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Additional Information
Market: TSX-V
Sector: General Mining - Gold
EPIC: CFO
Latest Price: C$1.05  (14.13% Ascending)
52-week High: C$2.14
52-week Low: C$0.92
Market Cap: C$37.44M
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Clifton Star Resources
www.cliftonstarresources.com

Clifton Star Resources Inc. (TSX.V: CFO) ["Clifton Star"] (Frankfurt Exchange: C3T) is a junior mining exploration company with a focus on six properties that have had historic production of gold, silver, copper and nickel.

The portfolio consists of seven properties, six of them near the Porcupine-Destor Fault in Quebec and one on the Manitoba Ontario border, all in Canada.

Full Clifton Star Resources profile here
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Clifton Star given "outperform" rating, $9.00 price target on potential at Duparquet

21st Dec 2010, 10:40 am

Junior explorer Clifton Star Resources (TSX.V:CFO) was given a sector "outperform" rating by equity research firm Stonecap Securities on Monday, with an estimated 12-month price target of $9.00, almost double the company's current trading price.

The rating is based on Clifton Star and joint venture partner Osisko Mining's (TSX:OSK) 2010 drill program results from the Duparquet project in Quebec.

The results "enhance our confidence in the ability of the JV to expand/upgrade current gold resources to ~5.5 Moz. by the end of Q1 2011", Stonecap said.

In early November, Clifton and Osisko announced results from its Beattie property at the site, with significant intersections including 49.3 metres averaging 2.05g/t Au, 70.5 metres averaging 1.94g/t Au and 96 metres averaging 1.21 g/t Au.

Currently, the Duparquet project, which sits along the Porcupine-Destor Fault Zone, hosts ~2.6 Moz of gold resources, and covers ~8 km of strike length with three mines that have produced ~1.50 Moz Au.

In addition to the positive results received thus far, more drill assays are pending from the 2010 program for 96 holes totaling 32,700 metres on the Donchester and Central Duparquet properties.

Results are also expected from an airborne geophysical survey early in the new year, with an updated resource estimate on the entire Duparquet project anticipated once all the results are returned in the first quarter of 2011.

Further, Osisko is planning an aggressive 130,000 metre exploration program in 2011, which is expected to generate continuous news flow throughout the year.

"Significant potential exists for the JV to expand on our conceptual resource estimate of 5.5 Moz to ~7.0 Moz with the combination of infill and step-out drilling...over the next 12 months," Stonecap added.

The research firm's 12 month price target was calculated by adding the results of two valuation techniques and was weighted towards Stonecap's "strong belief" that Clifton Star is a prime takeover target for Osisko Mining.

The joint venture Duparquet project that was signed in December last year comprises the Central Duparquet, Duquesne, Beattie, Donchester and Dumico properties.

Aside from this project, Clifton also owns the Cat Lake property, which comprises nine mining leases totaling 238 hectares in the Lac Dubonnet Mining District northeast of Winnipeg, Manitoba.

 

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