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Clifton Star Drops After Osisko Mining Pulls Out of Duparquet JV

Clifton Star Resources Inc. (CFO.V) is down nearly 11%, paring some of its losses in recent minutes after saying Osisko Mining Corp (OSK.TO) was pulling out of a joint venture between the companies at the Duparquet Mining Camp project, giving Clifton the required 30-day termination notice earlier today.

Clifton said it is exploring ways to proceed with the gold project in the Abitibi region of Quebec, asking drillers to remain on site and retaining a mining engineer to evaluate the project. It also said it has about $15.15 million on hand as well as $22.5 million loan facility from Osisko intended to make the next scheduled property payment due in December 2012.

Osisko shares currently are up $0.05 to $14.40 each.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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