samples were collected by Mr. Paul Stubble (project geologist), split on site, placed in sample bags and delivered to Inspectorate Laboratory in Reno, Nevada for analysis. In addition, blanks and certified standards have been inserted into the sample stream at random intervals for quality control purposes.
The Cahuilla Project is a large epithermal, paleo-hot springs system hosting multiple high grade veins that occur within an extensive body of disseminated gold-silver mineralization. For further information on the Cahuilla project refer to the NI 43-101 technical report entitled “Cahuilla Property 43-101 Technical Report,” dated October 25, 2007 prepared by Todd Wakefield, MAusIMM of AMEC E&C Services filed on Sedar on November 15, 2007.
Lane Griffin, Professional Geologist, is the company’s nominated qualified person responsible for monitoring the supervision and quality control of the programs completed on the Company’s properties. Mr. Griffin has reviewed and verified the technical information contained in this news release.
Certain information contained in this news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections. However, such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from such forward-looking statements. The Company disclaims any intent or obligation to update publicly any forward-looking statements set forth herein, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
