CLIFTON MINING ANNOUNCES DISCOVERY OF NEW MINERAL STRUCTURES, PREPARES
FOR INCREASE IN FORMAL RESERVE ESTIMATES, FULL-SCALE PRODUCTION
ALPINE, UTAH, September 30 /CNW/ - William D. Moeller, president and chairman of Clifton Mining Company, (ASE: CFB), announced today the discovery of three previously unmapped mineral structures that could significantly add to the company's overall resource totals.
Reconnaissance efforts on Clifton's approximately 5,100-acre property led to the discovery of two new shear veins and a replacement horizon (i.e. mineral bedding), all of which offer accessibility through existing tunnels, pits and shafts. The various entryways are the result of small-scale mining operations within the last century.
Rock-chip samples have shown highly concentrated levels of silver, gold and lead in all three structures, which are surface exposed for hundreds of feet. Sample results for the two veins revealed 58.55 and 20.46 opt (ounces per ton of ore) of silver; 0.023 and 0.058 opt of gold; and 31.0 and 8.3 percent of lead, respectively. The replacement horizon yielded sample results of 13.65 opt of silver, 0.084 opt of gold, and 32.0 percent of lead. (Sample results as noted may or may not be representative.)
``If preliminary findings hold up to further evaluation and independent review, these mineral structures could represent some of the richest to date,'' said Moeller. According to Moeller, the structures range in width from approximately 18 inches to four feet, with projected gross tonnage yet to be determined. ``As cash flow from operations quickens the pace of our core drilling and sampling program in coming months, we expect that these and other existing mineral structures will add substantially to confirmed reserve totals,'' said Moeller.
The company also announced that construction of its 200 tons/day
processing facility is nearly complete and that it has scheduled startup operations to begin in mid- to late October, ``Initiating full-scale operations will mark the beginning of an entirely new and dynamic phase of Clifton's evolution. Having worked diligently for some time to establish meaningful, long-term revenue, we look forward to our efforts measurably impacting the bottom line,'' said Moeller.
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 more than 444,000 tons.
The company's website address is itsnet.com.
For further information: William D. Moeller, President and Chairman or
Keith W. Moeller, Vice President, Clifton Mining Company, (801)
756-1414, itsnet.com |
