Clifton Star Resources, Inc.: Company Update- Property Payments and Stock Options Issuance
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/13/10 -- Clifton Star Resources, Inc. (TSX VENTURE: CFO)(FRANKFURT: C3T) confirms that it has made the payment of $8.5 million to the optionors of the Beattie, Donchester and Dumico properties in order to earn a ten percent ownership. Previously, the Company had made a final payment of $450,000 in order to earn a one hundred percent interest in the Duquesne property subject to an NSR which is being negotiated. All funds were generated internally and did not require our ability to borrow the funds from Osisko, our joint venture partner.
The Company also reports that it has changed its corporate legal office from Boughton and Co. in Vancouver to Lavery, De Billy L.L.P. of Montreal, Quebec. We wish to thank Cheri Pedersen of Boughton for her service and counsel.
The Company is issuing 1,750,000 stock options to directors and a service provider at a price of $4.15 per share for a period of two years subject to approval by shareholders.
Clifton Star is developing its Duparquet Gold project in Southwester Quebec via a $107 million joint venture partnership with Oskisko Mining which is placing its flagship Malartic property into production in 2011.
On behalf of the board,
Harry Miller, President
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Contacts:
Clifton Star Resources, Inc.
Harry Miller
President
425.453.0355
Hmiller@cliftonstarresources.com