VANCOUVER, Feb. 1, 2012 /CNW/ - Northcliff Resources Ltd. ("Northcliff"
or the "Company") (TSXV:NCF) announces that it will begin trading on
the Toronto Stock Exchange ("TSX") on Thursday, February 2, 2012 under
the symbol NCF.
President & CEO Chris Zahovskis said: "Northcliff has reached a number
of key project milestones over the past year. The Company went public
in June 2011 and concurrently completed a significant financing of
close to $28 million to ensure that the Sisson Project in New Brunswick
can be advanced to a construction decision without necessitating
additional development financing. With the achievement of a TSX
listing, we believe that the Company's international profile will be
raised with strategic and institutional investors as we begin to
prepare for permitting and project financing."
"We've also been very pleased with the progress of our technical
programs at the Sisson Project. We have established experienced project
and engineering teams, and are well launched on our program to deliver
a Feasibility Study and submit the Environmental Impact Assessment by
Q3 2012. Additionally, project permitting will be initiated in the
latter part of 2012. The tungsten market also remains strong: tungsten
prices have appreciated nearly 400% since 2005, outperforming even
precious metals such as gold and silver over the same period,"
Zahovskis said. "We believe the Sisson Project will become a
significant new producer of tungsten for the North American and
European markets with the potential to provide between 5 to 8% of the
global tungsten supply."
Robert A. Dickinson, Chairman of the Board, is also pleased to announce
the appointment of Darcy Rezac as an Independent Director of
Northcliff. Mr. Dickinson said "Darcy Rezac brings a great deal of
leadership in economic and corporate development and has played key
roles in the areas of community leadership, public policy and
business-government and international trade relations. We welcome him
to the Board."
Darcy Rezac is the Managing Director of Ana Pacific Consulting and has
served on numerous boards including the Vancouver International Airport
(YVR), BC Bearing Engineers Ltd., Vancouver Board of Trade, and BC
Trade Development Corporation. Mr. Rezac has served on a number of
board committees, including nominating and executive, HR, strategic
planning, investment and audit. Mr. Rezac also served as Director of
Corporate Services for Alcan Canada between 1980 and 1984.
Northcliff is a mineral resource company associated with Hunter
Dickinson Inc. (HDI), a diversified, global mining group with a 25-year
history of mineral development success. Northcliff is focused on
advancing the feasibility-stage Sisson Tungsten-Molybdenum Project,
located in New Brunswick, Canada, to production. Northcliff has
acquired a 70% interest in the Sisson Project from Geodex Minerals
Ltd., subject to investing up to $17 million in exploration,
feasibility and project costs.
The advanced stage Sisson Project has excellent potential for near-term
production of tungsten and molybdenum. Its location near roads, rail
and tidewater on the eastern seaboard of North America provides Sisson
with key logistical advantages over its peer group. New Brunswick is a
stable jurisdiction with a long tradition of mineral and resource
development, and a well-established regulatory system. By advancing
Sisson, Northcliff will become one of North America's first major
tungsten producers, greatly increasing supply to the large North
American and European markets where demand far outstrips supply.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provide (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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 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. Factors that could cause
actual results to differ materially from those in forward-looking
statements include fluctuation in market prices, exploitation and
exploration successes, continuity of mineralization, 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.
SOURCE Northcliff Resources Ltd.
For further information:
For further details on Northcliff and the Sisson Project, please visit www.northcliffresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.