American Fork - Clifton Mining Company (OTCBB: CFTN) - 1st Quarter Update
Mar 29, 2017, 13:40 ET
AMERICAN FORK, UT, March 29, 2017 /CNW/ - Clifton Mining Company has just released its audited financials for the year ended December 31, 2016 and they are posted on the Company's website and on the OTC informational portal. Audited results show the Company going from a net loss of $719,870 in 2015, to generating a net income of $133,315 in 2016. Earnings from the Company's investment in American Silver, LLC made the largest contribution this year, along with continued royalties earned from Desert Hawk's operations, without the significant write down the Company had in 2015.
In 2016, Clifton received $427,000 in distributions from American Silver, LLC. American Silver's 2016 net income increased by twenty four percent (24%) over its 2015 income numbers. American Silver owns three companies, has 56 patents issued, and a number of new patent applications pending. American Silver's products now reach into numerous markets around the world including: prescription, over the counter, supplement, and cosmetic markets. Newer products include natural, non-toxic, antimicrobial lotions and creams, which are receiving rave reviews from a diversity of women.
In 2017, Clifton's management expects that the Desert Hawk royalty income from mining operations will continue. Said Ken Friedman, President of Clifton, "the loading of the first level of the heap leach pad is nearing completion. The rate of gold recovery on the leach should increase as additional gold from the first level will be recovered." More than $5.7 million in the precious metals of gold and silver has been recovered so far.
All three proposals presented for vote at the annual meeting of the shareholders held January 12, 2017, passed.
Please see the Company's website www.cliftonmining.com for additional information. 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.
SOURCE Clifton Mining Company
For further information: For additional information, contact Dr. Ken Friedman, President at 303-642-0659, or Keith Moeller at 801-756-1414 ext.100.