Clifton Star Announces Filing of an Updated NI 43-101 Technical Report on the Donchester Property
28.02.2012 | Marketwire
QUEBEC CITY, 02/28/12 -- As a result of a review by the British Columbia Securities Commission ('BCSC'), Clifton Star Resources Inc. ('Clifton Star' or 'The Corporation') (TSX VENTURE: CFO)(FRANKFURT: C3T) is issuing the following news release to clarify its disclosure.The Corporation has filed an updated NI 43-101 Technical Report on SEDAR with respect to the Donchester Property, part of the Corporation's Duparquet Project located in Quebec. The NI 43-101 Technical Report was prepared by James S. Steel MBA, P. Geo. of Mining Insights Inc., updated on February 23, 2012.
The Corporation's current resource for all properties are reported in the table below. All other previous disclosed estimates do not comply with the requirements of NI 43-101 and should not be relied upon.
The current NI 43-101 compliant Inferred Resource on the Donchester portion of the Duparquet Project consists of 11.01 Million tonnes with an average grade of 3.06 grams of gold per tonne (1.05 Million contained gold ounces), at a cut-off grade of 1.5 grams of gold per tonne, and using a topcut of 8.0 grams. The report recommends extensive further work on the Property including in-fill drilling and exploration drilling both on sections with existing drill holes and between sections. Trenching is also recommended.
The Corporation has filed, in October 2011, a Material Change Report as well as two other NI 43-101 reports dealing with the Beattie portion of the Duparquet Project (adjacent to the west of the Donchester Property) and the Duquesne Property. NI 43-101 compliant resources for each of Beattie, Donchester and Duquesne are set out in the following Table:
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NI-43-101 Report Resource Resource Cut off
Resources Category Category
Indicated Inferred
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BEATTIE In-pit resources
Property SGS GEOSTAT 31.95 M t at
May 2011 - 1.67 g/t 0.67g/t
Contained Gold
Ounces 1.72 M Oz.
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DONCHESTER MINING INSIGHTS
Property INC. 11.01 Mt at 3.06
February 2012 g/t 1.5g/t
Contained Gold
Ounces 1.05 M Oz.
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DUQUESNE GENIVAR 1.86 Mt at 3.33 1.56 Mt at 5.58
Property July 2011 g/t g/t 1.0g/t
Contained Gold
Ounces 0.2 M Oz. 0.28 M Oz.
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Shareholders should not rely on a previous Technical Report on the Donchester Property filed on SEDAR in June 2011, authored by Peter Bevan P. Eng. and which has been deemed by the BCSC to be non-compliant with the requirements of NI 43-101. The previous historical resource estimates on the Central Duparquet, Hunter and Cat lake properties are also not supported by NI 43-101 compliant reports and should not be relied on.
In October 2011, Clifton Star retained the services of InnovExplo, a geological and mining consulting firm, to prepare a comprehensive NI 43-101 Technical Report on the Beattie, Donchester, Dumico, Central Duparquet, and the Beattie Tailings portions of the Duparquet Project, and expects to receive this report in April of 2012.
The Corporation's website is being updated to properly reference all NI 43-101 compliant material and adequately disclose information that is based on historical estimates.
The Corporation has filed an application with the Executive Director of the BCSC to have the cease trade order revoked and expects a response in due course.
Since re-assuming control of the Duparquet Project in June of this year, the Corporation has been conducting an active drilling campaign, with 85 holes for 26,754 meters completed in 2011 as well as metallurgical testing. Results from the on-going drilling campaign should be available shortly. The results of the metallurgical testing will be released in due course.
The Corporation is well financed with approximately $14 million in cash and term deposits. The Corporation has also strengthened its management team by hiring a new CEO, Mr. Michel F. Bouchard, P. Geo., MBA, a seasoned mining professional with over 30 years of experience in exploration and mine development in Quebec, and M. Louis C. Martin, P. Geol., appointed Vice president Exploration, with over 25 years in the exploration field. The Board has great confidence in Mr. Bouchard and Mr. Martin, and expects that they will bring the required knowledge and leadership to advance the Duparquet Project, as well as ensure compliance matters are properly respected going forward.
This news release has been reviewed and approved by Michel F. Bouchard, P. Geo. who is deemed to be a Qualified Person under NI 43-101 as defined by National Instrument 43-101.
Cautionary Statement on Forward Looking Information
Certain information included in this press release, including any information as to our future exploration, financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words 'expect', 'believe', 'will', 'intend', 'estimate' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, including the possibility that drill programs will not yield the expected results. The Corporation cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Clifton Star Resources to be materially different from the Corporation's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Corporation's most recent Form 20-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Corporation disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Michel F. Bouchard, President and CEO
Clifton Star Resources Inc.
mbouchard@cfo-star.com
418-914-9922