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As the month of September 2023 comes closer, it could be a good time for investors to consider taking a look at Clifton Mining Company (OTC:CFTN) a bit more closely. The company was established in 1993 as a natural resources company involved in the production of gold, silver, and lead. The company boasts 14027 acres of land on the Utah-Nevada border, and the landmass is home to patented and lode claims. Additionally, Clifton Mining Company also owns a mill facility with production capabilities of 250 tons a day.
In May of this year, the company announced its audited financial statements for the 2022 fiscal year. There had been a delay in the release of the audited statement because Clifton Mining Company management believed that its holdings in Desert Hawk Gold Corp. needed a valuation. It had taken some time to hire the services of a valuation company for this purpose.
In the audit report dated May 9, 2023, it was revealed that the investment was valued at $0.28 a share, which worked out to $1,627,021 and required a write-down to the tune of $4,183,794. Additionally, the company also announced that it had received a production report from Desert Hawk for the January 2023 to April 2023 period. In the first four months of 2023, as much as 699 ounces of gold and an aggregate of 1011 ounces of silver had been recovered from the leach pad. It was also revealed that there remained 1795 recoverable ounces of gold at the leach pad.
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