Consolidated's Cahuilla Project Continues to Expand With Assay Results Including 1.5m of 484.6 g/t Silver Within 25.9m of 123.0 g/t Silver

RENO, NEVADA -- (Marketwire - Aug. 29, 2012) - Consolidated Goldfields Corp. ("Consolidated" or the "Company") (PINKSHEETS:CDGF) is pleased to announce drill program assay results from its Cahuilla gold-silver project in Imperial County, California. Drilling continued along the margins of the known precious metal mineralization and has again significantly expanded gold-silver mineralization into untested areas. Exploration drilling was also initiated in areas where little to no drill data exists to search for new mineralization where drilling can be focused in the future to further enhance existing precious metal mineralization.


The Company is pleased to report the following drill results:

Hole # 	From 	To 	TD 	Thickness - m (ft) 		Gold - g/t (oz/ton) 	
CAH-216 	24.4 	44.2 	167.6 	19.8 (45) 	0.38 (0.011)
	64.0 	65.5 		1.5 (5) 	1.64 (0.048)
	73.2 	80.8 		7.6 (25) 	0.41 (0.012)
	91.4 	94.5 		3.1 (10) 	0.89 (0.026)
	112.8 	114.3 		1.5 (5) 	0.96 (0.028)
CAH-217 	48.7 	51.8 	182.9 	3.1 (10) 	1.03 (0.030)
	76.2 	88.4 		12.2 (40) 	2.12 (0.062)
Including 	85.3 	86.8 		1.5 (5) 	11.31 (0.330)
	103.6 	108.2 		4.6 (15) 	2.05 (0.060)
Including 	106.7 	108.2 		1.5 (5) 	4.09 (0.119)
	143.2 	150.9 		7.7 (25) 	0.51 (0.015)
CAH-218 	12.2 	22.9 	196.6 	10.7 (35) 	0.61 (0.018)
	51.8 	71.6 		19.8 (65) 	0.48 (0.014)
	120.4 	189.0 		68.6 (225) 	1.51 (0.044)
Including 	131.1 	132.6 		1.5 (5) 	6.17 (0.180)
Including 	179.8 	181.3 		1.5 (5) 	7.13 (0.208)
CAH-219 	9.1 	10.6 	176.8 	1.5 (5) 	1.16 (0.035)
	24.4 	111.3 		86.9 (285) 	0.45 (0.013)
	138.7 	150.9 		12.2 (40) 	0.82 (0.024)
CAH-220 	22.9 	53.4 	182.9 	30.5 (100) 	0.41 (0.012)
CAH-230 	12.2 	68.6 	182.9 	56.4 (185) 	0.72 (0.021)
	83.8 	85.2 		1.5 (5) 	1.84 (0.054)
CAH-238 	32.0 	85.3 	189.9 	53.3 (175) 	0.65 (0.019)
CAH-242 	19.8 	61.0 	61.0 	41.2 (135) 	0.38 (0.011)TD 	
CAH-243 	18.3 	83.8 	182.9 	65.5 (215) 	0.68 (0.020)
CAH-244 to 	259 					Assays pending 	
*CAH-260 	9.1 	77.1 	213.4 	68.6 (225) 	0.34 (0.010)
	100.6 	102.1 		1.5 (5) 	0.75 (0.022)
	131.1 	132.6 		3.1 (10) 	0.58 (0.017)
*CAH-261 	4.6 	83.8 	213.4 	79.2 (260) 	0.51 (0.015)
	109.7 	114.3 		4.6 (15) 	1.27 (0.037)
	129.5 	135.6 		6.1 (20) 	0.79 (0.023)
*CAH-262 	12.2 	105.2 	213.4 	93.0 (305) 	0.58 (0.017)
	139.6 	141.1 		1.5 (5) 	0.82 (0.024)
**CAH-263 	30.5 	56.4 	213.4 	25.9 (85) 	0.45 (0.013)
	73.2 	128.0 		54.8 (180) 	0.51 (0.015)
*CAH-264 	13.7 	19.8 	213.4 	6.1 (20) 	0.34 (0.010)
	30.5 	83.8 		53.3 (175) 	0.68 (0.020)
	92.9 	97.5 		4.6 (15) 	0.38 (0.011)
CAH-265 	4.6 	89.9 	213.4 	85.3 (280) 	0.55 (0.016)

*CAH holes intersected silver values of greater than 100 grams (2.92 oz/t) in one or more 1.5m sample intervals.

**CAH-263 intersected 25.9m of 123.0 grams silver (3.59 oz/t) from 102.1 to 128.0m with a high of 484.6 (14.15 oz/t) over 1.5m from 102.1 to 103.6m.


As reported in our previous news releases, assays continue to be very favorable and demonstrate the existence of many high grade gold/silver veins which are commonly associated with moderate to lower grade, broadly mineralized zones. These high grade precious metal assay results are being encountered throughout all areas presently being drill tested at the Cahuilla project. This is exemplified in CAH-217 and 218 by the high grade gold veins that were intersected and in CAH-260 through 264, and especially CAH-263, where high grade silver has been encountered in numerous sample intervals.

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.



Contact

Consolidated Goldfields Corp.
Marc J. Andrews, President/CEO
775.461.2545
www.consolidatedgold.com