Clifton Mining Company (OTCBB: CFTN) (Clifton) - "Annual Meeting"

Rhea-AI Summary

Clifton Mining Company held its Annual General Meeting on October 22, 2021, announcing the re-election of directors and the appointment of an auditing firm. Despite challenges in the precious metals sector, the Company has over $2 million in cash and owns more than 5 million shares of Desert Hawk Gold Corp. Recent reports from Desert Hawk indicate the sale of 178 ounces of gold and silver, with additional permits expected to boost mining capacity. The Company has also launched a new website featuring geological reports and operational insights.

Positive

• Clifton has accumulated over $2 million in cash.
• The company owns more than 5.81 million shares of Desert Hawk Gold Corp.
• Desert Hawk's average ore grade increased to 0.0267 ounces per ton.
• Expected new permits will significantly boost mining tonnage.

Negative

• Tonnage mined is currently restricted by permitting limitations.

AMERICAN FORK, Utah, Oct. 28, 2021 /PRNewswire/ - Clifton Mining Company ("Company") held its Annual General Meeting on Friday, October 22, 2021.  Scott Moeller announced that a quorum of votes had been received and gave the results, supporting the re-election of each of the proposed directors and the appointment of the auditing firm.  Ken Friedman briefly discussed the background and strategic positioning of the Company, noting that despite difficult times for the precious metals industry, the Company has accumulated more than $2 million in cash and holds more than 5 million shares of Desert Hawk Gold Corp. ("Desert Hawk").  The Company has also repurchased more than 3.5 million of its shares.  Keith Moeller gave a detailed presentation of the progress of Desert Hawk, including the identification of a new deposit at Rainbow Hill, which Desert Hawk tentatively estimates at roughly 10 million tons, with the initial sampling averaging 0.025 ounces per ton gold.  He explained this deposit appears to be an extension of the Kiewit deposit, with exploration work indicating additional extensions on the other sides of the Kiewit mine pit as well.

Clifton Mining Company has received the production and sales report from Desert Hawk Gold Corp. (Desert Hawk) for the month of September 2021.  Desert Hawk, reported that during the month they sold 178 ounces of gold and 178 ounces of silver, from metals recovered from the leach pad. During the month, they also reported that an additional 9,614 tons of ore were crushed and added to the leach pad. Currently, there are an estimated 1,741 recoverable ounces of gold still on the pad. The average blasted gold ore grade going on the leach pad has also continued to increase over previous historical grades, with this month's average up to 0.0267 ounces per ton. Tonnage mined has been restricted by permitting limitations, but Desert Hawk management believes additional permits are soon forthcoming with the required notice period now complete, with no registered objections.  Desert Hawk reports that the expanded permits will enable them to mine significantly greater tonnages.  Clifton owns 5.81 million shares of Desert Hawk, as well as the property on which the operation resides. 

Clifton's new website is now active and contains links to several of the Company's independent geological reports.  Management invites all who have interest to read the reports and learn more about the history of the property and some of the exploration and development work that has occurred.  The new website also contains a flyover view of the Kiewit mine pit and heap leach operations.

Please see the Company's website https://www.cliftonmining.com for additional Company information.  Clifton trades on the OTC Markets under the symbol: "CFTN". 

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.

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SOURCE Clifton Mining Company

FAQ

What were the outcomes of Clifton Mining Company's Annual General Meeting on October 22, 2021?

The meeting resulted in the re-election of all proposed directors and the appointment of the auditing firm.

How much cash does Clifton Mining Company currently hold?

Clifton Mining Company has accumulated over $2 million in cash.

What did Desert Hawk Gold Corp. report for September 2021?

Desert Hawk sold 178 ounces of gold and silver and crushed an additional 9,614 tons of ore for the leach pad.

What is the significance of the new permits for Desert Hawk?

The new permits are expected to allow Desert Hawk to mine significantly greater tonnages.

What is the current grade of the gold ore being processed by Desert Hawk?

The average ore grade going onto the leach pad has increased to 0.0267 ounces per ton.