Clifton Mining Company Inc. (OTC : CFTN)
ALPINE, UT, Oct. 9, 2012 /PRNewswire/ - Desert Hawk Gold Corporation (Desert Hawk) has just received tentative approval to begin large mining operations on the Kiewit Gold Deposit. The large-scale mine permit will also allow ore to be taken from the Clifton Shear silver veins and other surrounding deposits.
Desert Hawk estimates that the Kiewit project will produce approximately 20,000 ounces of gold per year. Clifton will receive a 5% net smelter return on this project. Desert Hawk intends to also mine gold and silver ore from the Clifton Shear Zones and process it on the heap leach. At current prices, Clifton will receive a 15% NSR from the Shear Zones and surrounding properties.
Work to expand the gold resources on the Kiewit property has been promising. The project may be significantly larger than initial estimates.
Clifton trades on the U.S. OTC: (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.
SOURCE Clifton Mining Company