Clifton Mining Company (OTCBB: CFTN) (Clifton) - "January 2023 Report"

Rhea-AI Summary

Desert Hawk Gold Corp. has secured a significant extension to its Kiewit mining lease from the Bureau of Land Management (BLM). This extension increases the total mineable material from 2 million tons to 10 million tons and raises the permitted mining rate by 75%, from 1 million tons to 1.75 million tons per year. Additionally, the area for mining has doubled, and the life of the mine has extended from 6 to 10 years. Recent production reports indicate that **819 ounces of gold** and **910 ounces of silver** were sold from August to November 2022, with **2,495 recoverable ounces of gold** remaining on the leach pad.

Positive

• Lease extension increases total mineable material from 2M tons to 10M tons.
• Mining rate increased by 75%, from 1M tons to 1.75M tons annually.
• Mining area doubled to 203 acres; heap leach area increased from 19.5 acres to 65.5 acres.
• Life of mine extended from 6 years to 10 years.

Negative

• None.

AMERICAN FORK, Utah, Jan. 12, 2023 /PRNewswire/ - Extension Permit Granted – After more than two years of work, Desert Hawk Gold Corp. ("DHGC") has now received a significant extension to its Kiewit mining lease from the Bureau of Land Management (BLM). This extension lease quintuples the total allowable material to be mined from 2 million tons to 10 million tons. It also increases the permitted mining rate by 75%, from 1 million tons per year to 1.75 million tons per year and it doubles the minable area from 101 acres to 203 acres, with and additional extension in the pit and waste area from 38.5 acres to 80.9 acres. The permit also approved an increase in heap leach area disturbance from 19.5 acres to 65.5 acres, which can be bonded in 4 expansion phases. DHGC will currently be bonded for only the initial 19.5 acres of heap leach area but will only need to submit additional bond money when expanding the heap leach area in the future. The permit also includes an additional location for a second water well, four (4) additional horizontal cascade tanks, and increases the life of mine timeframe from six (6) to 10 years.

Production - Clifton has received the production report from DHGC for August to November of 2022, however, the numbers below do not include October, because no metal sales were made during that month. For these months ending November, 2022, Desert Hawk sold a total of 819 ounces of gold and a total of 910 ounces of silver recovered from the leach pad. They also estimate that at the end of November 2022, there was 2,495 recoverable ounces of gold remaining on the leach pad.

Clifton trades on the OTC Markets under the symbol: "CFTN". For phone contact, please feel free to call Dr. Ken Friedman, President, at 303-642-3134.

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-2023-report-301720147.html

SOURCE Clifton Mining Company

FAQ

What is the recent news regarding Desert Hawk Gold Corp. (CFTN)?

Desert Hawk Gold Corp. has received an extension to its Kiewit mining lease that increases the total mineable material, mining rate, and life of the mine.

How much gold and silver did Desert Hawk Gold Corp. sell between August and November 2022?

Desert Hawk sold a total of 819 ounces of gold and 910 ounces of silver during that period.

What is the current status of recoverable gold at Desert Hawk Gold Corp.'s leach pad?

As of November 2022, there are approximately 2,495 recoverable ounces of gold remaining on the leach pad.

How has the mining permit changed for Desert Hawk Gold Corp. (CFTN)?

The new permit allows mining of 10 million tons, increases the mining area, and allows for further expansion in the future.

What are the implications of the new mining lease for Desert Hawk Gold Corp.'s operations?

The new mining lease will significantly boost Desert Hawk's production capabilities and operational lifespan.