Hello Dan, here's the press release:
Clifton Mining Raises Estimated Resource Value 31 Percent
Following Analysis On Ninth Shear Vein
PR Newswire - May 15, 1997 07:07
FINANCIAL CFB. MNG V%PRN P%PRN
ALPINE, Utah, May 15 /PRNewswire/ -- William D. Moeller, president and
chairman of Clifton Mining Company (ASE: CFB) announced today that, following
a recently completed assay program on its Hidden Mine shear vein, the value of
Clifton's total proven and probable mineral resources has been upgraded by 31
percent.
In a surface and underground sampling program, reviewed and approved by
international mining consultants, Behre Dolbear & Company, Inc., the project's
proven and probable resources increased by approximately 105,000 tons upon the
almost 339,000 tons confirmed in previous reports. The sampled vein yielded
an estimated 889,409 ounces of silver, 2,562 ounces of gold and 12,033,802
pounds of lead, increasing the project's estimated silver, gold and lead
totals to 3,688,465 ounces, 16,067 ounces and 48,742,967 pounds, respectively.
Calculated using prices of silver at US$4.75/oz., gold at US $345/oz. and
lead at US $0.48/lb., Clifton's gross resource value improved to US $46.5
million, up 31 percent from US $35.6 million.
"This report, coming less than a month after our latest successful assay
program, serves as further evidence of the project's tremendous potential by
again raising the mineral value estimates within the Clifton Shear Zones,"
said Moeller. "Progress on our first processing facility continues on
schedule, and we look forward to generating revenue upon its completion in the
coming months."
Drilling and sampling will continue on existing veins, with additional
anticipated resource increases announced as they are approved by an
independent mine engineering company, such as Behre Dolbear.
Founded in 1993, Clifton Mining Company is a natural resource company
focused on silver, gold and lead production at its approximately 5,100-acre
property, located on the Utah/Nevada border. Of the property's 38 identified
shear veins, 9 have been sampled with precious metal resources calculated.
With less than ten percent of the first 9 veins estimated, Clifton Mining's
total proven and probable resources are calculated at nearly 444,000 tons. At
present, the company is constructing a 200 ton/day processing facility, which
is expected to begin operations in mid-1997.
NOTE TO THE EDITORS: The Alberta Exchange has neither approved or
disapproved of the contents of this news release.
SOURCE Clifton Mining Raises
CONTACT: William D. Moeller, President, and Chairman or Keith W.
Moeller, Vice President, both of Clifton Mining Company, 801-756-1414
There's another version of it at:
newsalert.com
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