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by Stockwatch Business Reporter

Twinkle, twinkle Clifton Star, how we wonder where you are.

Clifton Star Resources Inc.'s chief financial officer, Ian Beardmore, says the company's cease trade order will be lifted in about 10 days, but Robert Holland, chief mining adviser of corporate finance at the B.C. Securities Commission, says that seems optimistic. The stock, which last traded on July 22 at $2.90, has remained under the BCSC's cease trade order ever since.

Cease-trade

The BCSC issued its cease trade order against the gold explorer for failing to file National Instrument 43-101-compliant technical reports for three properties -- Beattie, Donchester and Duquesne -- at its Duparquet project in Quebec, after issuing press releases disclosing changes to mineral resource estimates. The press release about changes to Duquesne arrived on Oct. 28, 2010, and the press releases about changes to Beattie and Donchester were issued June 13, 2011. As well as not filing the 43-101 reports, the company also failed to file material change reports and one of three accompanying news releases to the commission. According to regulatory disclosure requirements, companies must file a material change report and a news release within 10 days of a material change. The company attempted to file one report, but it was deficient. The BCSC comments in its cease trade order, "On or about July 18, 2011, Clifton Star filed a technical report that was not in the required form and did not support Clifton Star's disclosure of the change to the Beattie mineral resource."

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