Clifton Star Res Inc CFMSF

Clifton Star's Duparquet safeguard motion rejected

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2014-11-24 10:41 ET - News Release Mr. Michel Bouchard reports QUEBEC SUPERIOR COURT REJECTS CLIFTON STAR'S SAFEGUARD MOTION RELATIVE TO THE DUPARQUET PROJECT Clifton Star Resources Inc. has been notified that the Quebec Superior Court has rejected Clifton's request for a safeguard motion regarding its rights in the Duparquet project option agreements. Clifton Star had asked the court to suspend its obligations under the option agreements following litigation having been instituted between some of the option owners. Clifton Star felt that this litigation hindered efforts to finance the next option payment of $10-million, which is due Dec. 1, 2014. This $10-million payment is part of a total of $52.2-million in option payments required to be made by Clifton by 2017 in order to allow Clifton to acquire the 90-per-cent interest in the Duparquet project it does not already own. Clifton Star retains a 10-per-cent interest in the companies that own the Duparquet project. Clifton Star has tried, without success, for the last year to renegotiate the terms of the option agreements with the owners in order to reflect the decline of the gold price and of the difficult mining financial markets. Clifton Star will deploy its best efforts to maintain its option to acquire the remaining 90 per cent in the Duparquet property and will re-evaluate its legal and financial investment in the Duparquet project on Dec. 1, 2014, to reflect the value of its interest in the project. There can be no guarantee that Clifton will be successful in its efforts to maintain its option to acquire the additional 90 per cent of the Duparquet property. We seek Safe Harbor. © 2014 Canjex Publishing Ltd. All rights reserved.