Clifton Mining Company (OTCMKTS:CFTN) Stock On Radar After Recent Development

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Earlier on in the year Clifton Mining Company (OTCMKTS:CFTN) was in the news after it came up with a major new announcement with regards to its business unit Desert Hawk Gold Corp and it could be a good move from investors to perhaps have a closer look.

It was announced back on January 12 that the company had been awarded an extension by the Bureau of Land Management for its Kiewit mining lease. The extension could prove to be a major positive for Desert Hawk in a number of ways since it would help the company in engaging in mining activities on a much bigger scale.

Thanks to the extension, Desert Hawk would now be able to mine as much as 10 million tons in terms of allowable material as opposed to the previously permitted 2 million tons.

However, that is not all. The mining rate was also raised from 1 million tons per year to 1.75 million tons and the mineable area for Desert Hawk was also more than doubled from 101 acres to as much as 203 acres. The pit and waste area for Desert Hawk was also raised to 80.9 acres from 38.5 acres. It could well prove to be a game-changer for Clifton in the long run.

In this context, it is also necessary to point out that Clifton had also received that production report for the month of August to November 2022 from Desert Hawk. However, it did not include anything from October since no sales had been completed during that month.

Over the course of that period, the company managed to sell as much as 819 ounces of gold and 910 ounces of silver that had been recovered from the leach pad. It was also reported that at the end of November 2022, there were 2495 recoverable gold ounces at the leach pad.

Clifton Mining Company (OTCMKTS:CFTN) Stock On Radar After Recent Development

ByNitin Harlalka

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