Clifton Mining Company (OTCBB: CFTN) (Clifton) - "January 2022 Update"

Rhea-AI Summary

Clifton Mining Company has reported significant updates regarding its operations as of January 11, 2022. In November 2021, Desert Hawk Gold Corp sold 158 ounces of gold and 163 ounces of silver, while estimating 4,494 recoverable ounces of gold remaining on the heap leach pad. The project expansion permit is currently pending approval. Additionally, Clifton received a $0.13 per share distribution totaling $198,250 from its largest shareholder, American Silver, LLC.

Positive

• Desert Hawk sold 158 ounces of gold and 163 ounces of silver in November 2021.
• Estimated 4,494 recoverable ounces of gold still on the heap leach pad.
• $0.13 per share distribution totaling $198,250 received from American Silver, LLC.

Negative

• Pending approval for project expansion permit may delay operations.
• Continuing exploration and drilling programs indicate ongoing uncertainty in reserve estimates.

AMERICAN FORK, Utah, Jan. 11, 2022 /PRNewswire/ - Production - Clifton Mining Company has received the November 2021 report from Desert Hawk Gold Corp. In November, Desert Hawk sold 158 ounces of gold, 163 ounces of silver, crushed 15,229 tons of ore, and they estimated 4,494 recoverable ounces of gold still on the heap leach pad.

The project expansion permit that Desert Hawk has applied for is still in process and they are still waiting for its approval. They have also been continuing their additional exploration and drilling program to increase the current gold and silver reserves for the project.

Notice of Distribution – In December 2021, American Silver, LLC, parent company to American Biotech Labs, LLC ("ABL"), declared a $0.13 per share distribution, which totaled $198,250 distributed to Clifton Mining Company, its largest single shareholder.  For more information on ABL products, please see www.silverbiotics.com.

For additional information on the Company, please see the Company's website at https://www.cliftonmining.com. 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.

View original content:https://www.prnewswire.com/news-releases/clifton-mining-company-otcbb-cftn-clifton--january-2022-update-301458148.html

SOURCE Clifton Mining Company

FAQ

What were the gold and silver sales figures for Clifton Mining Company in November 2021?

Clifton Mining Company reported sales of 158 ounces of gold and 163 ounces of silver in November 2021.

What is the estimated recoverable gold remaining for Clifton Mining Company?

The estimated recoverable gold remaining on the heap leach pad is 4,494 ounces.

What is the recent distribution amount received by Clifton Mining Company?

Clifton Mining Company received a distribution of $0.13 per share, totaling $198,250.

What does the pending project expansion permit mean for Clifton Mining Company?

The pending project expansion permit indicates potential delays in further development and operations for Clifton Mining Company.