Clifton Mining (CFB-A) will expand its ground position in western Utah through the acquisition of a majority interest in privately held Woodman Mining.
Clifton has purchased 60% of the shares of Woodman for US$45,000. By mid-August, Clifton expects to have merged with Woodman, which holds 174 acres adjacent to Clifton’s 5,100-acre namesake property.
“The decision to obtain Woodman was a natural one,” says Clifton Chairman William Moeller, adding that the acquisition gives Clifton better access to its own underground mineralization and “diversifies our precious metals offerings to include high-grade gold.”
Currently, Clifton mines silver, lead and minor amounts of gold from its mine near Gold Hill, Utah, processing up to 250 tons of ore per day. The 11-claim Woodman property, which is just 350 yards from Clifton’s mill, contains two past-producing gold mines, Alvorado and Cane Springs. Along with the potential for higher-grade gold mineralization, the property brings with it a second source of water for the mill.
Clifton has spent the last several months upgrading its reserves. In April, the property was estimated to contain proven and probable reserves of 513,000 tons grading 8.3 oz. silver and 0.04 oz. gold per ton, plus 5.6% lead. Reserves in a small open pit now being exploited by Clifton were not included in the calculation.
The Clifton property contains as many as 40 known mineralized veins, only 10 of which have been tested.
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