Clifton Mining Company Inc. (OTC : CFTN)
ALPINE, UT, Dec. 6, 2012 /PRNewswire/ - The management of Clifton is continuing work in two areas, the Lucky Jim and the Alvarado. Both have been high-grade gold mines, and we believe we have found extensions of the historic mines.
Assays on and around the Lucky Jim have been characterized by a nugget effect, with trench samples showing values ranging from 0.04 ounces per ton gold to over two ounces per ton, but with seven of the fifteen 10-foot trench samples averaging better than one ounce per ton. William Moeller, chairman of Clifton, said: "Given so wide a variance in sample values, it is difficult to estimate the average grade. We are extracting several 20-ton bulk samples to minimize the nugget effect, while at the same time working with an extractive metallurgist to maximize the economic extraction of the gold."
Work on the Alvarado seeks to extend the historic workings, where one of the mine supports assayed at more than 60 ounces of gold per ton. Intense scrutiny of the area has led to the discovery of what appears to be a continuation of the original ore zone. The potential continuation has been opened up with large machinery, and we have obtained a five-acre mine permit. Subsequent assays have shown substantial amounts of gold along the newly-exposed strike, with several in the multiple ounce range. We have put in a new mine portal to open the potential deposit for bulk testing.
Clifton trades on the U.S. OTC: (CFTN).
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