COLORADO GOLDFIELDS INC.

Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended		118 Months Ended
Statements of Cash Flows (Unaudited) (USD $)	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013
Cash Flows Used in Operating Activities:
Net loss	$ (636,404)	$ (1,502,687)	$ (30,482,748)
Adjustments to reconcile net loss to net cash used in operating activities:
Donated services and rent	0	0	29,250
Amortization of debt discount and deferred financing costs	207,455	336,529	6,496,584
Depreciation and amortization	255	1,153	151,925
Gain on derivative liabilities	(83,333)	(98,310)	(647,441)
Impairment of mining rights	2,604	21,910	470,000
Stock issued for services	48,558	251,110	11,550,935
Stock issued for Champion and Silver Wing Mines	0	0	185,000
Stock-based compensation - options	0	0	899,303
Accrued interest	62,062	23,411	628,000
Accretion expense on asset retirement obligation	0	0	191,635
Gain on sale of property, plant and equipment	0	0	(92,792)
Change in operating assets and liabilities:
Increase in restricted cash	0	0	(515,428)
Increase in prepaid expenses and other	0	0	(91,062)
Increase in accounts payable	222,066	771,552	3,615,410
Increase in accrued liabilities	166,769	149,250	2,923,796
Increase in other assets	0	0	(4,743)
Net cash used in operating activities	(9,968)	(46,082)	(4,692,376)
Cash Flows from Investing Activities:
Proceeds from sale of property, plant and equipment	0	0	240,632
Acquisition of property, plant and equipment	0	(43,805)	(764,602)
Net cash used in investing activities	0	(43,805)	(523,970)
Cash Flows from Financing Activities:
Advances received	0	0	405,733
Repayment of advances	0	0	(405,733)
Proceeds from notes from related parties	0	0	581,452
Repayment of advances from related party	0	0	(20,596)
Proceeds from note payable	0	0	124,000
Repayment of notes payable	0	(3,166)	(702,819)
(Cost) proceeds from issuance of convertible debt	(3,000)	105,000	2,471,297
Loan acquisition costs		(13,500)	(293,928)
Proceeds from exercise of warrants	0	0	570
Net proceeds from issuance of common stock	0	0	3,058,494
Net cash (used in) provided by financing activities	(3,000)	88,334	5,218,470
(Decrease) increase in cash	(12,968)	(1,553)	2,124
Cash - Beginning of Period	15,092	6,093	0
Cash - End of Period	2,124	4,540	2,124
Supplemental Disclosures:
Interest paid	909	999	103,094
Non-cash investing and financing activities:
Exchange of accounts payable and accrued liabilities for debt	0	0	246,036
Issuance of common stock to satisfy accounts payable	0	80,493	2,180,268
Issuance of common stock to satisfy accrued liabilities	0	125,400	2,102,682
Issuance of common stock for prepaid expenses	0	0	550,159
Issuance of common stock for mining rights	0	62,500	620,000
Issuance of common stock for work commitment	0	660,834	660,834
Exchange of convertible debt for common shares	269,352	414,721	6,911,379
Exchange of mortgage payable for convertible debt	15,000	0	360,984
Exchange of property, plant and equipment for accounts payable	0	0	2,750
Forgiveness of related party debt and accrued interest	0	0	288,361
Change in estimate of asset retirement obligation	0	0	176,135
Acquisition of land and building:
Cash paid	0	0	250,677
Mortgage note given to seller	0	0	650,000
Asset retirement obligation assumed	0	0	500,000
Assets acquired	$ 0	$ 0	$ 1,400,677

Balance Sheets (Unaudited) (USD $)	Nov. 30, 2013	Aug. 31, 2013
ASSETS
Cash	$ 2,124	$ 15,092
Prepaid expenses and other	0	48,558
Total Current Assets	2,124	63,650
Non-Current Assets
Property, plant and equipment, net (Note 3)	1,435,951	1,436,206
Mining rights and claims (Note 4)	150,000	152,604
Restricted cash (Note 3)	515,428	515,428
Deferred financing costs	23,996	43,790
Other	4,743	4,743
Total Non-Current Assets	2,130,118	2,152,771
Total Assets	2,132,242	2,216,421
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts payable	601,540	379,474
Accrued liabilities	844,998	655,075
Convertible notes, less unamortized discount of $262,868 and $386,601 (Note 7)	392,525	284,856
Derivative liabilities (Note 8)	1,188,336	1,424,115
Promissory note payable, including accrued interest (Note 6)	122,930	119,248
Notes payable, including accrued interest - related parties (Note 5)	361,831	357,258
Mortgage notes payable, including accrued interest (Note 3)	191,317	200,578
Total Current Liabilities	3,703,477	3,420,604
Non-Current Liabilities
Asset retirement obligation	515,500	515,500
Total Non-Current Liabilities	515,500	515,500
Total Liabilities	4,218,977	3,936,104
Stockholders' Deficit (Note 9)
Additional paid in capital	28,010,100	28,050,044
Donated capital	29,250	29,250
Deficit accumulated during the exploration stage	(30,482,748)	(29,846,344)
Total Stockholders' Deficit	(2,086,735)	(1,719,683)
Total Liabilities and Stockholders' Deficit	2,132,242	2,216,421
Class A Common Stock
Stockholders' Deficit (Note 9)
Class A common stock, 1,000,000,000 shares authorized, $0.001 par value; 356,662,566 and 47,366,656 issued and outstanding, respectively; Class B common stock, 500,000,000 shares authorized, $0.001 par value; 490,371,533 shares issued and outstanding, respectively	356,663	47,367
Class B Common Stock
Stockholders' Deficit (Note 9)
Class A common stock, 1,000,000,000 shares authorized, $0.001 par value; 356,662,566 and 47,366,656 issued and outstanding, respectively; Class B common stock, 500,000,000 shares authorized, $0.001 par value; 490,371,533 shares issued and outstanding, respectively	$ 0	$ 0