Michel Bouchard, President & CEO

Forward looking Statements - Cautionary noteForward looking Statements - Cautionary note

Certain information included in this presentation, including any information as to our future exploration, financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute ‘forward-looking statements’ within the meaning of the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words ‘expect’, ‘believe’, ‘will’, ‘intend’, ‘estimate’ and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, including the possibility that drill programs will not yield the expected results. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Clifton Star Resources to be materially different from the Company’s estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Company’s most recent Form 20-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.

This presentation uses the terms “Indicated” and “Inferred” Resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize them. “Inferred Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not from the basis of feasibility or other economic studies. U.S. investors are also cautioned not to assume that all or nay part of an Inferred Mineral Resource exists, or is economically or legally minable.

The technical information contained in this presentation has been reviewed and approved by Michel Bouchard, President and CEO, Clifton Star Resources inc., who is a Qualified Person as the term is defined in NI 43-101

TSX:V: CFO

Experienced management. Experienced management. Only 38M shares outstanding Only 38M shares outstanding

(42M, F. D.)(42M, F. D.) Positive Positive PEA Report on DuparquetPEA Report on Duparquet: NPV : NPV

of $382M (5% discount rate) and IRR of of $382M (5% discount rate) and IRR of 19.5%.19.5%.

Capex of $370M, Sustaining capital of Capex of $370M, Sustaining capital of $144M, LOM of 16 years. Open Pit.$144M, LOM of 16 years. Open Pit.

LOM Production of 1.67M oz, 145,000 oz LOM Production of 1.67M oz, 145,000 oz average for first 5 years.average for first 5 years.

Average operating cost of US$726/oz.Average operating cost of US$726/oz.

Clifton In a Nutshell : Focus on Duparquet.Clifton In a Nutshell : Focus on Duparquet.

New NI 43-101 Resource estimation (January New NI 43-101 Resource estimation (January 2013) : 2.4M oz of gold in Measured & 2013) : 2.4M oz of gold in Measured & Indicated categories and 1.5M oz of gold in Indicated categories and 1.5M oz of gold in the Inferred category.the Inferred category.

Metallurgy improved with +93 % gold Metallurgy improved with +93 % gold recoveries.recoveries.

Excellent exploration potential to increase Excellent exploration potential to increase the size of the gold deposit.the size of the gold deposit.

Low permitting & geopolitical risk, in mining-Low permitting & geopolitical risk, in mining-friendly Quebec, Canada. Existing regional friendly Quebec, Canada. Existing regional infrastructure and mining services.infrastructure and mining services.

Pre-Feasibility Study on The Duparquet Project in 2013

TSX:V: CFO

Management & DirectorsManagement & Directors

Management:Michel Bouchard, B.Sc., M.Sc., P. Geo, MBA - President & Chief Executive Officer

Louis Martin, B.Sc., P. Geo. - Vice-President, Exploration

Louis Dufour, CA - Chief Financial Officer

David Dreisinger, P. Eng., F.C.I.M., F.C.A.E. Vice-President, MetallurgyDirectors:Ross Glanville - P.Eng., CGA, MBA, Chairman of the Board.

Michel Bouchard- B.Sc., M.Sc., P.Geo., MBA.

Philip Nolan – LLB.

Peter Gundy - LLB.

Yves Harvey - P.Eng., Ph.D

Duparquet- Location-Regional GeologyDuparquet- Location-Regional Geology

Destor-Porcupine Break

Cadillac – Larder Lake BreakRouyn-Noranda

Duparquet Project – Location - GeologyDuparquet Project – Location - Geology

HHistoric Gold Productionistoric Gold Production

TSX:V: CFO

Historically produced over 1.5 million ounces of Gold

Duparquet Project : PEA Study conclusionsDuparquet Project : PEA Study conclusions

New NI-43-101 Resource Estimation.

Based on 739 drill holes for 231,355 meters, 147,400 samples.

