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 reports mining-property, investment-distribution and governance developments under the OTC Markets symbol CFTN. Company updates focus on its owned and leased property position near Gold Hill, Utah in the historic Clifton Mining district, production-related reports involving Desert Hawk Gold Corp., and distributions received through its membership interest in American Silver, LLC.
Recurring announcements also cover annual meeting voting results, director elections, auditor ratifications, board changes, and updates tied to American Silver entities such as American Biotech Labs. The company’s news flow is centered on mineral-property activity, related-company operating updates, distributions, and shareholder governance matters.
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.
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.