Clifton Star Resources Inc.: Drilling to Commence at Duparquet
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/21/11 -- Clifton Star Resources Inc. (TSX VENTURE: CFO)(FRANKFURT: C3T) is pleased to announce that it is in the process of finalizing an exploration program, mobilizing a work force, and establishing its drilling priorities as a result of assuming operatorship of the Duparquet Gold Project in Duparquet and Destor townships of southwestern Quebec.
The initial phase of the drilling program will be to extend holes that stopped in mineralization on the Beattie property, while an engineering consulting firm determines potentially economic pits for in-fill and expansion drilling on the Beattie, Donchester and Central Duparquet properties. The drilling program is expected to begin within a few days, as Osisko has waived the thirty day waiting period after it provided notice to Clifton that it was not continuing with its option to earn 50%. The second phase will test deeper targets, particularly those higher grade envelopes, with a view to increasing the underground resource.
The updated resource for the Duquesne is scheduled to be received from Genivar before the middle of July. This NI 43-101 Technical Report will also contain drilling targets, with drilling to begin this summer.
Clifton expects to generate an internal scoping study within two or three months, with a view to having an independent mining consulting company prepare an NI 43-101 compliant Technical Report in late 2011 or early 2012.
The Company also announces that it has granted incentive stock options (each an 'option') to two directors, to acquire an aggregate of 300,000 common shares (each a 'common share') at $2.50 per common share, for a period ending May 6, 2016. It also granted options to a consultant of the Company on May 6, 2011, to acquire an aggregate of 35,000 common shares at $4.15 per common share, for a period ending May 6, 2013.
The Company has working capital of over $15 million, so is in a position to carry out major exploration programs in 2011 and 2012.
This news release may contain forward-looking statements which address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
On behalf of the Board,
Harry Miller, President
Neither the TSX-Venture Exchange nor its Regulatory Provider (as the term is defined in the policies of the TSX-Venture Exchange) accepts responsibility for the accuracy or adequacy of the release.
Contacts:
Clifton Star Resources Inc.
Harry Miller
425.453.0355
Hmiller@cliftonstarresources.com
www.cliftonstarresources.com