I've also been frustrated with CFO's lack of movement, but I have no attention span. I'm happy to load up at $4. Fat intercepts, Osisko involvement and cash in the bank, me love them long time.
Here's a little NR off google finance:
GMP Securities on Friday re-iterated its price target for Clifton Star Resources of C$7.00, based on recent drilling results announced yesterday and the company's cash position.
Clifton Star's results yesterday from 28 addditional holes at the Duparquet project in the Abitibi region of Quebec returned some of the thicker intercepts from this year's drilling. Drilling was focused on the Beattie area of the property, part of a three-phase 120,000 metre campaign, which is now complete.
According to GMP, the holes with most of an impact were three holes starting from near surface of 77, 100, and 177m grading 1.25g/t, 1.66g/t and 1.46g/t, respectively. Only one other hole in 2010 has delivered a 100+m intercept, hole BD-10-117, which intersected 109m at 2.96g/t.
"We are encouraged by both these three shallow and longer intercepts as well as by several other substantial intercepts of 40-88m that are all better than the norm in 2010 of 20-40m. This is also the third press release of holes in September suggesting an acceleration of assays returning from the lab," said GMP in its report.
"This is still early stage and quite a few key drill holes are outstanding but overall we remain confident that
results to date confirm potential to define several thicker pods to draw-down open pits sufficient to suggest our 5mm oz mineralized target is in reach," the investment bank continued.
GMP also noted that on Wednesday, 2.8 million warrants and options of Clifton were exercised before they expired between $2.43 and $3.30, leaving Clifton with between $8m and $12m in its treasury by the end of the year, according to GMP's estimates. The only other major block of warrants outstanding expires December 22nd at strikes of $1.25-$1.35.
The firm concluded that based on the criteria, it maintains its C$7.00 target price based on 5.0 mmoz of target mineralization at a C$90/oz valuation. Clifton Star is currently trading at $4.22.
