A further 100 m to the east, hole CD12-15 intersected widespread mineralization, with 1.88 g/t Au over 22.0 m at less than 100 m below the surface (Click here for Figure 8 http://www.cfo-star.com/wp/wp-content/uploads/2013/02/PR_Feb2013_v1-Image-8.jpg).
2013 Activities:
On January 15th, Clifton Star reported the results of its positive PEA. The financial analysis, using a gold price of US$1,472 per ounce, indicated a pre-tax net present value ("NPV") (using a 5 % discount rate) of $382 Million, with a pre-tax internal rate of return ("IRR") of 19.5%. 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 is pleased with the drill results, and has continued its drill program for 2013 with the goal of upgrading and expanding the current resources.
Clifton has also initiated the process of collecting a bulk sample that will be sent to SGS Lakefield for additional metallurgical testing. The results from the 54 drill holes from 2012, post cut-off date for the PEA, and the current drill holes from the 2013 program will be incorporated in a future update of the resource component for the pre-feasibility report set to begin in early 2013 and expected to be completed in March 2014.
This new Resource Estimation of the Duparquet Project will include the Beattie, Donchester, Central Duparquet and Dumico properties, as well as the Beattie tailings. Clifton is continuing an extensive resampling program and QA/QC review of historical holes on the Dumico property, located approximately 1 km to the east of the Central Duparquet pit shell.
Technical Information and Qualified Persons
Diamond drill holes are drilled to recover NQ size core. The core boxes are sealed and delivered to the company's core logging facilities on site at the end of each shift where they are photographed, logged and sampled. Core samples are sawed in half, bagged and sealed prior to being transported directly by the Company to Activation Laboratories Ltd. (Ste-Germaine de Boule), an independent accredited laboratory, for assay analysis. The assay analyses performed during Clifton's drill programs are subject to a formal quality assurance and quality control (QA/QC) program, with standard reference materials, blanks, and field duplicates samples inserted prior to shipment from site to monitor the quality control of the data. Samples with higher grade gold (greater than 10 grams per tonne) are reassayed using a gravimetric and/or pulps and metallic procedure. All gold results reported are cut, with assays greater than 25 grams per tonne cut to 25 grams.
The Company's exploration team designed and executed the 2012 drilling program under the supervision of Clifton's Vice President of Exploration, Mr. Louis Martin. The content of this news release has been written and approved by Mr. Louis Martin, P.Geo, a Qualified Person as defined by National Instrument 43-101.
Duparquet Project 2012 Drilling Results Table 1NZ=North Zone, SY=Syenite Zone, SZ=South ZoneIn Pit = Intersections within the Current Pit ShellOut of Pit - Intersections outside of the Current Pit Shell---------------------------------------------------------------------------- From To Width Grade SectionHole ID (m) (m) (m) (Au g/t) (Easting) Zone Location----------------------------------------------------------------------------BD12-23 122.4 127.5 5.1 1.72 631140 SY Out of Pit----------------------------------------------------------------------------BD12-23 174.0 196.0 22.0 1.70 631140 RS/RW Out of Pit----------------------------------------------------------------------------BD12-24 2.5 5.0 2.5 5.88 631045 SZ Out of Pit----------------------------------------------------------------------------BD12-24 100.0 101.0 1.0 5.34 631045 SZ Out of Pit----------------------------------------------------------------------------BD12-24 275.0 276.5 1.5 3.03 631045 SY Out of Pit----------------------------------------------------------------------------BD12-24 328.5 335.1 6.6 0.78 631045 RS/RW Out of Pit----------------------------------------------------------------------------BD12-25 160.5 177.0 16.5 0.75 630975 SY Out of Pit----------------------------------------------------------------------------BD12-25 204.0 213.0 9.0 0.85 630975 SY Out of Pit----------------------------------------------------------------------------BD12-25 269.0 271.3 2.3 3.99 630975 SY Out of Pit----------------------------------------------------------------------------BD12-25 304.3 309.0 4.7 1.15 630975 SY Out of Pit----------------------------------------------------------------------------BD12-26 111.3 115.5 4.2 3.45 631060 SY Out of Pit----------------------------------------------------------------------------BD12-27 85.0 119.3 34.3 1.27 630950 SY In Pit----------------------------------------------------------------------------Incl. 86.0 90.3 4.3 2.61 630950 SY In Pit----------------------------------------------------------------------------And 101.9 105.0 3.1 4.01 630950 SY In Pit----------------------------------------------------------------------------And 115.8 119.3 3.5 2.90 