Consolidated Goldfields Expands Gold/Silver Mineralization on Its Cahuilla Project With Additional Assays Received

April 4, 2012

RENO, NEVADA--(Marketwire -04/04/12)- Consolidated Goldfields Corp. ("Consolidated" or the "Company") (Pinksheets: CDGF.PK - News) is pleased to announce the receipt of additional assay results from its reverse circulation drill program at the Cahuilla gold-silver project in Imperial County, California.

To date, we have completed more than half of the one hundred planned holes our current drill program. The majority of drilling completed during this period was focused along the margins of the two main mineralized zones in the central eastern portion of the project for the purpose of expanding historic gold and silver mineralization into relatively untested areas. In addition, assays were received from drilling conducted approximately 600 meters west of the main mineralized zone, 120 meters east of High Grade Hill. Significant gold and silver mineralization was encountered in three of these holes including CAH-159, 160 and 161; therefore, additional holes have been planned to further develop this region.

The Company is pleased with the following results as they continue to increase and develop the known gold and silver mineralized zones.

 

----------------------------------------------------------------------------
Hole #          From      To      TD  Thickness - m (ft) Gold - g/t (oz/ton)
----------------------------------------------------------------------------
CAH-156         15.2    79.2   121.9          64.0 (210)        0.51 (0.015)
----------------------------------------------------------------------------
CAH-157         56.4    64.0   178.3            7.6 (25)        0.65 (0.019)
----------------------------------------------------------------------------
                71.6    79.2                    7.6 (25)        8.32 (0.243)
----------------------------------------------------------------------------
including       73.1    76.2                    3.1 (10)       18.77 (0.548)
----------------------------------------------------------------------------
                88.4    96.0                    7.6 (25)        0.45 (0.013)
----------------------------------------------------------------------------
CAH 158         28.9    74.7   182.9          45.8 (150)        0.55 (0.016)
----------------------------------------------------------------------------
               120.5   123.4                    3.1 (10)        0.99 (0.029)
----------------------------------------------------------------------------
               138.7   144.8                    6.1 (20)        0.51 (0.015)
----------------------------------------------------------------------------
CAH-159          6.1    10.7   182.9            4.6 (15)        0.41 (0.012)
----------------------------------------------------------------------------
                35.0    38.1                    3.1 (10)        0.79 (0.023)
----------------------------------------------------------------------------
                44.2    59.4                   15.2 (50)        0.65 (0.019)
----------------------------------------------------------------------------
                71.6    82.3                   10.7 (35)        1.10 (0.032)
----------------------------------------------------------------------------
                99.0   109.7                   10.7 (35)        1.20 (0.035)
----------------------------------------------------------------------------
CAH-160         15.2    76.2   121.2          61.0 (200)        0.82 (0.024)
----------------------------------------------------------------------------
including       65.5    68.6                    3.1 (10)        5.58 (0.163)
----------------------------------------------------------------------------
CAH-161         18.3    36.6   152.4           18.3 (60)        0.45 (0.013)
----------------------------------------------------------------------------
                57.9    96.0                  38.1 (125)        1.13 (0.033)
----------------------------------------------------------------------------
               103.6   117.3                   13.7 (40)        1.51 (0.048)
----------------------------------------------------------------------------
CAH-164         28.9    36.6   182.9            7.6 (25)        0.89 (0.026)
----------------------------------------------------------------------------
               102.1   105.2                    3.1 (10)        0.72 (0.021)
----------------------------------------------------------------------------
               150.9   166.1                   15.2 (50)        1.37 (0.040)
----------------------------------------------------------------------------
               179.8   182.9                    3.1 (10)        2.74 (0.080)
----------------------------------------------------------------------------
Including      181.4   182.9                     1.5 (5)     4.80 (0.164)TD
----------------------------------------------------------------------------
CAH-165         22.9    96.0   182.9          73.1 (240)        0.48 (0.014)
----------------------------------------------------------------------------
               115.8   125.0                    9.2 (30)        0.62 (0.018)
----------------------------------------------------------------------------
               141.7   173.7                    32 (105)        1.99 (0.058)
----------------------------------------------------------------------------
including      141.7   143.2                     1.5 (5)        9.69 (0.283)
----------------------------------------------------------------------------
including      163.0   166.1                    3.1 (10)        8.18 (0.239)
----------------------------------------------------------------------------
CAH-166         29.0    71.6   182.9          42.6 (140)        0.48 (0.014)
----------------------------------------------------------------------------
                99.1   103.6                    4.5 (15)        0.62 (0.018)
----------------------------------------------------------------------------
CAH-167         10.7    79.3   182.9          68.6 (225)        0.41 (0.012)
----------------------------------------------------------------------------
               166.1   176.8                   10.7 (35)        0.38 (0.011)
----------------------------------------------------------------------------
CAH-168          0.0     6.1   182.9            6.1 (20)        0.48 (0.014)
----------------------------------------------------------------------------
                24.4    30.5                    6.1 (20)        1.13 (0.033)
----------------------------------------------------------------------------
                59.4    73.2                   13.8 (45)        0.48 (0.014)
----------------------------------------------------------------------------
               153.9   182.9                   29.0 (95)     1.37 (0.040)TD
----------------------------------------------------------------------------
Including      158.4   161.5                    3.1 (10)        5.92 (0.173)
----------------------------------------------------------------------------

CAH-164 was drilled approximately four meters west of CAH-139 (drilled in November 2011) to further test the exceptionally high grade gold zone; however as a result of lost recovery of samples and difficult ground conditions, the hole was terminated at 182.9 m in 4.80 g/t gold. The company is currently drilling in the vicinity of CAH-139 where very high grade gold mineralization (up to 135.36 g/t or 3.948 oz/t gold) was encountered to better define the strike and dip of these newly discovered high grade veins; results are anticipated to be available in the latter part of April 2012.

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.