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Clifton Star Resources Inc.

TICKER: CFO:TSX.V; C3T:FSE

Clifton Star Resources Inc. is a junior mining exploration company with a focus on six properties that have had historic production of gold, silver, copper and nickel. The company's portfolio consists of seven properties, six of them near the Porcupine-Destor Fault in Quebec, one on the Manitoba-Ontario border, and all in Canada.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Mining Report Interview with John Kaiser (10/14/14) "Clifton Star Resources Inc.'s project is marginal at $1,300/oz gold. It is facing a balloon payment and an extremely low valuation right now so it would definitely benefit from gold jumping back through $1,500/oz." More >

The Mining Report Interview with James Fraser (9/16/14) "Clifton Star Resources Inc. scores just over 50, which is in the top third of our Quebec development companies. Clifton is a very high-risk/high-reward stock. In April, Clifton Star published a prefeasibility study on its Duparquet gold project in northwestern Quebec. At $1,300/oz gold, the after-tax NPV is $135M and the IRR is 12.1% (at a 5% discount rate). For the Duparquet mine to be built, gold will need to be at least $1,500/oz. That means that Clifton Star is one of the most leveraged stocks in our database to the price of gold. Its market cap is only $7M with a deposit that's over 4 Moz, which makes it very cheap. Clifton has $50.2M in payments between December 2014 and December 2017 to own 100% of Duparquet." More >

The Mining Report Interview with John Kaiser (5/13/14) "Among companies with advanced deposits, Clifton Star Resources Inc. just completed a prefeasibility study on its Duparquet project in Québec, which concluded that pressure oxidation is the best way to process the ore. . .I recommend it to people who believe that gold is going back to $1,500+/oz. At that price Clifton Star's NPV and IRR increase substantially and the current $15M market valuation will grow by multiples as the junior becomes a buyout target." More >

Killian Charles, Industrial Alliance Securities (4/11/14) "Clifton Star Resources Inc. announced its prefeasibility study (PFS) for the Duparquet project. . .we strongly believe the current PFS under-represents the potential at Duparquet. Back-of-the-envelope calculations indicate that the Duparquet project's NPV could increase by roughly $75–100M."

The Gold Report Interview with Michael Fowler (2/26/14) "The results from Clifton Star Resources Inc.'s Duparquet project are pretty encouraging. I estimate that it could have about 3 Moz gold in reserves and could produce 150,000 oz a year. . .Duparquet will likely be a good, smaller mine. The stock could benefit from a joint venture or an acquisition of Clifton Star. . .there's a lot of potential for a major to come in and joint venture or acquire the company. There's been a huge amount of drilling on this deposit. It's considerably derisked. Any issues will be on the mining, recovery and processing side. It's a pretty good deposit. I'm certain that Clifton Star will get some interest from majors on this one." More >

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The Gold Report with Killian Charles (2/10/14) "Clifton Star Resources Inc. is hoping to put out its prefeasibility report in the first half of the year. The company's PEA only used a small portion of the entire resource because the project is proximal to the town of Duparquet, Quebec. Clifton Star wanted to avoid unnecessary complication with the municipality until it properly opened up a dialogue. It wanted to make sure that there wasn't any misunderstanding that arose from a PEA that made an assumption that a portion of the town had to be moved. By avoiding that, it left 2 million ounces in the Measured and Indicated category that are starting right at surface and are easily mineable, so there's great upside there if negotiations do work with the city. The PEA underestimates the potential of that project, but I like seeing a management team that does a top-notch job and doesn't overpromise. . .concentrate excludes some opportunities because smelters are only willing to pay for a certain amount of gold. If there are any penalties through elevated elements in the concentrate, the company could also lose out a little bit. However, it definitely saves on capex. The plant would be much smaller and less equipment is needed. The prefeasibility study will give us a good idea of which plant is better. The key is that the project can work both ways. If Clifton Star wants to get into production faster, it can start producing a concentrate, sell the concentrate, then down the road build a full plant with pressure oxidation, and process and smelt gold ore on site." More >

Danny Deadlock, Stockhouse (9/21/13) "In 2010, Clifton Star Resources Inc.'s gold valuation was $113/oz. Today, it is closer to $2/oz, yet the total resource is almost 50% higher than it was in 2010. . .valuations are now a small fraction of what we saw in 2010 and clearly demonstrate the dramatic room for growth. . .the company has an excellent share structure with only 38M shares outstanding, so there is plenty of room for financing."

Danny Deadlock, Ticker Trax (9/9/13) "Clifton Star Resources Inc. continues to stand out as a junior gold company with tremendous recovery potential."

