Clifton Mining Company (OTCBB: CFTN) (Clifton) - "Stock Repurchase Plan and Production Updates"
Clifton Mining Company has successfully repurchased 1,617,374 shares under its Share Repurchase Plan, which are now held as treasury stock. The management believes this reduction in the float will enhance shareholder value.
In production updates, Desert Hawk Gold Corp. reported selling 371 ounces of gold and 344 ounces of silver for July 2020. They also drilled 959 holes and estimate around 4,400 recoverable ounces of gold remaining. Clifton owns 5.81 million shares of Desert Hawk, with additional updates expected soon.
- Share repurchase of 1,617,374 shares enhances shareholder value.
- Ownership of 5.81 million shares in Desert Hawk provides potential future revenue.
- Upcoming updates on production numbers signal ongoing business activity.
- None.
AMERICAN FORK, Utah, Sept. 3, 2020 /PRNewswire/ - Clifton Stock Repurchase Plan Update – Pursuant to the Company's Share Repurchase Plan, the Company has been able to buy back 1,617,374 shares of common stock. All these shares are currently being held as treasury stock. Said management, "we believe that by reducing the float, that this should have a positive impact for shareholder value."
Exploration, Development, and Production - Clifton Mining Company has received the report that for July 2020, Desert Hawk Gold Corp. (Desert Hawk) sold 371 ounces of gold and 344 ounces of silver recovered from the leach pad. They also drilled 959 holes, crushed 50,398 tons of ore, added 613 recoverable ounces to the leach pad, and estimate that they have 4,400 recoverable ounces of gold remaining on the leach pad. Clifton owns 5.81 million shares of Desert Hawk. We anticipate that August numbers should be released shortly.
Please see the Company's website 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
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