Subject:
Stockwatch: Clifton Mining Company - News Release
Date:
Tue, 23 Jun 1998 04:42:04 -0700
From:
newsout@canada-stockwatch.com
Handy & Harman to sell gold and silver from Utah property
Clifton Mining Company CFB
Shares issued 18,324,144 Jun 22 close $0.65
Tue 23 Jun 98 News Release
Mr. William Moeller reports
Clifton Mining has entered into a contract with Handy & Harman to sell gold
and silver produced at Clifton's approximately 5,100 acre mining property
in western Utah. Handy & Harman is a diversified industrial manufacturer
whose products include electronic components, specialty fasteners,
engineered materials, specialty wire and tubing, and fabricated precious
metals.
To achieve faster turnaround on concentrates now being produced by the
mill, Clifton is currently installing a gold and silver extraction system.
Extracting the gold and silver from concentrates will enable Clifton to
receive payment for the precious metals within 15 days from Handy & Harman
versus 60 to 90 days from smelters. Construction on the system is expected
to be completed by the end of June.
With the installation of this precious metals extraction system, Clifton
gains greater control over the sale of concentrates, focusing on sales that
offer higher margins and prompt payouts. The company will continue to
produce lead, which will be characterized by larger lot shipments and
longer payment cycles.
Clifton anticipates booking its first revenue on the contract prior to the
company's annual shareholder meeting.
The company also has opened two mine portals on the company's George
Washington and Lower George shear veins. Initial assays from the face of
workings on the two veins have shown encouraging mineral potential. For the
George Washington, reported values were 0.035 opt of gold, 17.96 opt of
silver and 11.8 per cent lead, while the Lower George showed mineral levels
of 0.040 opt of gold, 8.00 opt of silver and 9.2 per cent lead.
Preliminary results suggest that each mine portal could contribute 50 tons
of ore per day at current levels, and as much as 200 tons per day once they
have been fully developed.
WARNING: The company relies on litigation protection for "forward-looking"
statements.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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