If you are currently looking into exploration companies then Clifton Mining Company (OTCMKTS:CFTN) could well be the one to look into. This article is going to give you a much closer look into the company and help in making up your mind about the stock one way or another.
On Wednesday, CFTN stock ended flat at $0.1239 with 2.8K shares, compared to its average volume of 6.7K shares. The stock moved within a range of $0.1239 – 0.1240 after opening trading at $0.1240.
Not too long ago on July 9, 2020, it emerged that the company announced that it was going to reevaluate the 5.8 million shares it owns in Desert Hawk and bump the price to $1 a share from 40 cents a share. The move alone led to higher income to the tune of $3.5 million for the year 2020. The company owns substantial stakes in both American Biotech Labs and Desert Hawk Gold Corp.
In this regard, it ought to be noted that American Biotech Labs had also announced that it was going to distribute dividends to the tune of 50 cents a share in the first half of 2020. Another 50 cents a share was going to be distributed in the second half.
That resulted in a windfall to the tune of $1.525 million for Clifton Mining for the year. Under such circumstances, it has often been suggested by experts that the Clifton Mining stock could well be one of the major bargains in the sector at this point in time. It had touched a 52-week high of $0.25 a share. That represents a bargain considering the fact that the stock has a firm base.
The company was in fact in the news yesterday after Desert Hawk submitted the production report for the months of June and July 2022. It was announced that in the two months it had managed to sell as much as 618 ounces of silver and 505 ounces of gold that had been extracted from the company’s leach pad. As much as 11821 tons of iron ore had also been crushed during the month of June but it had been discontinued.
CFTN stock is trading below the 20-Day and 50-Day Moving averages of $0.12 and $0.13 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.17.