Consolidated Goldfields Increases Nevada Land Position with the Signing of the King Solomon Property, Nye County

Consolidated Goldfields Corp. (“Consolidated” or the “Company”) (CDGF) is pleased to announce it has acquired a 100% interest in the King Solomon precious metal property with the execution of an Exploration and Mining Lease with Option to Purchase with Mountain Gold Claims Series 9 LLC and King Solomon Gold LLC.

The King Solomon property is located 25 miles east of Tonopah, Nye County, Nevada, consisting of 2 contiguous claim blocks for a total of 66 claims (1320 acres) in the newly identified Monitor-Eureka Mineral Belt. This zone is a 3 mile long “Sediment-hosted/Carlin-type” trend similar to the recent Long Canyon discovery in the Pequop Mountains. Tertiary rhyolitic ash-flow tuffs and lower Paleozoic to Cambrian age carbonate rocks host gold-silver-antimony mineralization within the prospective zones.

Previous exploration activities conducted in the area by Amselco Minerals, Kennecott, Newmont, Electrum, Renaissance Gold and MK Gold have provided Consolidated with a robust modern data base with which the Company can plan our future exploration programs. Previous drilling has delineated a historical, non-compliant NI 43-101 inferred resource of 64,000 ounces of gold (2,287,000 tons @ 0.028 opt Au) with opportunities for expansion in all directions along strike and at depth. Ore grade barite and antimony have also been discovered on the property.

Marc J. Andrews, President and CEO of Consolidated Goldfields Corporation, remarked: “I believe this property has the potential to develop into a multi-million ounce ore body within a newly discovered precious metal mineral trend in Nevada with the potential to host several million-plus ounce gold ore deposits. We have negotiated a very favorable lease agreement with excellent terms under the current difficult market conditions allowing us significant flexibility for planning and execution of our future exploration and development programs. The addition of King Solomon represents a significant enhancement of our precious metal project portfolio since it is considerably more advanced than our other gold/silver projects.”

The lease requires an advanced royalty payment of $2,500 and reimbursement of the BLM claim maintenance fees to each owner and the issuance of 25,000 shares of common stock of the Company to King Solomon Gold LLC upon signing of the agreement; a payment of $5,000 on the 1^st anniversary; $10,000 on the 2^nd anniversary; $20,000 on the 3^rd anniversary; $30,000 on the 4^th anniversary; $40,000 on the 5^th anniversary; $50,000 on the 6^th through the 10^th anniversary; $75,000 on the 11^th through the 15^th anniversary and $100,000 on the 16^th anniversary and thereafter. Additionally, Consolidated agrees to a work expenditure of $5,000 during the first year of the lease, $10,000 the second year and $50,000 every year thereafter. The agreement includes a royalty payment of two percent (2%) Net Smelter Returns (“NSR”) from the production or sale of minerals from the property. The agreement includes a royalty payment of one percent (1%) of the Net Smelter Returns (“NSR”) from the production or sale of minerals from all third party properties within the property. The owners have granted Consolidated the exclusive right to purchase price of $5,000,000 for the property subject to the royalty, which is valid through the 5^th anniversary of the lease option.

Detailed compilation and interpretation of previous geological mapping, geochemical sampling, geophysical surveys and drill assay data will begin immediately as well as the initiation of a Plan of Operations for a drill program using existing permit information and environmental surveys that are available from the previous claim owners.

Lane Griffin, VP Exploration, Consolidated Goldfields, is a Registered Member of the Society for Mining, Metallurgy, and Exploration and is a Qualified Person as defined in NI 43-101. 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
mandrews@consolidatedgold.com
www.consolidatedgold.com