Clifton Mining Company Inc. (OTC : CFTN)
Update To Shareholders
ALPINE, UT, April 3, 2012 /PRNewswire/ - Clifton Mining Company would like to update its shareholders on several items. First, the Company's audited financial statements for 2011, are completed and have been posted on the Company's website: www.CliftonMining.com. Second, the Company has received a distribution from American Silver, LLC totaling $198,250. This distribution, along with prior distribution received from American Silver, contribute very significantly to covering the Company's overhead. American Silver also recently announced that its new wholly owned subsidiary ABL Medical, LLC, has just started the soft launch of the new prescription wound dressing product. The actual launch will start in the third quarter of 2012. ABL Medical has also obtained the codes necessary so that hospitals (and elderly care centers, etc.) can receive reimbursement for the purchase of this product under government contracts. This new product is able to go directly into major medical arenas where it can make many direct claims, on both conditions and pathogens.
On the mining side, we have received several queries from shareholders. One concerns the microwave patent for enhancing metals extraction from ores. That patent has been assigned solely to Clifton Mining Company. A second concerns the five percent (5%) net smelter return [NSR] to Clifton from precious metals production at Kiewit. Dumont Nickel, Clifton's previous partner, had spent more than $5 million on that project, entitling Dumont to a fifty percent (50%) interest in that project. That interest had to be repurchased from Dumont, and Desert Hawk Gold Corp. provided the majority of the funds to buy out the interest, avoiding a costly dilution to Clifton. In return, Clifton reduced its NSR on the precious metals from that one deposit to five percent (5%). We would note that according to industry standards, this is still a good NSR. The remaining property, including the Clifton shear veins, are at a fifteen percent (15%) NSR based on current metals prices.
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