The mining sector has been on the agenda for thousands of investors over the past year and there are plenty of stocks to choose from. However, one of the standout performers in the sector on Thursday was the Clifton Mining Company (OTC: CFTN) stock.
The stock came into focus following a significant development and ended up with gains of as much as 32.46% amidst significant interest. In addition to that, the trading volume in Clifton Mining also shot up as much as 27 fold and that is an indication of the sort of interest that had been generated. It may be a good move for investors to actually take a look at the announcement that was made yesterday.
It was announced yesterday that after having put in significant work over the course of the past two years Desert Hawk Gold Corp had been granted a considerable extension in the Kiewit mining lease. The extension permit had been granted by the Bureau of Land Management.
However, one of the most important things to keep in mind with regards to the extension is that Desert Hawk would now be able to mine as much as 10 million tons instead of the earlier earmarked 2 million tons. On the other hand, the permitted mining rate also went up by as much as 75% and it would go up to 1.75 million tons a year from 1 million tons a year.
The total area that the company can mine was also bumped up to 203 acres from 101 acres. Hence, it can be said that the extension is expected to help in boosting production considerably over the course of the year. The excitement among investors with regards to the Clifton Mining stock was perhaps understandable and it is now going to be interesting to see if the stock continues to add to its gains or not.