Clifton Mining Company (OTCBB: CFTN)
ALPINE, UT, Nov. 19, 2014 /PRNewswire/ - Clifton Mining Company has received its first royalty payment of $24,185 from Desert Hawk Gold Corp. on the Kiewit project. Another smaller royalty payment is anticipated to be received later this week.
The shareholder meeting was held as announced on November 14, 2014. The first part of the meeting was dedicated to William (Bill) Moeller, the founder of the Company and chairman of the board, who passed away un-expectantly nearly three weeks ago. He is missed by all of us, not only as a true entrepreneur with great vision, but as a deeply wonderful person.
Other general updates were provided including:
- To date, an estimate of 600-700 ounces of gold have been produced. These numbers seem to be in line with Desert Hawk's estimate of producing 10,000 to 20,000 ounces over the next year. Clifton will receive a 5% net smelter return.
- Over the longer term, significant potential remains at Alvarado (a large wollastonite deposit), the Clifton shear zones, and the microwave patent.
- The Company continues with its twenty percent (20%) ownership in American Silver, LLC which wholly owns American Biotech Labs, LLC (ABL). ABL has recently introduced several new products. Of particular interest are a silver sol based toothpaste and an FDA cleared wound dressing product to be sold under the brands of Armor Gel Wound Dressing Gel and ASAPotc Wound Dressing Gel.
- Revenue for American Silver was nearly $3 million in October, almost double the previous monthly record and ABL has already exceeded its previous record year (last year) for revenues, with two months to go.
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