Clifton Star's Update and Q3 Quarterly Results

QUEBEC CITY, QUEBEC--(Marketwired - May 26, 2015) - Clifton Star Resources Inc. ("Clifton Star" or the "Corporation") (TSX VENTURE:CFO)(FRANKFURT:C3T) is pleased to announce that it has mailed, on May 21^st, 2015, the Circular and Proxy forms for the June 16, 2015, Special Meeting of Shareholders. The record date was May 12, 2015. Shareholders are asked to contact Kingsdale Shareholder Services at 1-855-683-3113, with any questions and for assistance recording their votes.

On May 26, Clifton Star filed its Q3 Financial Report and its MD&A on SEDAR. During the quarter, Clifton Star completed two separate non-brokered private placements issuing a total of 9,545,572 common shares to Yamana Gold Inc. and Agnico Eagle Mines Ltd. at a price of $0.60 per common share for total proceeds of C$5.73 Million. No finder's fees or commissions were payable in connection with the private placements. Concurrently with the private placements, Clifton Star also successfully settled all prior claims and proceedings with Osisko Mining Corporation (now Canadian Malartic Corporation). Pursuant to the settlement agreement reached between the Corporation and Canadian Malartic, Canadian Malartic has paid Clifton Star approximately C$5.27 Million in consideration for a full and final release from all claims arising from the facts described in the litigation, the whole without any admission of liability by Canadian Malartic.

As a result of the private placements and the settlement of the Osisko litigation, the Corporation's treasury increased by C$11 Million. As of March 31^st, 2015, current assets amounted to C$13.7 Million, of which C$13.4 Million was cash.

During the quarter, Management and the Board also voluntarily implemented reductions to management's wages and director's fees. Administrative staff, administration costs, consulting fees, and professional fees were also reduced. Altogether, the operating expenses for Q3 2015 have decreased by over 20% compared to the same period of 2014, notwithstanding the additional costs associated with the special meeting requested by the dissident group led by a former executive.