(OTCBB SYMBOL: CFTN)
ALPINE, UT, July 23 /PRNewswire-FirstCall/ - Clifton Mining Company (OTCBB: CFTN) has completed the buyout and consolidation of its property holdings.
Clifton Mining has just consummated the buyout from Dumont Nickel of Dumont's share of the Clifton joint venture, including their part ownership in 82 claims that cover the Keiwit area, their part ownership in 10 patented mining claims that include the Cane Springs Claims and an additional 91 lode claims that have been staked by Dumont. Clifton also purchased from International Minerals Metals, Inc. ("IMM") and IMM-Dworkin Holdings, LLC ownership rights in the Keiwit claims for cash and a royalty interest in the Kiewit claims.
The total price of both transactions was $305,000 plus a 1/2% net smelter royalty return to Dumont on production from the Cane Springs and Kiewit areas and a 1/2% net smelter return to IMM and IMM-Dworkin on production from the Kiewit zone.
Said Keith Moeller, an officer of the company, "This transaction, with the consolidation of these split interests, provides us with total control of the properties. We are now in a position to move forward with a more complete property package."
Clifton trades on the NASD Over-the-Counter market: (CFTN.PK).
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Note: Any statements released by Clifton Mining Company that are forward
looking are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Editors and investors are
cautioned that forward looking statements invoke risk and uncertainties
that may affect the company's business prospects and performance.
SOURCE Clifton Mining Company