Rockcliff Acquires Spruce Point VMS Mine from HudBay Minerals Inc.

Trading Symbol RCR: TSXV

TORONTO, Feb. 14 /CNW/ - Rockcliff Resources Inc. (RCR: TSXV) is pleased to announce that it has signed an option agreement to acquire a 100% interest in the former producing Spruce Point VMS (copper-zinc) Mine located 50km southwest of Snow Lake, Manitoba from Hudson Bay Exploration and Development Company Limited (HBED), a wholly owned subsidiary of HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM)

Rockcliff's President and CEO Ken Lapierre commented, "The Spruce Point Mine will add significantly to our list of top quality copper-rich VMS properties in the Snow Lake Mining Camp.  Rockcliff controls significant high grade copper assets and is focussed on drill discoveries and increasing its resource base in the camp.   We have just commenced a major drill program on several of our properties in the camp and we also look forward to advancing Spruce Point in 2011." 

The Spruce Point Mine was discovered in 1972 and one-650m deep production shaft was completed by 1981.  Production began in 1982 and was completed in 1988 from several VMS-rich (copper, gold, zinc, silver) zones.  Production figures are tabulated below.

Tonnes Copper/pounds Zinc/pounds Silver/ounces Gold/ounces
1,364,000 2.36%/70,800,000 2.8%/84,000,000 25.00g/t/1.09M 2.0g/t/87,500

Additional historical resources within and below the underground workings are tabulated below. The historical resources were documented in the Mineral Deposit Series Report #33 completed by the Manitoba Energy and Mines Geological Services in 1996 and by HBED in 1992.

Zones Tonnes Copper Zinc Silver Gold
Multiple zones 567,000 2.15% 1.7% 15.04g/t 1.44g/t
Copper (lower, central) 900,172 2.34% ---- ---- ----

Although the resources are viewed as reliable and relevant based on the information and methods used at the time they do not satisfy the requirements set out by NI 43-101.  Neither Rockcliff nor its Qualified Persons have done sufficient work to classify the historical estimates as current mineral resources and are not treating the historical estimates as current mineral resources.  The historical resources should not be relied upon.

The Spruce Point Mine Property is located within the Snow Lake Mining Camp and in close proximity to infrastructure.  It will form part of Rockcliff's Snow Lake Project which presently hosts a NI 43-101 compliant Indicated Resource at the Rail Copper-Gold Deposit, three historic VMS (copper-gold) deposits (Lon, Reed and Kof) and the Tower VMS (copper-gold) prospect.

To earn a 100% working interest in the property, Rockcliff must pay HBED an aggregate of $0.5 Million in escalating, incremental payments over a four year period or, with respect to $0.47 Million of the cash option payments, elect either to make an additional $0.94 Million in expenditures on the Property or issue $0.47 Million in treasury shares priced at the time of issuance.  In addition, Rockcliff will be required to incur aggregate, escalating exploration expenditures totalling $2.4 Million over a four year period on the property.  In the first year of the option, Rockcliff must pay $10,000 in cash payments and expend $200,000 on exploration on the property.  Once Rockcliff has earned its 100% interest in the property, HBED has a buy back right to acquire a 55% interest in the property by paying Rockcliff 200% of Rockcliff's cash option payments paid in respect of the property and spending 200% of Rockcliff's work expenditures.  HBED can increase their interest to 65% (an additional 10%) by bringing the property to commencement of commercial production and by financing Rockcliff's 35% portion, with such costs recovered from Rockcliff's share of profits realized from future production.

Ken Lapierre P.Geo., President and CEO of Rockcliff Resources Inc., a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, is responsible for the information in this press release.

Rockcliff Resources Inc.
Rockcliff Resources Inc. is a Canadian resource exploration company focused on discovery and advancement of its high-quality mineral assets at its Snow Lake Project. Rockcliff presently controls the Snow Lake Project totalling in excess of 600 km2 located within and proximal to the Snow Lake Mining Camp.  The project presently includes the former producing Spruce Point VMS Mine, a NI 43-101 Indicated VMS Resource Estimate at the Rail Copper-Gold Deposit, three historic VMS (copper-gold) deposits (Lon, Reed and Kof), the Tower VMS (copper-gold) prospect, a former gold mine (Century Mine), one gold deposit (C-Zone) as well as additional areas with potential for VMS (copper-rich) and gold mineralization.  Rockcliff also controls the Black Gold Property and the NI 43-101 compliant Shihan Silver-Zinc Deposit in northern Ontario.

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties.  Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks.  The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements.  Rockcliff undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Rockcliff Resources Inc.

For further information:

please visit www.rockcliffresources.com or contact Ken Lapierre, P.Geo., President and CEO of Rockcliff Resources Inc. at (416) 863-9800 or by email at klapierre@rockcliffresources.com

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Rockcliff Resources Inc.

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