I guess something did happen--news release this morning:
Tuesday May 19, 7:00 am Eastern Time
Company Press Release
SOURCE: Clifton Mining Company
Clifton Mining Company Acquires High-Grade Gold Producer
ALPINE, Utah, May 19 /PRNewswire/ -- William D. Moeller, chairman and
chief executive officer of Clifton Mining Company (OTC bulletin board:
CFTN - news; Alberta: CFB - news), today announced that the company has
purchased in a cash transaction a majority interest in Woodman Mining
Company of Gold Hill, Utah.
A private company founded in 1907, Woodman Mining Company holds a number
of key properties in the Clifton Mining district. These holdings total
174 acres with 11 patented mine claims, including the Alvorado Mine and
Cane Springs Mine, which is located less than 350 yards from Clifton
Mining Company's 250 tons/day processing mill. At the turn of the
century, these mines shipped directly to smelters many thousands of tons
of ore, averaging more than half an ounce of gold per ton.
Moeller indicated that geologic reports support the existence of
appreciable, untapped gold values in the Woodman mines. A formal
drilling and sampling program is currently being planned that will more
precisely measure the resource potential of the 11 claims.
''The decision to obtain Woodman Mining Company was a natural one,''
said Moeller. ''Not only does the acquisition enhance Clifton's access
to mineral resources at a highly favorable location, but it also
diversifies our precious metals offering to include high-grade gold.
When more exact estimates are determined, we will have the option to mix
tonnage from these new mines with our silver ore, thus increasing the
total value of the concentrates.''
An added benefit of the acquisition is that Clifton Mining secures a
second source of registered water rights for use in the mill. Moeller
indicated that, together with the new rights, the company's total water
sources are sufficient to sustain operations for the foreseeable future.
The merger is expected to be completed within the next 60 to 90 days,
Founded in 1993, Clifton Mining Company is a natural resource enterprise
focused on silver, gold and lead production at its approximately
5,100-acre property, located on the Utah/Nevada border. 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.
SOURCE: Clifton Mining Company |
