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Towards the last week of October 2023, there has been considerable interest in the mining sector, and many companies from the sector have come into focus among investors. One of the companies that is in focus among investors this morning owing to its key achievements is Clifton Mining Company (OTC:CFTN).
The company was formed in 1993 as a mining company focused on the exploration of lead, gold, and silver. The company has mining interests encompassing 14027 acres of land at the Utah-Nevada border. The company’s property is home to both patented and lode claims. However, perhaps more importantly, the company also operates a production mill with the capability of producing as much as 250 tons a day.
On May 18, 2023, the company came into focus after it announced its financial statements for the 2022 fiscal year. The company noted in its news release that there had been a delay in the release of the audited statement since the company had to ascertain the valuation of its stake in Desert Hawk Gold Corp. The management decided that it was necessary to figure out the correct value of the shareholding, and hence, a third-party valuation company was hired for the purpose. In the audited report dated May 9, 2023, it was revealed that Clifton Mining Company’s shares in Desert Hawk were valued at $0.28 per share. That worked out to a valuation of $1,627,031 and a write-down to the tune of $4,183,794.
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