QUEBEC CITY, QUEBEC -- (Marketwire) -- 02/14/13 -- Clifton Star Resources Inc. ("CFO" or "Clifton") (TSX VENTURE: CFO)(FRANKFURT: C3T) is pleased to announce the assay results from the remaining 23 drill holes from its 2012 drill program at the Duparquet Project of Quebec's Abitibi region.
All of the drill holes listed in this press release were completed after the PEA study closing date, and therefore were not included in the new resource estimate of the recently published (January 15, 2013) PEA which showed a pre-tax NPV of $382M (5% discount rate) and a 19.5% IRR for the Duparquet project at a gold price of US$1472 per ounce. At a gold price of US$1700 per ounce, the PEA showed a pre-tax NPV (5% discount rate) of $621 million, an IRR of 27.6%, and a payback period of 2.95 years.
Clifton Star continues to obtain significant assay results from both delineation holes within the limits of the current pits shells and exploration holes outside of the pits shells. The positive results within the pits limits demonstrate that the zones show good grades and continuity, while the exploration holes demonstrate the potential to increase the limits of the current pits shells. (Click here for Figure 1 http://www.cfo-star.com/wp/wp-content/uploads/2013/02/PR_Feb2013_v1-Image-1.jpg)
Drill Highlights include:
-- Hole BD12-29 with 28.5 meters grading 2.15 g/t Au (Syenite Zone)-- And BD12-29 with 33.0 meters grading 1.61 g/t Au (RS/RW Zone)-- Hole D12-36 with 7.5 meters grading 3.03 g/t Au (Syenite Zone)-- And Hole D12-36 with 24.8 meters grading 3.21 g/t Au (North Zone)-- Hole CD12-11 with 4.0 meters grading 8.86 g/t Au (CD Zone)-- Hole CD12-12 with 6.0 meters grading 4.89 g/t Au (CD Zone)-- Hole CD12-13 with 39.0 meters grading 2.15 g/t Au (CD Zone)-- Hole CD12-15 with 22.0 meters grading 1.88 g/t Au (CD Zone)-- Hole BD12-23 with 22.0 meters grading 1.69 g/t Au (RS/RW Zone)-- Hole BD12-27 with 39.3 meters grading 1.17 g/t Au (Syenite Zone)
The results of these 23 drill holes, as well as a majority of the drill results reported in the press release by Clifton Star on October 16th, 2012 (17 out of the 19 holes released) and all those shown in the December 3rd Press Release (14 holes), for a total of 54 holes (16,150.5 meters), were not included in the most recent NI 43-101 Resource estimate published January 15, 2013, on which the Preliminary Economic Assessment (PEA) was based.
Overview of 2012 Drilling Program
Clifton Star has completed its 2012 drill program on the Duparquet Project by drilling throughout the year at a steady pace with 2 drill rigs. The 2012 drill program on the Duparquet project included the completion of 98 holes totalling 33,480 m.
The 2012 assay results continue to be very encouraging for both the exploration holes outside of the pit shells and the definition holes within the current proposed pit shell. The true thicknesses of the intersections are typically 60% to 80% of the core lengths.