Trading Symbol RCR: TSXV
TORONTO, Oct. 9, 2013 /CNW/ - Rockcliff Resources Inc. ("Rockcliff" or the "Company") (TSXV: RCR:) is pleased to announce that a DPEM (surface geophysics) survey and
drill program has commenced at the Freebeth Property, which is part of
its Snow Lake Project, central Manitoba. Hudson Bay Exploration and
Development Company Limited ("HBED"), a subsidiary of HudBay Minerals Inc. ("Hudbay") (TSX: HBM)(NYSE: HBM), exercised its back-in option for the Freebeth Property this summer and
as operator is required to spend $1.8 million over three years to earn
a 55% interest in the property. The property is strategically located
approximately 14 kilometres southeast of the Hudbay/VMS Ventures Reed
Copper Project, which is slated for full production in the first half
of 2014. The Freebeth Property presently hosts numerous untested
geophysical targets, two known copper bearing zones and excellent
The first phase exploration program commenced on October 3, 2013, with a
surface geophysical DPEM (Deep Penetrating Electro Magnetic) survey
totalling 90 kilometres. A total of 1,800 meters of drilling are
planned and mobilization of drill equipment to the property will
commence on October 15, 2013. The drill program will test one VTEM
(airborne geophysical survey) anomaly, three DPEM anomalies and one
stratigraphic target. Additional drilling has been budgeted in this
first phase program if results are warranted.
Ken Lapierre, President and CEO commented, "We are very pleased to have
Hudbay update us on its efforts at our Freebeth Property. A large
component of the program will focus on drill testing geophysical
anomalies to determine their potential to host VMS mineralization. We
look forward to the results of this first phase and additional programs
The back-in option requires Hudbay to pay a one-time cash payment of
$170,000 to Rockcliff (completed) and incur a minimum of $1.8 million in work
expenditures at Freebeth within three years to earn a 55% interest in
the property. Rockcliff will hold a 45% undivided interest. Hudbay
can acquire an additional 10% interest in the property (for a total of
65%) by bringing the property to commencement of commercial production
and financing Rockcliff's 35% portion of the development cost, with
such costs being reimbursed to Hudbay from the proceeds of production.
Please see Rockcliff's press release dated March 23, 2007 for further
Rockcliff Resources Inc.
Rockcliff Resources Inc. is a Canadian resource exploration company
focused on discovery and advancement of its high-quality mineral
properties at its Snow Lake Project. Rockcliff presently controls the
Snow Lake Project in Manitoba, totalling in excess of 400 km2. The project includes two VMS high grade copper rich NI43-101
Resources (Rail and T-1 Copper Deposits), one historic VMS copper
deposit (Lon), the T-2 Copper Zone (Tower), numerous untested
geophysical anomalies and several additional properties with VMS
potential. Rockcliff also owns a zinc-silver rich NI43-101 Resource
(Shihan) in 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 relea
SOURCE: ROCKCLIFF RESOURCES INC.
For further information:
Rockcliff Resources Inc.
Ken Lapierre P.Geo.
President & CEO
(416) 863-9800 or (647) 678-3879
Cor Capital Inc