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With all the unfortunately unfavourable events, especially around Desert Hawk, it is positive to see that they are apparently continuing to produce.
So things could pick up again if they recover. And, if not, the substance of CFTN will remain intact and the mining rights will return to CFTN ...
which is not a bad thing.
$CFTN Clifton Mining Company (OTCBB: CFTN) (Clifton) - "Fall 2023 Report"
https://www.newswire.ca/news-releases/clifton-mining-company-otcbb-cftn-clifton-fall-2023-report--800738794.html
AMERICAN FORK, Utah, Nov. 7, 2023 /CNW/ - Production and Metal Sales - Desert Hawk Gold Corp. has released its mining and production report for July to September 2023. In the three month period, Desert Hawk sold a total of 391 ounces of gold and a total of 594 ounces of silver, with all ounces being recovered from the leach pad.
History Overview - The past two decades have been particularly difficult for precious metals exploration companies. As a result of a prolonged bear market in metals prices, many exploration companies, lacking revenue or investor interest, have gone bankrupt. Nearly all that stayed afloat did so by issuing massively dilutive secondary offerings. Even ones with impressive reserves have fared poorly.
Several examples: International Tower Hill Mines (THM), with more than 20 million ounces of proven and probable gold reserves at its Livengood project, has gone from 120 million shares at over $10 per share in 2010 to 196 million shares and averaging around $0.40 per share today. Great Panther Mining (GPLDF), operating several mines in Latin America (and selling one mine in Mexico, has gone from over $40 in 2012, adjusted for its reverse split, to averaging around $0.0001 today. Several companies sold off some of their promising projects. Even ongoing large producers have not been exempt. Coeur Mining, Inc. (CDE), producing more than 10 million ounces of silver and 300,000 ounces of gold annually, has seen its stock price decline from nearly $300 in the late 1980s, to a high of just over $10 in 2021, to now averaging around $2.50 per share. In just the last year and a half, even Newmont Corporation (NEM), the largest gold producer in the World share price has declined from over $80 a share in April 2022 to averaging less than $40 a share today. For smaller non-producers, the challenge has been to remain solvent. Many have succumbed.
Clifton Mining is one of the very few exploration companies to buck this trend. Rather than selling prospective properties, it has acquired new ones. Rather than diluting shareholders with secondary offerings, it has repurchased over 4 million shares. Rather than facing bankruptcy, it has built a strong balance sheet with $1.2 million in cash, over $1 million in the shares of a related mining company, and several million dollars in value in membership shares owned in a biotech company. The only long-term debt the Company actually has, is a reclamation obligation which designates future funds to be set aside for reclaiming the properties, which is currently booked a just over $60,000. The Company has surviving power and is well positioned for a bull market in the metals.
Management of the Company has been criticized by a few people. We believe their statements to be false and misleading. For a Company with extremely limited financial resources, where a standard exploration program would cost several times the Company's market capitalization, where a false move would invite bankruptcy, we believe the Company owes its present position, and even existence, to the superb job Management has done in navigating treacherous conditions and in conserving the limited resources of the Company.
For all of the above reasons, we urge our shareholders to vote FOR the nominees for the Board of Directors at the annual meeting of shareholders to be held on November 17, 2023.
$CFTN Clifton Mining Company (OTCBB: CFTN) (Clifton) - "May 2023 Report"
https://www.prnewswire.com/news-releases/clifton-mining-company-otcbb-cftn-clifton--may-2023-report-301828340.html
AMERICAN FORK, Utah, May 18, 2023 /PRNewswire/ - Financial Reports – Clifton Mining has released its audited financial statements for 2022, which have been filed with the OTC Markets and so the information should be updated on their website shortly. The release of the audited statement was delayed because it was determined at the time the statements were ready for issuance, that the Company's holdings in Desert Hawk Gold Corp. required a valuation. Desert Hawk had not had a stock sale since 2020 and so the alternative was to either write the investment down to zero or get an valuation done. Management determined that the valuation was the appropriate action to determine the representative value. Time was required to contract with a Valuation company and for them to prepare the valuation. As noted in the audited report dated May 9, 2023, the investment was valued at $0.28 per share or $1,627,031 requiring a write-down of $4,183,794. We encourage anyone interested to read the full 2022 audited financial report now being updated to the Company's website.
Notice of March 2023 Distribution – American Silver, LLC declared a $0.05 per share distribution, which totaled $76,250 distributed to Clifton Mining Company, its largest single shareholder. For more information about the American Silver, LLC companies and products, please see the following websites: https://silverbiotics.com/, www.ablmedical.com, and https://ablmfg.com/.
Production and Metal Sales - Clifton has received the production report from Desert Hawk Gold Corp. encompassing January 2023 to April 2023, reporting that during these first four months of 2023, that they've sold a total of 699 ounces of gold and a total of 1,011 ounces of silver, all of which have been recovered from the leach pad. They also estimate that at the end of April 2023, there are remaining 1,795 recoverable ounces of gold on the leach pad.
Property Report – Since last year, our consulting geologist has continued his efforts in researching the Company's properties both onsite and through previously issued reports. Many samples have been taken and processed and so we anticipate his report in the next few weeks.
Clifton trades on the OTC Markets under the symbol: "CFTN".
The trading volume yesterday was 385 thousand compared to 14 thousand, the average volume! This is huge, it is 27 times the average!
This is enormous and shows that this stock is getting into the interest of more serious investors!
However, again disappointing is that the management does not think it necessary on the CFTN homepage, the real mouthpiece of the company, to bring this pleasing news!
$CFTN Clifton Mining Company (OTCBB: CFTN) (Clifton) - "January 2023 Report"
https://www.prnewswire.com/news-releases/clifton-mining-company-otcbb-cftn-clifton--january-2023-report-301720147.html
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.
Good times are ahead, finally the BLM permit for Desert Hawk Gold has been issued:
On December 22, 2022, the United States Department of the Interior, Bureau of Land Management, Salt Lake Field Office, conditionally approved the company's amended plan of operations for the Kiewit Mine.
https://www.sec.gov/Archives/edgar/data/1168081/000121390023001137/ea171312-8k_deserthawk.htm
Desert Hawk Gold can now work on doubling or even tripling their production, which in normal times was about 250 ounces of gold and also 250 ounces of silver per month. At that time, CFTN was around 20 Ct ... so the path is paved, it should at least double even it could triple, especially with the current positive trend in precious metals.
AI
