Northcliff Closes Todd Corporation Financing for Sisson Tungsten-Molybdenum Project and Appoints new Director to the Board
FREDERICTON, NB, Oct. 16, 2013 /CNW/ - Northcliff Resources Ltd. ("Northcliff" or the "Company") (TSX: NCF) is pleased to announce it has closed its financing with Todd Minerals Ltd. ("Todd") for the Sisson Tungsten-Molybdenum Project (the "Sisson Project") located in central New Brunswick, Canada. Todd is a subsidiary of the family owned Todd Corporation, one of New Zealand's most successful companies and which has a growing portfolio of mineral investments.
As previously announced (see Northcliff news release dated October 3, 2013), Todd completed a private placement of $5 million and acquired ownership and control of 13,888,889 common shares of Northcliff, becoming the largest shareholder of the Company with an approximate 15% interest in Northcliff. In addition, Todd and Northcliff entered into a limited partnership agreement under the name of the Sisson Project Limited Partnership (the "Limited Partnership") in which Todd acquired an initial 11.5% interest for an initial contribution of $14 million in the Sisson Project on a staged basis, with an initial payment of $5 million made on the closing date. In addition, Todd has the option to acquire an additional 10% interest in the Limited Partnership by investing $20 million in the Limited Partnership upon a final investment decision to commence construction.
As part of its investment, Todd was entitled to nominate a director to the board of Northcliff and Mr. Michael Wolley, Vice President Minerals and Coal for the Todd Corporation was nominated and approved on closing.
Mr. Wolley holds a first class honors degree in Chemical and Materials Engineering (University of Auckland) and a Masters of Management (Macquarie Graduate School of Management). Mr. Wolley had a 15 year career with Mobil Oil Australia in a range of roles including engineering, operations, strategic planning and business development in Australia and New Zealand. In 1995, he left Mobil to pursue opportunities in Asia Pacific and worked in a number of senior executive roles in the manufacturing and industrial sectors including a period as President BlueScope Steel China. In 2007, Mr. Wolley returned to the resources sector as Chief Operating Officer for Lynas Corporation, and subsequently into the gold sector where he is a Director of Red Mountain Mining, an ASX-listed gold development business.
Mr. Wolley is a director of Wolf Minerals Ltd, an ASX-listed company, advancing the Hemerdon tungsten-tin project in the United Kingdom. He is also a director of Montero Mining, a TSX-listed resources business, Rutila Resources, an ASX-listed resources business and also sits on the Board of Strattera, the New Zealand minerals industry body, and is a member of the AICD and the NZICD1.
About Northcliff Resources Ltd.
Northcliff, associated with Hunter Dickinson Inc. (HDI), is a mineral resource company focused on advancing the Sisson Tungsten-Molybdenum Project located in New Brunswick, Canada, to production. The results of the Feasibility Study, completed in January 2013, confirm that the Sisson Project is technically and economically feasible and can now move on to the next stage of development.
For further details on Northcliff and the Sisson Tungsten-Molybdenum Project please visit Northcliff's website: www.northcliffresources.com.
Chris Zahovskis, President & CEO
Northcliff Resources Ltd.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address permitting, exploration drilling, exploitation activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Assumptions used by the Company to develop forward-looking statements include the following: the transaction with Todd will close on a timely basis, the Sisson Project will achieve targeted production levels; the Company's study and development of the Sisson Project will continue to be positive; contracted parties provide goods and/or services on the agreed timeframes; equipment necessary for construction and development is available and does not incur unforeseen breakdowns; no material labour slowdowns or strikes are incurred; plant and equipment functions as specified; geological or financial parameters do not necessitate future mine plan changes; and no geological or technical problems occur. Factors that could cause actual results to differ materially from those in forward-looking statements include uncertainty of shareholder support, the need for judicial and regulatory approvals, fluctuations in market prices, exploitation and exploration successes, continuity of mineralization, potential environmental issues and liabilities associated with exploration, development and mining activities, uncertainties related to the ability to obtain necessary environmental, land use and other permits, approvals, licenses and title on a timely basis and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
1 Australian Institute of Company Directors and the New Zealand Institute of Company Directors
SOURCE Northcliff Resources Ltd.For further information:
Dan Gibbons, Investor Relations
Northcliff Resources Ltd.