892 Surface Channels, for 2,371 samples.

Estimate includes results up to the end of September 2012.

Cut off grade of 0.45 g/t for open-pit and tailings.

Cut-off grade of 2.00 g/t for the underground.

NI 43-101 Reports: Resource EstimatesNI 43-101 Reports: Resource Estimates

NI 43-101 Resources

Report Measured

Indicated TotalM&I

Inferred Cut-Off

DUPARQUET PROJECT

Contained Oz.  

PEA REPORT

InnovExplo

January2013

178,900 t

@ 1.51 g/t 

 8,686

45,912,700 t

@ 1.62 g/t 

2,396,239

46,091,600t@1.59 g/t

2,404,924

32,146,300 t @1.43 g/t

 

1,477,164

0.45 g/tTailings and

open-pit  

2.00 g/t Underground

DUQUESNE PROPERTY

Contained Oz.

GenivarJuly 2011

 1.859,200

t. @ 3.33g/t

 (199,071

Oz.)

1.563,100 t

@ 5.58 g/t 

(280,453 Oz.)

1.0 g/t

Open Pit (8,000 t/day). The selected Mining Scenario is constrained by all existing provincial and municipal (Duparquet) infrastructure.

Production of 1.67M oz over 16 years.

Mine planMine plan:

First 10 years: Open pit mining. Remaining 6 years: milling only of stockpiles and old tailings.

Calls for the milling of 19.3Mt of mineralized material at a grade of 1.88 g/t gold, 18.2Mt of stockpile material at a grade of 0.86 g/t gold and 4.1Mt of old tailings, grading 0.94 g/t of gold.

Mining Highlights : Mining Highlights :

Duparquet Project : PEA Study conclusionsDuparquet Project : PEA Study conclusions

Duparquet Project : PEA Study conclusionsDuparquet Project : PEA Study conclusions

Open Pit parameters:

Mining Cost = $2.40/t Mining Recovery =

90%Mining Dilution =

10%Pit Slope =

52˚

Milling Cost = $13.61/tMilling Recovery =

93.9%Strip Ratio = 5.52 : 1Average Recovery = 93.2%Gold price = $1472 USD, FX = $1.01. (3 year trailing average)

*Restriction: no Provincial or Town infrastructures to be displaced in the pit design.

* All amounts are in Canadian dollars unless specified

Average OPEX of $29.38/t milled over LOM, $36.65/t during the first 10 years and $16.62/t during the last 6 years.

Cost per tonne of rock milled is $13.71. Mining cost of mineralized material is $2.40/t. Waste mining is $2.15/t.

G&A is $4.18/t. Overburden removal is $2.00/t.

Mining Highlights : Mining Highlights :

Duparquet Project : PEA Study conclusionsDuparquet Project : PEA Study conclusions

Milling of 8,000t / day or 2.7Mt /year (336 days availability) Mill Capex is estimated at $260.3M. Flowsheet consists of: crusher-stockpile-grinding-flotation-

pressure oxydation (POX)- CIL. First ten years: mostly Run of the Mine open pit material Last six years: stockpiles and old tailings. Average milling cost : $13.71/t milled

Milling Highlights : Milling Highlights :

Duparquet Project : PEA Study conclusionsDuparquet Project : PEA Study conclusions

Capex is $370M, includes $132M for contingencies and indirect costs.

Sustaining capital is $144.7M, includes $29.6M for overburden removal.

Average operating cost is estimated at US$726 per oz of gold over LOM.

Using US$1472 gold (3 years trailing average) as the base case, NPV (at 5% discount) is $382M, IRR is 19.5%. Payback is 4.2 Years.

At US$1700 gold, NPV (at 5% discount) is $636M, IRR is 27.5%, payback is 2.9 years.

