There is almost always a fair degree of attention given to mining companies, and for good reason too, given the importance of the sector to economies. One of the companies that investors could consider tracking at this stage is Clifton Mining Company (OTC:CFTN). The company was in the news on November 7 after it made a key announcement.
The company announced that the mining and production report for the months from July to September 2023 had been released by Desert Hawk Gold Corp. During the three-month period, it produced 391 ounces of gold and a total of 594 ounces of silver. All the precious metals had been recovered from the leach pad, as per the news release.
Clifton Mining announced in the news release that the past few years have been particularly difficult for the precious metals exploration space. Due to the preponderance of a lengthy bear market in the metals price space, many exploration companies have gone bankrupt. Much of that had been brought about by dwindling revenues and a lack of interest from investors. Many of the companies that did manage to stay in business did so through secondary offerings, which diluted the shares massively. Even those companies that boasted of strong reserves performed poorly.
However, Clifton Mining had been one of the few companies in the industry that went against that damaging trend. Instead of selling its properties, the company acquired new ones, and rather than going for dilutive share offerings, Clifton repurchased 4 million shares. The company went on to note that there had been criticism of the management from certain quarters, but called such criticisms misleading and false.
The company commended its management team for having guided Clifton through a tough period with aplomb. Lastly, Clifton Mining urged the shareholders to vote in favor of its nominees to the Board of Directors at the annual meeting of shareholders that would be held on November 17, 2023.