Clifton news release:
CLIFTON MINING COMPANY REPORTS INCREASE IN FORMAL RESERVES, ANNOUNCES COMPLETION OF PRIVATE PLACEMENT
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 veins
increases 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. The placement has, enabled the company to eliminate all current and
long-term debt, as well as purchase additional mining and hauling equipment.
The equipment is expected to help enhance ore production and enable Clifton's
mill to achieve its full capacity of 250 tons/day.
William D. Moeller, chairman and chief executive officer of Clifton
Mining Company, indicated that open-pit (surface) mining methods have yielded
high-quality ore from the company's Smelter Tunnel bedding, which is not
currently included in formal reserve estimates. Present blast-hole assays
from the pit report averages of 14.0 opt of silver, 0.053 opt of gold and 4.9
percent of lead.
''This recovery of high-quality ore using low cost open-pit mining
processes leaves our official reserves intact. We estimate this bedding to
contain as much as 40,000 tons that are fully accessible through open-pit
mining techniques,'' said Moeller. ''With a strong balance sheet, tons of
mineral-rich reserves, a brand new mill with a processing capacity of 250 tons
per day, and an open-pit mine in production, we are pleased to report a highly
encouraging outlook.''
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. Less than ten percent of the
first 11 out of 40 identified shear veins have been formally estimated. For
further information, visit the company's Web site at
cliftonmining.com.
Note: Any statements released by Clifton Mining Company that are forward
looking are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Editors and investors are cautioned
that forward-looking statements invoke risk and uncertainties that may affect
the company's business prospects and performance. These include economic,
competitive, governmental, technological and other factors discussed in the
company's business plan and due-diligence information.
The Alberta Exchange does not approve or disapprove of the contents of
this news release.
%SEDAR: 00008095E
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For further information: William D. Moeller, Chariman/CEO, Keith W. Moeller, Vice President, Clifton Mining Company, (801) 756-1414, www.cliftonmining.com or Madeleine Franco, Andrew Graft, Jordan Richard Assoc., (801) 595-8611, www.jordanrichard.com |
