VANCOUVER, June 15, 2012 /CNW/ - Northcliff Resources Ltd.
("Northcliff") (TSX: NCF) announces that it has fulfilled its earn-in
obligations for a 70% interest in the Sisson tungsten-molybdenum
project ("Sisson Project") under the Sisson Development Joint Venture
Agreement ("JVA") with joint venture partner, Geodex Minerals Ltd.
("Geodex") (TSX.V: GXM).
Under the terms of the JVA, Northcliff was required to fund the lesser
of (i) $17,000,000 in Sisson JV expenditures (less $580,000 in minority
interest acquisition costs and $1 million in common shares subscribed
for in Geodex), or (ii) the actual amount of expenditures incurred to
produce a feasibility study report and to commence mine construction on
the basis contemplated in the feasibility study report. Northcliff has
now completed the requirement and secured the 70% interest.
"This is yet another major milestone for Northcliff in advancing the
Sisson Project in New Brunswick and achieving our goal to be the next
major tungsten producer in Canada," said Christopher Zahovskis,
President and CEO of Northcliff. "In just over 19 months, Northcliff
has spent $15.4 million on the Sisson Project in direct project
development costs. This investment by Northcliff accounts for roughly
55% of the total $28.1 million spent on the Sisson Project since Geodex
first acquired the property in 2004.
"Importantly, a significant portion of our expenditures have been
incurred within the Province of New Brunswick, and this will continue."
Zahovskis added, "Our engineering teams are progressing with the
feasibility program and we look forward to announcing the study results
for a bulk tonnage, open pit mine by the end of Q3 of this year. With
a measured and indicated resource of 383 million tonnes1 (see Northcliff's announcement on May 17, 2012), the Sisson Project has
the potential to be a long life mining operation spanning over 30 years
and producing significant amounts of tungsten and molybdenum."
"We are very pleased with Sisson's potential to contribute significantly
to non-Chinese sourced tungsten supply in the near term," stated Robert
Dickinson, Chairman of Northcliff, "particularly during this period of
resilient tungsten prices and demand growth."
The Company also finalized the Terms of Reference for the Environmental
Impact Assessment (EIA) with federal and provincial government agencies
in April. The EIA Report drafting is underway and remains targeted for
submission by the end of Q3 2012. The federal project approval process
is harmonized with the Province of New Brunswick process. In the
meantime, Northcliff will begin preparing permit applications in the
On May 10, 2012, Northcliff announced that it signed a definitive
purchase agreement with Geodex to acquire the remaining 30% interest in
the Sisson project. The acquisition remains subject to approval by
special resolution of Geodex shareholders at Geodex's special
shareholders' meeting scheduled for June 18, 2012, and final TSX and
TSX Venture Exchange approval.
Northcliff is a mineral resource company associated with Hunter
Dickinson Inc. (HDI), and focused on progressing the feasibility-stage
Sisson Tungsten-Molybdenum Project located in New Brunswick, Canada, to
President & CEO
No regulatory authority 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 completion of the
Acquisition, 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. 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, 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 permits, licenses and title 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
1 Grading 0.067% WO3 and 0.021% Mo at a $9 Net Smelter Return/tonne cutoff.
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