Consolidated Goldfields Corporation : Consolidated Goldfields Receives Drill Results Including 128.0m of 1.26 g/t Gold From 13.7m to 141.7m Including 12.2m of 3.50 g/t Gold

RENO, NEVADA -- (Marketwire) -- 10/23/12 -- Consolidated Goldfields Corp. ("Consolidated" or the "Company") (PINKSHEETS: CDGF) is pleased to announce the receipt of assay results from its Cahuilla gold-silver project in Imperial County, California. Drilling was conducted in areas of known mineralization with relatively wide drill spacing in order to better delineate existing precious metal mineralization.

The Company is pleased to report the following drill results:

+-------------------------------------------------------------------+
|                                       Thickness -m   Gold - g/t   |
|                                                                   |
| Hole #        From    To      TD              (ft)       (oz/ton) |
+-------------+-------+-------+-------+--------------+--------------+
| CAH-272     |  13,7 |  21,3 | 213,4 |     7.6 (25) | 0.72 (0.021) |
+-------------+-------+-------+-------+--------------+--------------+
|             |  44,2 |  74,7 |       |   30.5 (100) | 0.68 (0.020) |
+-------------+-------+-------+-------+--------------+--------------+
|             |  88,4 |  91,5 |       |     3.1 (10) | 1.10 (0.032) |
+-------------+-------+-------+-------+--------------+--------------+
|             | 149,4 | 161,5 |       |    12.1 (40) | 1.03 (0.030) |
+-------------+-------+-------+-------+--------------+--------------+
|             | 170,7 | 189.0 |       |    18.3 (60) | 1.20 (0.035) |
+-------------+-------+-------+-------+--------------+--------------+
| CAH-274     |   3.0 |  13,7 | 213,4 |    10.6 (35) | 0.38 (0.011) |
+-------------+-------+-------+-------+--------------+--------------+
|             |  27,4 |  79,2 |       |   51.8 (170) | 0.48 (0.014) |
+-------------+-------+-------+-------+--------------+--------------+
|             | 169,2 | 181,4 |       |    12.2 (40) | 1.13 (0.033) |
+-------------+-------+-------+-------+--------------+--------------+
| (i) CAH-275 |  13,7 | 141,7 | 190,5 |  128.0 (420) | 1.26 (0.034) |
+-------------+-------+-------+-------+--------------+--------------+
| Including   | 109,7 | 121,9 |       |    12.2 (40) | 3.50 (0.102) |
+-------------+-------+-------+-------+--------------+--------------+
| CAH-276     |  15,2 |  97,5 | 213,4 |   82.3 (270) | 0.65 (0.019) |
+-------------+-------+-------+-------+--------------+--------------+
|             | 117,3 | 135,6 |       |    18.3 (60) | 0.58 (0.017) |
+-------------+-------+-------+-------+--------------+--------------+
| (i) CAH-278 |   3,1 |  83,8 | 213,4 |   80.7 (265) | 0.38 (0.011) |
+-------------+-------+-------+-------+--------------+--------------+
|             | 105,2 | 109,7 |       |     4.5 (15) | 0.48 (0.014) |
+-------------+-------+-------+-------+--------------+--------------+
| CAH-279     |   4,6 | 108,2 | 182,9 |  103.6 (340) | 0.48 (0.014) |
+-------------+-------+-------+-------+--------------+--------------+
|             | 160.0 | 167,6 |       |     7.6 (25) | 0.41 (0.012) |
+-------------+-------+-------+-------+--------------+--------------+
| CAH-280     |   6,1 |  32.0 | 182,9 |    25.9 (85) | 0.34 (0.010) |
+-------------+-------+-------+-------+--------------+--------------+
|             |  57,7 |  73,2 |       |    15.3 (50) | 0.58 (0.017) |
+-------------+-------+-------+-------+--------------+--------------+
|             |  86,9 | 135,6 |       |   48.7 (160) | 0.58 (0.017) |
+-------------+-------+-------+-------+--------------+--------------+
| CAH-281     |  51,8 | 102,1 | 213,4 |   50.3 (165) | 0.65 (0.019) |
+-------------+-------+-------+-------+--------------+--------------+
|             | 182,9 | 184,4 |       |      1.5 (5) | 1.44 (0.042) |
+-------------+-------+-------+-------+--------------+--------------+

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


CAH-275 intercepted a very significant zone of continuous gold minimization that continues to demonstrate a substantial epithermal system as revealed by past Consolidated and historic drill results. CAH-275 also encountered silver values as high as 498.60 g/t silver (14.6 oz/t) within the 128.0m zone of precious
metal mineralization.

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.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Consolidated Goldfields Corporation via Thomson Reuters ONE [HUG#1651344]


Contact:

Consolidated Goldfields Corp.
Marc J. Andrews, President/CEO
(775) 461-2545