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

Rhea-AI Summary

Clifton Mining Company has declared a $0.10 per share distribution totaling $152,500 to its largest shareholder, American Silver, LLC. In January 2022, Desert Hawk Gold Corp reported sales of 261 ounces of gold and 286 ounces of silver. They crushed 13,307 tons of ore and added 137 recoverable ounces to the leach pad, with an estimation of 4,140 recoverable ounces of gold still remaining. However, production may be limited due to delays in obtaining an expansion permit, which has been pending for several years.

Positive

• Declared a $0.10 per share distribution totaling $152,500.
• Desert Hawk sold 261 ounces of gold and 286 ounces of silver in January 2022.
• Added 137 recoverable ounces to the leach pad.
• Estimates 4,140 recoverable ounces of gold remaining on the leach pad.

Negative

• Potential production limitations due to delays in obtaining an expansion permit.

AMERICAN FORK, Utah, March 24, 2022 /PRNewswire/ - Notice of March 2022 Distribution – American Silver, LLC has declared a $0.10 per share distribution, which totaled $152,500 distributed to Clifton Mining Company, its largest single shareholder.  For more information their products, please see the main Company websites: https://silverbiotics.com/ for American Biotech Labs, LLC, www.ablmedical.com for ABL Medical, LLC, and https://ablmfg.com/ for ABL Manufacturing, LLC.

Production - Clifton Mining Company has received the January 2022 production report from Desert Hawk Gold Corp.  In January, Desert Hawk sold 261 ounces of gold and 286 ounces of silver recovered from the leach pad. They also crushed 13,307 tons of ore, added 137 recoverable ounces to the leach pad, and they estimate that they have 4,140 recoverable ounces of gold still remaining on the leach pad.

Production in the next few months may be limited, due to the delay that Desert Hawk has encountered with its pending expansion permit, which they have been working on for the past couple of years. We're hopeful that they'll receive it sooner than later and we'll keep everyone updated.

For more information on Clifton, please see the Company's website at https://www.cliftonmining.com. 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--march-2022-update-report-301509827.html

SOURCE Clifton Mining Company

FAQ

What is the recent distribution declared by Clifton Mining Company under CFTN?

Clifton Mining Company declared a $0.10 per share distribution totaling $152,500 to American Silver, LLC.

What were the production results for Desert Hawk Gold Corp in January 2022?

Desert Hawk sold 261 ounces of gold and 286 ounces of silver, crushed 13,307 tons of ore, and estimated 4,140 recoverable ounces of gold remaining.

Why might production at Clifton Mining Company be limited?

Production may be limited due to delays in obtaining an expansion permit that has been pending for years.

What stock symbol does Clifton Mining Company trade under?

Clifton Mining Company trades on the OTC Markets under the symbol CFTN.