Clifton Mining Announces Completion of Road Providing
Access To Vast Untapped Resources
PR Newswire - July 10, 1997 06:59
ALPINE, Utah, July 10 /PRNewswire/ -- William D. Moeller, president and
chairman of Clifton Mining Company, (ASE: CFB), announced today that the
company has completed construction of a new road that will provide direct
access to a number of previously isolated shear veins on its property near
Gold Hill, Utah.
The two-mile road, much of which was blasted out of solid rock, leads
directly to the opening of the company's Hidden Mine vein and its 105,000 tons
of proven and probable resources. It also provides access to four other major
shear veins including the Yellow Cougar vein, which holds over 97,000 tons of
proven and probable resources.
In addition, the road affords the company access to major veins not yet
included in proven and probable resources. By bringing the road into the base
of the 700-foot high Southern Confederate Hill (of which only the top 50 to
100 feet of depth has been included in resource totals), Clifton can more
easily perform reserve qualifying work on the remaining 600 to 650 feet of
untapped vein material. The new material has the potential to increase
Clifton's reserve base by up to 14 times its current level.
"Previous resources calculated on these five veins represent only a
fraction of what we now have access to," said Moeller. "Access provided by
the new road is expected to increase our reserves by hundreds of thousands of
tons of mineral resources."
Related mine plans include core drilling and up to 700 feet of additional
tunneling, beginning at the Hidden Mine entrance and then cross-cutting the
four other veins. When completed, the tunneling will yield as many as 10
minable faces to supply feed for the company's new 200 tons/day mill once it
begins production.
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 443,898 tons. At
present, the company is constructing a 200 tons/day processing facility, which
is expected to begin operations in 1997.
Note: The Alberta Exchange has neither approved or disapproved of the
contents of this news release.
SOURCE Clifton Mining Company
CONTACT: William D. Moeller, President and Chairman or Keith W. Moeller,
Vice President, both of Clifton Mining Company, 801-756-1414,
www.itsnet.com/~clifton/clifton.htm |
