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

To: Charles R. Keuler who wrote (421)	10/29/1998 1:41:00 PM
From: Alan Whirlwind	Read Replies (1) \| Respond to of 653

[ Business \| US Market \| By Industry \| IPO \| AP \| S&P \| International \| PRNews \| BizWire ] ------------------------------------------------------------------------ Related QuotesCFB CFTN 23 7/8 0.190000 +9/16 +0.000000 delayed 20 mins - disclaimerThursday October 29, 9:00 am Eastern Time Company Press Release SOURCE: Clifton Mining Company Clifton to Re-open Cane Springs High-Grade Gold Mine ALPINE, Utah, Oct. 29 /PRNewswire/ -- Clifton Mining Company (OTC Bulletin Board: CFTN, Alberta Stock Exchange: CFB) wishes to announce that the company is making plans to re-open the Cane Springs Mine which is located adjacent to the Clifton mill. Clifton, over the last three months, has been able to obtain a great deal of information on the Cane Springs mine, including: surface and underground mine maps, surface and underground gold and silver sample information, geologic maps and reports, exploration and drill plans, as well as reserve estimates and potentials. Clifton was also able to find and interview the last living miner who worked in the mine before it was closed down by government mandate at the start of World War II. With a 50% decrease in the value of lead concentrates and almost a 35% decrease in silver prices since the first part of the year, as well as over a 12-year low in the price of gold, Clifton has had to restructure its strategic plan of operations. Even with the downturn in metals prices, Clifton's management firmly believes that the company can have meaningful revenue from the Gold Hill plant operations by producing from the Cane Springs mine. Clifton could then retain its silver/lead ores for future production. The independent information obtained so far on the Cane Springs mine indicates that it is expected that the high-grade gold mineralization in the original workings will continue to at least the 600-foot level, and may go as deep as 1200 feet. Currently no mine workings penetrate deeper than the 233' level, and little ore was mined below the 150' level. It is estimated that over 60,000 tons has been mined so far with grades ranging from 0.47 to 9.0 oz/ton gold. Mining face chip samples from the third and fourth mine levels have assayed at 1.54 oz/ton gold with 1.4 oz/ton silver; 1.41 oz/ton gold with 1.10 oz/ton silver; and pillar samples from the lower level assayed at 3.45 to 9.09 oz/ton gold. The reports also state that the mine contains 1400 tons on an upper level that averages about 0.5 oz/ton gold, which was not mined because (at that time) it was not deemed to be high enough grade. Clifton's management is excited about the gold reserve and the revenue- generating potential of the Cane Springs mine, despite the current low in metals prices. The Company has planned four drill holes to confirm the high-grade gold values past the 233' level. The total drill footage required is approximately 2,000 feet. Said Mr. Moeller, ''We believe the time has come to move from the silver ores we have been processing, to the Cane Springs gold deposit. We also believe that the current shortages in silver metal will lead to much higher silver prices in the future, and Clifton will be in a good position to take advantage of those prices.'' 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 neither approves nor disapproves of the contents of this news release. SOURCE: Clifton Mining Company