Killian Charles, Industrial Alliance Securities (9/5/13) "New drilling increases footprint of ore body: Clifton Star Resources Inc. released its final set of drill results from its 2013 exploration campaign at Duparquet. . .drill hole BD13-37 intersected 34m at 2.25 g/t with a higher grade interval of 18.5m grading 2.46 g/t. . .we are excited by BD13-37. This hole was drilled outside of the current pit shell and, importantly, outside of the current geological constraints. . .BD13-37 may demonstrate that the shear zone and the associated mineralization continue beyond the intrusion. This represents a significant discovery which could drastically alter the current mine plan and understanding of the deposit. "

Michael Fowler, LOM (8/22/13) "A previous study of Clifton Star Resources Inc.'s Duparquet project indicated that if the deposit was processed by a floatation circuit in the mill, a concentrate could be produced that would have gold grades between 39 g/t and 84 g/t. These are high-grade concentrates. . .that study also indicated that gold recoveries would be ~90%, meaning the company could receive ~80% of the mine recovered gold value. The savings in the capital cost of the project would be $157.5M."

Killian Charles, Industrial Alliance Securities (7/9/13) "Clifton Star Resources Inc. released a newly compiled resource estimate for its optioned Duparquet project. The project now contains 3.11 Moz Measured and Indicated (60 Mt at 1.59 g/t) and 1.44 Moz Inferred (29 Mt at 1.51 g/t) both at cutoff 0.45 g/t. . .we are still pleasantly surprised that the overall resource size increased."

The Gold Report Interview with John Kaiser (7/8/13) "Clifton Star Resources Inc. has the Duparquet project in Québec. . .Clifton Star is an example of a junior looking to change its mining model to mitigate heavy upfront costs. Management is rethinking its mining model, moving from a pressure oxidation unit to simply producing a concentrate for shipment to China for smelting. That could eliminate substantial capital costs and reduce operating costs. The company still has $9M, which it deems sufficient capital to deliver a prefeasibility study in Q1/14 that incorporates these changes." More >

Michael Fowler, Loewen, Ondaatje & McCutcheon (7/2/13) "Clifton Star Resources Inc. announced an updated resource estimate for its Duparquet project, which has the following highlights: total Measured and Indicated resources now total 3.11 Moz grading 1.59 g/t gold, up 29%. . .Measured and Indicated resources make up 68% of total resources. The resource base has a high degree of confidence. . .these numbers are positive. . .we continue to rate the stock a Speculative Buy."

Michael Fowler, Loewen, Ondaatje & McCutcheon (6/19/13) "Clifton Star Resources Inc. reported more drill results from Duparquet. . .the best intersection was 34m grading 5.64 g/t gold. The results will not be part of an upcoming resource estimate as they were reported after the May 6th cut-off. . .the company is also waiting on more results of some metallurgical studies that could indicate a potentially positive alternative processing method to that which was suggested in the PEA study tabled on January 13, 2013. A previous study indicates that if the deposit was processed by a floatation circuit in the mill, a concentrate could be produced which would have gold grades between 39 g/t and 84 g/t. . .the stock is inexpensive. . .we continue to rate it a Speculative Buy."

Killian Charles, Industrial Alliance Securities (5/14/13) "Clifton Star Resources Inc. announced results from its 2013 drill program. . .importantly, many of the new intercepts are proximal to the current pit shell and are very likely to be recovered. We emphasize holes BD13-03 and D13-10 as high-grade intercepts immediately below the pit shell. . .BD13-01 could substantially expand the pit dimensions southward. . .overall, the drilling indicates that the confidence level in the new resource should increase substantially. . .we are re-affirming our Speculative Buy rating and $1.75 target."

Killian Charles, Industrial Alliance Securities (5/14/13) "Clifton Star Resources Inc. announced results from its 2013 drill program at Duparquet. . .noteworthy holes include BD13-02 (31m at 1.41g/t Au), BD13-03 (90m at 1.13g/t Au) and D13-10 (24m at 2.11g/t Au). . .we emphasize holes BD13-03 and D13-10 as high-grade intercepts immediately below the pit shell. . .overall, the drilling indicates that the confidence level in the new resource should increase substantially. . .we are reaffirming our Speculative Buy rating."

