From The South Fork Tines:
Water is being released slowly, and releases could increase significantly later this week. In addition, a road is being built on the water side of the dam to accommodate the inspection work. The DOW’s engineering staff is working with engineers from the Colorado Division of Water Resources to bring the water level down safely and to inspect the structures. The Rio Grande County Sheriff’s Office and the Rio Grande National Forest are also working in cooperation with the state agencies. The DOW owns the dam and the reservoir which holds about 5,000 acre feet of water. The reservoir is located on U.S. Forest Service property about 8 miles southwest of the town of South Fork. Water from the reservoir flows into the South Fork of the Rio Grande River.
More Rio Grande Basin coverage here.