Clifton Mining Signs Mining Venture Agreement with Desert Hawk Gold Corp.
July 29 2009 - 7:00AM
PR Newswire (US)
Agreement provides a significant step toward commercial production
for mining properties owned by Clifton Mining Company and its
subsidiary, Woodman Mining Company SALT LAKE CITY, July 29
/PRNewswire-FirstCall/ -- Clifton Mining Company, a publicly traded
corporation with headquarters in Utah, today announced that it has
entered into an agreement with Desert Hawk Gold Corp., a Nevada
corporation, to explore, evaluate, develop and mine mineral
resources from properties owned by Clifton and its subsidiary
Woodman Mining Company. Under terms of the Clifton-Desert Hawk
agreement, Desert Hawk has paid $250,000 in cash and is
transferring 500,000 Desert Hawk shares to Clifton Mining. Desert
Hawk will also pay sliding-scale net smelter royalties that vary
according to the price of the metals. Specific royalty percentages
of the agreement are proprietary. Desert Hawk will use its
sophisticated equipment and managerial expertise to operate the
Kiewit claims, the Cane Springs claims and other target sites.
Clifton and its former strategic partners have spent more than 15
years and more than $10 million in identifying precious metal
resources in the historic Clifton Mining district. In July 2009,
Clifton completed a buyout agreement which granted Clifton full and
exclusive rights to the Kiewit and Cane Springs claims. "We are
delighted with the opportunity to work with Desert Hawk in
developing our rich mineral resources, and have every confidence
that this partnership will bring value to Clifton and its
shareholders," said Ken Friedman, president of Clifton Mining "Rick
Havenstrite and Stuart Havenstrite of Desert Hawk have acquired a
wealth of operating experience in mining production, and are an
ideal leadership team from development to commercial production
efforts." Rick Havenstrite holds a degree in mining engineering
from the University of Nevada, Reno, and has run numerous heap
leach operations. Stuart Havenstrite is an accomplished geologist
and industry leader, who has led several publicly-traded and
private mining companies, and worked as chief geologist for a
number of other organizations. Clifton has already filed
environmental impact studies for its mining properties with all
relevant state and federal agencies, and is in the process of
obtaining all necessary permits and approvals to engage in
comprehensive mining operations. Desert Hawk anticipates that the
venture will be in commercial production by Q3 2010. About Clifton
Mining Company Clifton trades on the U.S. OTC: (CFTN). For
additional information, contact Dr. Ken Friedman, president, at
303-642-0659; or Keith Moeller, vice president, at 801-756-1414,
ext. 100, or visit the company website at
http://www.cliftonmining.com/. Note: Any statements released by
Clifton Mining Company that are forward looking are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Editors and investors are cautioned that
forward looking statements invoke risk and uncertainties that may
affect the company's business prospects and performance.
DATASOURCE: Clifton Mining Company CONTACT: Dr. Ken Friedman,
president, at (303) 642-0659; or Keith Moeller, vice president, at
(801) 756-1414, ext. 100, or visit the company website at
http://www.cliftonmining.com/
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