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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): January 23, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>COLORADO GOLDFIELDS INC.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Nevada</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>000-51718</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>20-0716175</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

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    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>10920 West Alameda Avenue, Suite 207<BR>Lakewood, CO<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>80226</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(303) 984-5324</B>


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    <TD nowrap style="border-bottom: 1px solid #000000"><B>N/A<BR></B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="center" style="font-size: 10pt; display: none">1
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<P align="justify" style="font-size: 10pt"><B>Item&nbsp;5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers;
Compensatory Arrangements of Certain Officers.</B>


<P align="justify" style="font-size: 10pt; text-indent: 4%">In December&nbsp;2008, our Board of Directors unanimously approved an Amendment to our 2008 Employee &#038; Director Stock
Compensation Plan (the &#147;Plan&#148;). The purpose of the Plan is (i)&nbsp;to further the growth of Colorado Goldfields Inc. (the
&#147;Company&#148;) by allowing the Company to compensate Employees and Directors who have provided bona fide services to the
Company, through the award of Common Stock of the Company, and to (ii)&nbsp;attract, motivate, retain and reward quality
employees and directors to acquire or increase a proprietary interest in the Company in order to strengthen the
mutuality of interests between such persons and the Company&#146;s stockholders. Considering the Company is an exploratory
mining company and faces challenges in the capital markets, the Board of Directors believes that using Company common
stock is an important means of retaining and compensating employees and directors.


<P align="justify" style="font-size: 10pt; text-indent: 4%">The following is a brief summary of the Amended Plan. The following summary is qualified in its entirety by
reference to the Plan, a copy of which is filed as an exhibit to this report.


<P align="justify" style="font-size: 10pt"><I>Common Stock Subject to the Plan</I>


<P align="justify" style="font-size: 10pt; text-indent: 4%">The Amended Plan provides that awards may be granted for up to 75,000,000 shares of our Common Stock, subject to
adjustment in case of a subdivision of our outstanding shares of Common Stock, recapitalization, stock dividend, or
other change in our corporate structure that affects our Common Stock. Pursuant to Rule&nbsp;416(a), shares registered
under the Amended Plan also cover additional securities that may be offered as a result of stock splits and/or stock
dividends. As a result of the Company&#146;s stock dividend effective November&nbsp;6, 2008, which increased the number of
shares available to be issued under the Plan by 10,800,000 shares, up to 85,800,000 shares may now be issued under the
Amended Plan


<P align="justify" style="font-size: 10pt"><I>Administration</I>


<P align="justify" style="font-size: 10pt; text-indent: 4%">The Plan is administered by a compensation committee (&#147;Committee&#148;) consisting of at least two persons to be
appointed by the Board of Directors, one of whom is an independent director, or in the absence of such a Committee, the
Plan is to be administered by the Board of Directors. Our Board of Directors appointed C. Stephen Guyer, our CFO, and
Norman Singer, one of our independent directors, to the Committee. &nbsp;Subject to the terms of the Plan, the Committee has
full and final authority to select Eligible Persons to become participants under the Plan, grant stock awards to those
participants, determine the terms and conditions of, and all other matters relating to awards of Company stock under
the Plan, and rules and regulations for the administration of the Plan, construe and interpret the Plan and correct
defects, supply omissions or reconcile inconsistencies therein, and to make all other decisions and determinations as
the Committee may deem necessary or advisable for the administration of the Plan.

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt; display: none">2
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<P align="justify" style="font-size: 10pt"><I>Types of Awards</I>


<P align="justify" style="font-size: 10pt; text-indent: 4%">The Plan provides that Company common stock may be issued in connection with bonuses, or to grant stock or other
awards in lieu of Company obligations to pay cash or other consideration owed under other plans or compensatory
arrangements. In addition, the Plan authorizes the grant of performance awards under which Plan participates may
receive shares of common stock upon meeting certain business goals or criteria set by the Committee.


<P align="justify" style="font-size: 10pt"><I>Participation</I>


<P align="justify" style="font-size: 10pt; text-indent: 4%">Any of our employees or directors are eligible to receive awards under the 2008 Plan.


<P align="justify" style="font-size: 10pt"><I>Registration of Shares</I>


<P align="justify" style="font-size: 10pt; text-indent: 4%">We have filed a registration statement on January&nbsp;23, 2009 under the Securities Act of 1933, as amended, with
respect to the Common Stock issuable pursuant to the 2008 Amended Plan.


<P align="justify" style="font-size: 10pt"><I>Amendment or Termination</I>
<BR>
&nbsp;


<P align="justify" style="font-size: 10pt; text-indent: 4%">The Board of Directors may amend, alter, suspend, discontinue or terminate the Plan or waive any conditions or
rights under, or amend, alter, suspend, discontinue or terminate any stock award granted under the Plan; provided that,
without the consent of an affected participant, no Board action may materially and adversely affect the rights of such
participant under any previously granted and outstanding stock award.


