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Gold/Mining/Energy : Clifton Mining (CFB-Alberta)-Silver Play -- Ignore unavailable to you. Want to Upgrade?

To: virginijus poshkus who wrote (144)	11/4/1997 7:48:00 AM
From: Dan P	Read Replies (2) \| Respond to of 653

Vargas, Claude: A release from Clifton: sounds promising: if the 4 million ounces of silver represents only about 4 % of the potential reserve, we are looking at a possible 100 million oz deposit or more. Thank you for your comments. Here is the release: Dan CLIFTON MINING ANNOUNCES DISCOVERY OF NEW MINERAL STRUCTURE, INCREASES FORMAL RESOURCE ESTIMATES ALPINE, UTAH, Nov. 3 /CNW/ - William D. Moeller, president and chairman of Clifton Mining Company (ASE: CFB), today announced the discovery of a second high-grade replacement bedding containing silver, gold and lead, which may add considerably to the company's overall resource totals. The bedding, named the Cabin Bedding, was discovered approximately 142 feet beneath the surface during core hole drilling and is approximately two feet thick. Assays on the split core show average values of 28.11 opt (ounce per ton of ore) of silver, 0.013 opt of gold and 17.6 percent of lead. ''High-grade beddings such as this can impact future production significantly. We are encouraged by these most recent results and look forward to collecting additional drilling and sampling information in the area,'' Moeller said. Clifton also announced that a recently completed surface and underground sampling program of Clifton's Southern Confederate shear vein has been reviewed and approved by international mining consultants Behre Dolbear & Company, Inc., adding 43,787 tons to confirmed resource levels. The property's total proven and probable resource tonnage now stands at 487,787 tons of ore, containing 4,028,259 ounces of silver, 19,358 ounces of gold and 53,908,871 pounds of lead. In 1997, Clifton's confirmed resource base has increased 46 percent. Moeller indicated that the company has stepped up its sampling program with a full-time drill crew, which will expedite the outlining of new resources. ''While pleased by this newest resource increase, we estimate that fully 96 percent of the resource potential in these shear vein systems has yet to be formally blocked out. Increasing the pace of our drilling and sampling program will facilitate valuation of the property and ultimately help accelerate our tapping into the value of these impressive deposits,'' 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 40 identified shear veins, 10 have been sampled with precious metal resources calculated. With less than ten percent of the first 10 veins estimated, Clifton Mining's total proven and probable resources are calculated at nearly 488,000 tons. The company's website address is itsnet.com. The Alberta Exchange has neither approved or disapproved of the contents of this news release %SEDAR: 00008095E -0- 11/03/97 For further information: William D. Moeller, President and Chairman, Keith W. Moeller, Vice President, Clifton Mining Company, (801) 756-1414, Website: itsnet.com -------------------------------------------------------------------------- Release sent courtesy of Canada NewsWire Portfolio Email.