Welcome to our dedicated page for Clifton Mining news (Ticker: CFTN), a resource for investors and traders seeking the latest updates and insights on Clifton Mining stock.
Clifton Mining Company (CFTN) is a natural resource company established in 1993, headquartered in American Fork, Utah. The company primarily focuses on the acquisition, exploration, and development of mineral properties, with a specific emphasis on silver, gold, and lead production. One of their significant projects is a joint venture property located on the Utah-Nevada border.
As of December 31, 2019, Clifton Mining Company boasts an extensive portfolio of mining claims, including 82 patented claims, 402 unpatented lode claims encompassing 32 placer claims, and 6 state mineral leases. These claims cover approximately 14,027 acres located in the Gold Hill/Clifton mining district of Tooele County, in northwest Utah.
Latest achievements include significant changes in the company's board of directors, as reported in recent news. In July 2023, Stanley Cutler, a shareholder, announced that a special shareholders' meeting would be held to propose a new slate of directors. The proposed directors include experienced professionals such as Jerry North and Stan Cutler, who bring extensive experience in geology, finance, and accounting to the table.
In December 2023, shareholders approved the election of the new board members, with each nominee receiving affirmative votes from approximately 60% or more of the shares voted. Additionally, the shareholders ratified the appointment of MAC Accounting Group, LLP as the company’s independent auditors, with affirmative votes from around 95% of the shares voted.
Clifton Mining Company trades on the OTC Markets under the symbol “CFTN”. The company operates under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, ensuring that forward-looking statements are made with caution regarding potential risks and uncertainties that may impact the company's business prospects and performance.
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.
Clifton Mining Company has received an updated report from Desert Hawk Gold Corp., revealing gold and silver production for September and October. In September, Desert Hawk sold 361 ounces of gold and 432 ounces of silver. In October, they sold 208 ounces of gold and 199 ounces of silver, while adding 19,601 tons of ore to the leach pad. They estimate 4,647 recoverable ounces of gold currently. Desert Hawk is awaiting project expansion permit approval and is actively drilling to increase reserves. Clifton Mining trades under the symbol CFTN.
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.
Clifton Mining Company announced production results from Desert Hawk Gold Corp. for August 2021. The company sold 280 ounces of gold and 175 ounces of silver recovered from the leach pad. In addition, 18,348 tons of ore were crushed and added, with an estimated 4,695 recoverable ounces of gold currently remaining on the pad. The average grade of the ore processed was reported at 0.0257 ounces per ton, representing an increase from historical averages. Clifton holds 5.81 million shares of Desert Hawk and owns the operational property.
Clifton Mining Company announced positive updates on its operations. Desert Hawk Gold Corp. reported selling 356 ounces of gold and 355 ounces of silver in July 2021, with an estimated 1,073 ounces of gold added to the leach pad. Notably, the average gold ore grade on the leach pad increased from 0.0166 to 0.0359 ounces per ton. Additionally, ABL Manufacturing completed a new 60,000 square foot facility for producing Silver Biotics® products. Clifton holds a 5.81 million shares stake in Desert Hawk and 17.5% in American Silver, LLC, trading under the ticker CFTN on OTC Markets.
Clifton Mining Company, based in American Fork, Utah, announced production and sales reports for April and May 2021, revealing that Desert Hawk Gold Corp. sold 544 ounces of gold and 573 ounces of silver from its leach pad. The company has also introduced a tank leach operation to process high-grade ore, anticipating increased profitability. Additionally, Clifton has repurchased 2,859,366 shares and its subsidiary, American Biotech Labs, received three Best of State Awards in Utah for health/nutrition products, medical manufacturing, and devices. Clifton holds significant stakes in Desert Hawk and American Silver, LLC.
Clifton Mining Company announced its 2020 audited financial results, reporting a basic net income per share of $0.08 and a fully diluted net income per share of $0.07. The company repurchased over 3.3 million shares, enhancing its net cash position to $2,966,221. Additionally, Desert Hawk Gold Corp, in which Clifton owns 5.81 million shares, reported sales of 282 ounces of gold in February and 412 ounces in March, alongside silver sales of 302 ounces and 444 ounces respectively.
Clifton Mining Company has reported significant activity from its investment in Desert Hawk Gold Corp.. In January 2021, Desert Hawk sold 286 ounces of gold and 302 ounces of silver, while adding 234 ounces of gold to the leach pad from 19,797 tons of ore. Currently, there are 5,080 ounces of recoverable gold on the pad. Additionally, Clifton received a distribution of $0.06 per share from American Silver, LLC, totaling $91,500. American Silver holds 69 patents, with new developments in the Botulinum Toxin industry.
On February 2, 2021, Clifton Mining Company announced the acquisition of two new small mine permits for the Lost Mine Road and Cactus Mill areas. These permits enhance Clifton's strategic position within its silver/gold system, which includes over 4.8 million ounces of silver and 26,000 ounces of gold. With five permits now secured, Clifton is well-positioned for future mining operations. Additionally, Desert Hawk Gold Corp. reported mining activities that yielded 119 ounces of gold and 109 ounces of silver in December 2020, with significant recoverable resources remaining.
Clifton Mining Company reported for August 2020 that Desert Hawk Gold Corp. sold 354 ounces of gold and 283 ounces of silver from its leach pad. The company drilled 1,285 holes and crushed 52,033 tons of ore, adding 607 recoverable ounces of gold. Current estimates indicate 4,630 recoverable ounces of gold remain. Clifton holds 5.81 million shares of Desert Hawk. Investors should note the forward-looking statements may involve risks.
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