Clifton Mining Stock Price, News & Analysis

Clifton Mining Company (CFTN) has reported several significant developments in its December 2024 update. Desert Hawk Gold Corp. has successfully emerged from chapter 11 bankruptcy with case dismissal. The company has expanded its land holdings by acquiring an additional 640 acres near Gold Hill, Utah, for an initial lease amount under $4,000, bringing total owned and leased property to 14,667 acres. Additionally, American Silver, has declared a distribution of $0.13 per share, resulting in a payment of $239,210.92 to Clifton Mining Company as its largest shareholder.

Clifton Mining Company (OTCBB: CFTN) held its annual meeting on October 11, 2024, at Fox Hollow Golf Club in American Fork, Utah. Shareholders approved the election of two director nominees, Stanley J. Cutler and Robert J. Holladay, each receiving over 66% of votes. The appointment of MAC Accounting Group, LLP as independent auditors was ratified with 91% approval.

Paul Schwitzer from American Biotech Labs reported a 20% increase in product sales for 2024 compared to 2023, with profit margins rising to 15%. Amazon sales have grown significantly, and 70% of first-time users have reordered products. Jerry North, consulting geologist, presented findings on Clifton properties, identifying five areas for further exploration and potential Wollastonite deposits.

Desert Hawk Gold Corp. has secured a significant extension to its Kiewit mining lease from the Bureau of Land Management (BLM). This extension increases the total mineable material from 2 million tons to 10 million tons and raises the permitted mining rate by 75%, from 1 million tons to 1.75 million tons per year. Additionally, the area for mining has doubled, and the life of the mine has extended from 6 to 10 years. Recent production reports indicate that **819 ounces of gold** and **910 ounces of silver** were sold from August to November 2022, with **2,495 recoverable ounces of gold** remaining on the leach pad.

Clifton Mining Company has released its production report from Desert Hawk Gold Corp. for June and July 2022. In this period, the company sold 505 ounces of gold and 618 ounces of silver, while processing 11,821 tons of ore. Mining and crushing operations have ceased, but the heap leach pad continues, with an estimated 3,313 recoverable ounces of gold remaining. The company has engaged a consulting geologist to evaluate potential prospects amid expectations for an expansion permit this Fall.

Clifton Mining Company has released its production report for the three months ending May 31, 2022. During this period, Desert Hawk Gold Corp sold 765 ounces of gold and 767 ounces of silver and crushed 38,904 tons of ore, adding 324 recoverable ounces of gold. As of May, there are 3,713 recoverable ounces of gold on the leach pad. Production has been limited due to the current mining area constraints, but an expansion permit is anticipated later this year, potentially accelerating production. Clifton holds over 5.8 million shares in Desert Hawk.

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.