Financial Analysis

Duparquet Project : PEA Study conclusionsDuparquet Project : PEA Study conclusions

1 km

Mill - Office

Rou

te 3

93

(to L

a S

arr

e)

Town of Duparquet (QC)

Route 393

(to Rouyn-Noranda)

Route 388 (to Timmins)

DUPARQUET PROJECTGeneral Layout

Waste Pile

Desulfurized Tailing Pond

POXTailing Pond

OverburdenStock Pile

Continue Definition drilling (20,000 m) to upgrade, expand resources.

Carry out metallurgical bulk tests to define flow sheet, establish environmental compliance.

Test the possibility of producing a saleable gold concentrate. If successful the POX part of the mill could be reduced or

eliminated, which would reduce the Capex and Opex in significant ways and would increase the rate of return of the project.

Duparquet Project : PEA Study Duparquet Project : PEA Study RecommandationsRecommandations

Recommended Pre-feasibility Study on the Duparquet Projet

Carry out geotechnical and hydrology studies on the different tailings facilities and major constructions sites.

Start community outreach, permitting process and discussions with Hydro-Quebec for the power requirements on site.

The PF budget for 2013-2014 is $8M, including 20% contingency. The study should be available at the end of March 2014.

Duparquet Project : PEA Study Duparquet Project : PEA Study RecommandationsRecommandations

Recommended Pre-feasibility Study on the Duparquet Projet

Duparquet Project / Option TermsDuparquet Project / Option Terms

New Amended Option Agreement (September 2012:

• $2M, December 1st, 2012 and issue, to the owners, 250,000 shares of Clifton• $10M on December 1st, 2014• $10M on December 1st, 2015• $15M on December 1st, 2016• $15.2M on December 1st, 2017 to acquire 100%, no NSR

Prior Terms: $22M on December 2012 and $30M on December 2017

May exercise the option in advance

Lift uncertainty / attuned to schedule

Enables exploration and development without reverting to dilutive equity financing

Prefeasibility Study: Duparquet Project:

Start: March 2013Due: March 2014

New Updated NI 43-101 Resource Estimation of the Duparquet Project Mid 2013

2013: Drilling, 2 drills, 20,000 m planned. Upgrade and expand

resources.

Clifton Star Clifton Star Milestones for 2013Milestones for 2013

Bulk Metallurgical testing to firm up Mill design / Flowsheet

Share StructureShare Structure

Common Shares: 38,414,390

Stock Options: 2,245,000

Warrants: 138,000

Fully Diluted: 40,797,390

Market Cap. : $35M

Cash: $8M, no debt

2012 Range: L = $0.60

H = $2.31

Price : $0.93 / shareAs of January 15, 2013

Corporate StructureCorporate Structure

Major Shareholders

Passport Capital 18.3%

R. C. McKenzie7.2%

Libra6.5%

All Insiders 5%

Analyst CoverageAndrew Mikitchook

GMP Securities Ltd.

Michael FowlerLOM

Killian CharlesIndustrial Alliance Securities Inc.

Brian ChristieDesjardins Capital Markets

Clifton is undervalued:Clifton is undervalued:Enterprise value per resource ounceEnterprise value per resource ounce

Source: Company reports and GMP Securities, November 7 2012** Take Over Offers Accepted

Why Invest in Clifton Star Resources?Why Invest in Clifton Star Resources?

Contact us:Contact us:

Head OfficeHead Office::

1040, Ave. Belvédère1040, Ave. BelvédèreSuite 217Suite 217Québec, (Québec)Québec, (Québec)G1S 3G3G1S 3G3CanadaCanada

Phone: 418-914-9922Phone: 418-914-9922Fax: 418-914-9687Fax: 418-914-9687Contact: Julie BlackburnContact: Julie Blackburn

www.cfo-star.comwww.cfo-star.com

Exploration OfficeExploration Office::

75, rue Duparquet75, rue DuparquetDuparquet, (Québec)Duparquet, (Québec)J0Z 1W0J0Z 1W0CanadaCanada

Phone: 819-948-2079 ext.: 221Phone: 819-948-2079 ext.: 221Contact: Louis MartinContact: Louis Martin