Here's part of the one you just gave me...
ALPINE, UTAH, April 15 /CNW/ - Clifton Mining Company (OTCBB: CFTN and
ASE: CFB) today announced that a recent review of two surface-visible shear
veins by international mining consultants Behre Dolbear and Company has added
more than 25,000 tons to confirmed reserve levels.
This assessment of Clifton's 130 Foot Shaft and Yellow Cougar veinsincreases total proven and probable reserves to nearly 513,000 tons of ore,
containing approximately 4.2 million ounces of silver (8.3 opt (ounces per
ton)), 19,600 ounces of gold (0.038 opt) and 57.5 million pounds of lead (5.6
percent). Today's newly reported reserve tonnage includes 221,048 ounces of
silver (8.8 opt), 108 ounces of gold (0.004 opt) and 3,610,475 pounds of lead
(7.1 percent). An additional 42,000 tons contained within the 130 Foot Shaft
vein has been outlined and is nearing approval.
Clifton also announced today that it recently completed a private
placement of 2.825 million restricted shares, raising approximately US$1.1
million.
Her's part of the newer release...
ALPINE, UT, Nov. 28 /PRNewswire/ - Clifton Mining Company (OTC: CFTN and CDNX: CFB) is pleased to announce that total certified resources in Clifton's silver and gold Shear Zone deposit increased by 8.9%. The increased values are outlined in a new independent mine engineering report that summarizes measured and indicated resources that have been approved by Behre Dolbear and Associates to November, 2000.
In the new report, total measured and indicated resources in the Shear Zone deposit increased to 581,300 tons, an increase of over 47,000 tons or 8.9%. Silver values increased 9.2%, to over 4.8 million ounces (8.05 opt). Total gold values increased by 32% to over 26,000 ounces (0.05 opt). Lead values also serged in the certified resource report, increasing to average values of 5.2%/ton, an increase of over 0.5%/ton.
Said Moeller, ``We are pleased to see one of our main projects moving forward again, even in a down market environment. We are also pleased to see our average values per ton increasing as we get deeper into the veins. One of the most exciting parts of the new engineering report, is that it states that these certified resources represent less than 1/10 of the potential in the first 11 of 38 identified shear veins. This means that we have only certified 4-5% of the potential of this deposit so far.''
Okay, the newer release says they have come up with 8.9% increase in reserves. Not too unbelievable though. If you are making ten bucks an hour and you come home one night and tell your wife you got an 89 cent an hour raise, you're only making 8.9% more.
In both cases a private placement was announced on or within a week of the reseves update. Jury's still out. Of course, a decent surge in metals is needed no matter what is found for reserves before mining becomes profitable. |