630950 SY In Pit----------------------------------------------------------------------------BD12-27 171.0 184.2 13.2 0.58 630950 RS/RW In Pit----------------------------------------------------------------------------BD12-27 196.2 206.4 10.2 1.37 630950 RS/RW Out of Pit----------------------------------------------------------------------------BD12-28 32.5 34.5 2.0 2.32 630975 SY In Pit----------------------------------------------------------------------------BD12-28 43.4 44.1 0.7 5.53 630975 SY In Pit----------------------------------------------------------------------------BD12-29 40.5 69.0 28.5 2.15 630875 SY In Pit----------------------------------------------------------------------------Incl. 44.1 56.0 11.9 3.73 630875 SY In Pit----------------------------------------------------------------------------BD12-29 96.0 103.0 7.0 2.03 630875 SY In Pit----------------------------------------------------------------------------BD12-29 112.5 145.5 33.0 1.61 630875 RS/RW In Pit----------------------------------------------------------------------------Incl. 125.5 128.5 3.0 4.33 630875 RS/RW In Pit----------------------------------------------------------------------------And 135.5 140.5 5.0 4.37 630875 RS/RW In Pit----------------------------------------------------------------------------BD12-29 166.0 174.5 8.5 0.96 630875 SY Out of Pit----------------------------------------------------------------------------BD12-30 83.5 85.5 2.0 1.82 631050 SY In Pit----------------------------------------------------------------------------D12-35 75.0 78.1 3.1 1.47 631940 SY In Pit----------------------------------------------------------------------------D12-36 79.5 103.5 24.0 0.57 632000 SY In Pit----------------------------------------------------------------------------D12-36 166.5 174.0 7.5 3.03 632000 SY In Pit----------------------------------------------------------------------------D12-36 205.5 208.5 3.0 2.05 632000 SY In Pit----------------------------------------------------------------------------D12-36 226.5 251.3 24.8 3.21 632000 NZ In Pit----------------------------------------------------------------------------Incl. 227.5 232.4 4.9 3.08 632000 NZ In Pit----------------------------------------------------------------------------And 236.3 249.3 13.0 4.61 632000 NZ In Pit----------------------------------------------------------------------------D12-37 102.0 106.5 4.5 1.43 632100 SY Out of Pit----------------------------------------------------------------------------D12-37 166.5 171.0 4.5 1.49 632100 SY Out of Pit----------------------------------------------------------------------------D12-37 229.5 233.8 4.3 1.29 632100 SY Out of Pit----------------------------------------------------------------------------D12-38 150.0 151.5 1.5 2.63 632250 SY Out of Pit----------------------------------------------------------------------------CD12-10 27.0 29.0 2.0 4.48 632850 CD In Pit----------------------------------------------------------------------------CD12-11 147.5 151.5 4.0 8.86 632850 CD Out of Pit----------------------------------------------------------------------------CD12-12 127.5 133.5 6.0 4.89 632950 CD In Pit----------------------------------------------------------------------------CD12-12 210.0 211.5 1.5 4.47 632950 CD Out of Pit----------------------------------------------------------------------------CD12-13 32.0 71.0 39.0 2.16 632950 CD In Pit----------------------------------------------------------------------------Incl. 32.0 36.3 4.3 4.79 632950 CD In Pit----------------------------------------------------------------------------And 51.0 63.0 12.0 4.66 632950 CD In Pit----------------------------------------------------------------------------CD12-14 81.0 86.0 5.0 2.14 633050 CD Out of Pit----------------------------------------------------------------------------CD12-15 116.0 138.0 22.0 1.88 633050 CD In Pit----------------------------------------------------------------------------Incl. 123.0 128.0 5.0 2.97 633050 CD In Pit----------------------------------------------------------------------------CD12-16 22.5 25.5 3.0 3.46 633150 CD In Pit----------------------------------------------------------------------------CD12-17 No Significant Assays - 633110 CD Out of Pit----------------------------------------------------------------------------CD12-18 No Significant Assays - 633200 CD Out of Pit----------------------------------------------------------------------------CD12-19 88.0 92.0 4.0 3.99 633250 CD In Pit----------------------------------------------------------------------------CD12-20 45.0 46.5 1.5 2.62 633345 CD In Pit----------------------------------------------------------------------------
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 Company 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 Company'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 Company'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 Company 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.
418-914-9922
mbouchard@cfo-star.com
@cliftonstar1
