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I was in Telluride, CO for the past 2 months skiing and fishing. If anyone is looking to combine a ski trip with fly fishing, I would highly recommend this place.
The river that starts in the town is the San Miguel. There are brookies and browns scattered through out the town and one of the best spots is right under the gondola. The river gains size and continues west towards Utah. It's a freestone but this time of year the ice was freeing up and there were great sections along the river to check out. Outside of town the Miguel runs through a scenic gorge on mostly public land.
There are other rivers in the area that are worth checking out if you got the time: Dolores, Uncompahgre, the lower Gunnison is only 2 hour drive, and the San Juan in NM is about 3 hours.
Outside of town the river has bows and browns; it's very scenic. No crowds like other CO rivers and also very little skiing pressure unlike some more popular ski resorts in Colorado.
You can be skiing chutes in the morning and casting in the afternoon.
Just an FYI if anyone likes to fish and ski, this is a great place to do both a vacation.