Drilling Resumes at Kiewit Gold Zone and Porphyry Target
Posted on: Thursday, 15 December 2005, 09:00 CST
ALPINE, UT, Dec. 15 /PRNewswire-FirstCall/ -- Encouraged by gold, copper and silver prices that are at 24-year highs, Dumont is set to resume drilling at the Kiewit Gold Zone and to begin drilling in the hope of defining a large porphyry underlying that area. At current prices, with gold at $530 per ounce, silver at nearly $9 per ounce, and copper at $2 per pound, the economic potential of a porphyry is the greatest it has been since 1981. Moreover, precious metals prices are likely to continue to rise, as the market is characterized by a severe supply shortfall and one of the largest short positions in the history of commodities. Pierre Lassonde, the CEO of Newmont Mining, recently claimed that he expected gold prices to exceed $1,000 per ounce within several years.
The area surrounding the potential porphyry is ringed by historic copper and gold mines. They form a rough circle with a radius of several kilometers, suggesting the potential for an enormous porphyry. A number of surface samples have returned anomalous values of gold and copper. As Dumont stated in their press release: "An additional 450 soil samples collected across the area also reported anomalous metals from certain locations which also overlie faulting. These anomalous localities likely represent leakage from buried mineralization."
Clifton trades on the U.S. OTC: (CFTN).
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.
Clifton Mining Company
CONTACT: Dr. Ken Friedman, President at (303) 642-0659, and KeithMoeller, Vice President at (801) 756-1414 or see our website athttp://www.cliftonmining.com/
Source: PRNewswire-FirstCall
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