Clifton's JV partner secures financing to advance Kiewit Gold Zone and porphyry target drilling
(OTC: CFTN)
ALPINE, UT, Feb. 13 /PRNewswire-FirstCall/ - Clifton is pleased to announce that Dumont (Clifton's JV partner) has recently initiated a non- brokered private placement for approximately $900,000. Initial commitments indicate that the placement has been significantly oversubscribed. As a result, Dumont intends to complete an initial closing by February 10, 2006, and a second closing to follow within ten days thereafter to include additional subscribers.
Proceeds will be used to continue ongoing drilling over the Kiewit Gold Zone and the one mile diameter porphyry target area discovered in late 2005. This drilling commenced in late December, and an initial six shallow reverse circulation (RC) holes have so far been completed. A core drill rig is scheduled to mobilize to the field in mid February to deepen some of the RC holes and to complete other drilling at new locations.
Clifton's JV partner secures financing to advance Kiewit Gold Zone and porphyry target drilling
(OTC: CFTN)
ALPINE, UT, Feb. 13 /PRNewswire-FirstCall/ - Clifton is pleased to announce that Dumont (Clifton's JV partner) has recently initiated a non- brokered private placement for approximately $900,000. Initial commitments indicate that the placement has been significantly oversubscribed. As a result, Dumont intends to complete an initial closing by February 10, 2006, and a second closing to follow within ten days thereafter to include additional subscribers.
Proceeds will be used to continue ongoing drilling over the Kiewit Gold Zone and the one mile diameter porphyry target area discovered in late 2005. This drilling commenced in late December, and an initial six shallow reverse circulation (RC) holes have so far been completed. A core drill rig is scheduled to mobilize to the field in mid February to deepen some of the RC holes and to complete other drilling at new locations.
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(equal sign)s business prospects and performance.
SOURCE Clifton Mining Company
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(equal sign)s business prospects and performance.
SOURCE Clifton Mining Company
