CLK. Clifton update. yellow hammer increases silver tonnage.Clifton Mining Announces 41 Percent Increase in Estimated ResourceValue Following Analysis on Yellow Cougar Shear VeinALPINE, Utah, April 29 /PRNewswire/ -- William D. Moeller, presidentand chairman of Clifton Mining Company, (ASE: CFB), announced todaythat, following a recently completed assay program, the value ofmineral resources within the company's Yellow Cougar shear vein hasbeen upgraded by 41 percent, as the report indicated significantincreases in proven and probable resources and average ore grade.
In an underground sampling program, reviewed and approved byinternational mining consultants, Behre Dolbear & Company, Inc., thevein's proven and probable resources increased by approximately7,750 tons compared to the more than 88,000 tons confirmed in BehreDolbear's April 1996 report. Estimated levels of silver increased26 percent to 1,320,305 ounces from 1,046,019 ounces, while leadlevels more than doubled, increasing to 11,155,370 pounds from4,381,984 pounds. Gold estimates decreased to 4,371 ounces from6,355 ounces.
Average ore grade results reflected the net increase, asestimated silver levels improved to 13.78 opt (ounces per ton ofore) from 11.40 opt and lead increased to 5.82 percent of ore versus2.62 percent. Gold grade decreased from 0.076 opt to 0.046 opt.
Based upon April 25, 1997 prices of silver (US$4.75/oz.), lead(US$0.48/lb.) and gold (US$345/oz.), gross resource value within thevein improved to US$13.1 million, up 41 percent from US$9.3 million.
"This report not only supports the project's tremendouspotential and viability with solid evidence, but it also adds to thealready impressive mineral value estimates that exist for theClifton Shear Zones," said Moeller. "We look forward to completingour first processing facility in the coming months and generatingrevenue from operations."
Drilling and sampling will continue on the Yellow Cougar veinand on nine additional veins. Expected resource increases will beannounced as they are approved by an independent mine engineeringcompany, such as Behre Dolbear.
Founded in 1993, Clifton Mining Company is a natural resourcecompany focused on silver, gold and lead production at itsapproximately 5,100-acre property, located on the Utah/Nevadaborder. Of the property's 38 identified shear veins, 8 have beensampled with precious metal resources calculated. With only tenpercent of the first 8 veins estimated, Clifton Mining's totalproven and probable resources are calculated at more than 331,000tons. At present, the company is constructing a 200 ton/dayprocessing facility, which is expected to begin operations inmid-1997.
Note: The Alberta Exchange has neither approved or disapprovedof the contents of this news release.SOURCE Clifton Mining
-0- 04/29/97
CONTACT: William D. Moeller, President and Chairman, or KeithW. Moeller, Vice President, both of Clifton Mining Company,801-756-1414/
(CFB) |