The Gold Report Interview with Killian Charles (4/22/13) "Clifton Star Resources Inc. has an old asset that's been looked at a number of times. . .now, there's a whole new team that is serious about the project. In a span of 12–18 months, the new team has been able to complete a new resource, put out a PEA and advance toward a prefeasibility study. This group can properly bring the project closer to fruition. . .Clifton's project benefits from having a higher grade and lower strip ratio. Clifton's project is close to a community but the current mine plan doesn't require anyone to move. . .Clifton Star is currently in the stages of taking a bulk sample and it's going to produce a product that it hopes to market to different smelters across the world." More >

Killian Charles, Industrial Alliance Securities (3/28/13) "Clifton Star Resources Inc. announced results from preliminary metallurgical test studying Duparquet ore's amenability to producing a high-grade concentrate (1+ oz/t Au). . .the six gold concentrates produced by SGS Minerals grade between 39 g/t to 84 g/t Au after a single stage of flotation. . .producing and selling a gold concentrate would eliminate the need for a pressure oxidization plant and associated capital and operating costs. . .we believe this alternative could prove highly beneficial to the company. . .we are confident the impact to the project will be positive."

Michael Fowler, Loewen, Ondaatje & McCutcheon (3/28/13) "Clifton Star Resources Inc. announced the results of some metallurgical studies that indicate a potentially positive alternative processing method to that which was suggested in the PEA study tabled on January 13, 2013. The study indicates that if the deposit was processed by a floatation circuit in the mill, a concentrate could be produced which would have gold grades between 39 g/t and 84 g/t. . .the savings, particularly in the capital cost of the project, would be $157.5M. . .the stock is inexpensive, trading at a resource EV/oz of $20."

Killian Charles, Industrial Alliance Securities (2/20/13) "Clifton Star Resources Inc. is fully financed and ready to take charge in 2013. . .we believe that the company will delineate over 4 Moz after its next exploration campaign. The deposit remains open along strike and at depth. . .we are initiating coverage of Clifton Star with a Speculative Buy rating."

Michael Fowler, Loewen, Ondaatje & McCutcheon (2/15/13) "Clifton Star Resources Inc. reported drill results from the Duparquet project. . .the results show about 50% of the holes are potentially economic, which is positive. . .some of the highlight intersections include: 24.8m grading 3.21 g/t gold and 39m grading 2.15 g/t gold. . .the stock is inexpensive. . .the recent PEA showed a robust IRR of 15.4% after-tax with room for improvement from increasing resources and process optimization."

Andrew Mikitchook, GMP Securities (2/13/13) "Clifton Star Resources Inc. released a PEA for its Duparquet gold project in Quebec. The PEA outlined an open pit, 104,400 oz/year operation (average over life of mine) for $370M of capex with $726/oz operating costs. . .overall the PEA results are positive with the main takeaway being that the PEA level consisting of a pressure oxidation autoclave circuit does not appear prohibitive. . .the grade at Duparquet (1.88 g/t) in the first 10 years is the most positive surprise from the PEA as it leaves significant margin to offset construction and operation of the POX circuit."

The Gold Report Interview with Michael Fowler (1/30/13) "Clifton Star Resources Inc.'s internal rate of return is a good number (at 15%). The PEA was done fairly conservatively. A lot of drilling backs up that data. A 15% after-tax return on something with a high degree of confidence, in a good jurisdiction like Québec, is a good number. I would say that anything above 10% in Québec is a good number. . .the resource was close to 4 Moz gold and Clifton Star will recover only about 1.7 Moz, so there is a slight difference there. Some of the ounces included in the resource are in the town of Duparquet, under a golf course. Those were not included in the PEA, which in my mind is fairly conservative for a scoping study or a PEA." More >

Steve Saville, The Speculative Investor (1/28/13) "Clifton Star Resources Inc. published the results of the PEA for its Duparquet gold project in Quebec. . .the company remains an interesting speculation. . .the PEA confirmed a sizeable increase in the Duparquet project's Measured and Indicated (M&I) gold resource. The project now has 2.4 Moz in the M&I category and 1.5 Moz in the Inferred category. . .the Duparquet project's Quebec location increases its attractiveness to large and mid-tier North American gold miners. . .all things considered, Clifton Star is heading in the right direction."

Haywood Securities (1/15/13) "Clifton Star Resources Inc. is a company to watch in Q3/12. . .its portfolio includes properties with historical gold, silver copper and nickel production. . .Duparquet has existing power and road infrastructure and access to mining services."

Michael Fowler, Loewen, Ondaatje & McCutcheon (1/15/13) "Clifton Star Resources Inc. announced the results of a PEA study, which was overseen by InnovExplo; the study considered an open-pit scenario relating to the mineral resources at Duparquet. . .the Measured and Indicated resource base has increased by 40% over the last resource update in July 2012. The bottom line is that these are positive results and the study should interest the attention of other mining companies in seeking acquisitions or joint ventures."

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