Clifton Mining Company Inc. (OTC : CFTN)
ALPINE, UT, Feb. 18 /PRNewswire-FirstCall/ - Clifton's Management would like to update shareholders on the progress made in the joint venture with Desert Hawk.
Desert Hawk has now been working on the property for 6 months, reviewing previous work and doing their own drilling. They have now affirmed their position stating, "Our objective is to produce the resources based on the existing data supplemented with our own confirming work." They are already moving forward on a multi-staged approach to production.
The first stage is a high-grade copper/gold heap leach at the Clifton mill site. The mill site has been cleaned and prepared for the construction to begin on the two acre pad. Permit adjustments have been filed and we are awaiting approvals. Desert Hawk has budgeted $1 million to bring this area into production, having reported that it is common to find copper grades exceeding 3%, gold values ranging from 0.3 ounce per ton (opt) -.50 opt and silver at 1 opt or more.
The second stage includes the construction of an 800,000 square foot heap leach pad and process facility for the Kiewit project. Desert Hawk has budgeted $3.3 million for this project and has written: "We anticipate 20,000 ounces of gold will be produced in the first 2 years with more thereafter." This could be supplemented with ore from nearby locations.
Said Clifton management, "We have been impressed with both the quality and the amount of work completed by Desert Hawk in just the first six months of the joint venture. We look forward to updating our shareholders in the next few months with respect to additional permitting and construction on the two pads."
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