<P align="justify" style="font-size: 10pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>


<P align="justify" style="font-size: 10pt"><B><I>(d)&nbsp;</I></B><U><B><I>Exhibits</I></B></U>.

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    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2008 Employee &#038; Director Stock Compensation Plan, as amended</TD>
</TR>
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</DIV>


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<P align="center" style="font-size: 10pt; display: none">3
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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="justify" style="font-size: 10pt; text-indent: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.

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    <TD width="42%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>COLORADO GOLDFIELDS INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: January&nbsp;27, 2009&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>/s/ C. Stephen Guyer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C. Stephen Guyer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
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<P align="center" style="font-size: 10pt; display: none">4
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<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX&nbsp;</B>


<DIV align="center">
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<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2008 Employee &#038; Director Stock Compensation Plan, as amended</TD>
</TR>
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</DIV>


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<P align="center" style="font-size: 10pt">&nbsp;

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Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 23, 2009
COLORADO GOLDFIELDS INC.
(Exact name of registrant as specified in its charter)
Nevada
000-51718
20-0716175
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
10920 West Alameda Avenue, Suite 207
Lakewood, CO
80226
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(303) 984-5324
N/A
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers;
Compensatory Arrangements of Certain Officers.
In December 2008, our Board of Directors unanimously approved an Amendment to our 2008 Employee & Director Stock
Compensation Plan (the "Plan"). The purpose of the Plan is (i) to further the growth of Colorado Goldfields Inc. (the
"Company") by allowing the Company to compensate Employees and Directors who have provided bona fide services to the
Company, through the award of Common Stock of the Company, and to (ii) attract, motivate, retain and reward quality
employees and directors to acquire or increase a proprietary interest in the Company in order to strengthen the
mutuality of interests between such persons and the Company's stockholders. Considering the Company is an exploratory
mining company and faces challenges in the capital markets, the Board of Directors believes that using Company common
stock is an important means of retaining and compensating employees and directors.
The following is a brief summary of the Amended Plan. The following summary is qualified in its entirety by
reference to the Plan, a copy of which is filed as an exhibit to this report.
Common Stock Subject to the Plan
The Amended Plan provides that awards may be granted for up to 75,000,000 shares of our Common Stock, subject to
adjustment in case of a subdivision of our outstanding shares of Common Stock, recapitalization, stock dividend, or
other change in our corporate structure that affects our Common Stock. Pursuant to Rule 416(a), shares registered
under the Amended Plan also cover additional securities that may be offered as a result of stock splits and/or stock
dividends. As a result of the Company's stock dividend effective November 6, 2008, which increased the number of
shares available to be issued under the Plan by 10,800,000 shares, up to 85,800,000 shares may now be issued under the
Amended Plan
Administration
The Plan is administered by a compensation committee ("Committee") consisting of at least two persons to be
appointed by the Board of Directors, one of whom is an independent director, or in the absence of such a Committee, the
Plan is to be administered by the Board of Directors. Our Board of Directors appointed C. Stephen Guyer, our CFO, and
Norman Singer, one of our independent directors, to the Committee.  Subject to the terms of the Plan, the Committee has
full and final authority to select Eligible Persons to become participants under the Plan, grant stock awards to those
participants, determine the terms and conditions of, and all other matters relating to awards of Company stock under
the Plan, and rules and regulations for the administration of the Plan, construe and interpret the Plan and correct
defects, supply omissions or reconcile inconsistencies therein, and to make all other decisions and determinations as
the Committee may deem necessary or advisable for the administration of the Plan.
Types of Awards
The Plan provides that Company common stock may be issued in connection with bonuses, or to grant stock or other
awards in lieu of Company obligations to pay cash or other consideration owed under other plans or compensatory
arrangements. In addition, the Plan authorizes the grant of performance awards under which Plan participates may
receive shares of common stock upon meeting certain business goals or criteria set by the Committee.
Participation
Any of our employees or directors are eligible to receive awards under the 2008 Plan.
Registration of Shares
We have filed a registration statement on January 23, 2009 under the Securities Act of 1933, as amended, with
respect to the Common Stock issuable pursuant to the 2008 Amended Plan.
Amendment or Termination
The Board of Directors may amend, alter, suspend, discontinue or terminate the Plan or waive any conditions or
rights under, or amend, alter, suspend, discontinue or terminate any stock award granted under the Plan; provided that,
without the consent of an affected participant, no Board action may materially and adversely affect the rights of such
participant under any previously granted and outstanding stock award.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
.
Exhibit No.
Description
10.1
2008 Employee & Director Stock Compensation Plan, as amended
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.
COLORADO GOLDFIELDS INC.
Dated: January 27, 2009
By:
/s/ C. Stephen Guyer
C. Stephen Guyer
Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
Description
10.1
2008 Employee & Director Stock Compensation Plan, as amended