Trading Symbol RCR: TSXV
TORONTO, Oct. 31, 2013 /CNW/ - Rockcliff Resources Inc. ("Rockcliff" or the "Company") (TSXV: RCR:) is pleased to announce that Hudson Bay Exploration and Development
Company Limited ("HBED"), a subsidiary of HudBay Minerals Inc. ("Hudbay") (TSX: HBM)(NYSE: HBM), has commenced a drill program to test five targets at the Freebeth
Property. Additionally, Rockcliff is planning a drill program this
winter at its Tower Property to test two large targets near its
existing high grade T-1 Copper Deposit. Both drill programs are
targeting copper, zinc, gold and silver mineralization.
A 1,800 meter drill program has commenced at the Freebeth property. 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.
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.
A 1,500 meter drill program is planned for the winter at the Tower
Property. Two untested DPEM (Deep Penetrating Electro Magnetic)
anomalies measuring between 300-500 meters in strike length are
strategically located near the existing high grade T-1 Copper Deposit
(see below table for T-1 Deposit Resources) on the property. Both
anomalies will be tested for their copper, zinc, gold and silver
Mineral Resource Statement, T-1 Copper Deposit, Manitoba, by Caracle
Creek International Consulting Inc., dated December 2, 2012:
CIM definitions were followed for the estimation of mineral resources.
Mineral resources are estimated at a Cu cut-off of 0.5%.
Cut-off grade was based on a copper price of US$3.63 per pound.
Given the tonnage, grade and orientation of the deposit, Caracle Creek
considers the T-1 Copper Deposit to be reasonably amenable to
extraction using underground mining methods.
Specific Gravity measurements were taken on a portion of the samples and
where actual measurements were not available an average of 3.00 was
Mineral resources are not mineral reserves and do not have demonstrated
The report entitled "Independent Technical Report, Tower Property, Grand
Rapids, Manitoba" dated January 20, 2013 (the "Tower Deposit Report")
was prepared by Zsuzsanna Magyarosi, Julie Selway, Jason Baker and
Julie Palich, independent qualified persons under NI 43-101, for
Caracle Creek International Consulting Inc. (Caracle Creek).
The Company is presently completing a non-brokered flow-through unit
private placement and a non-brokered unit private placement to raise
aggregate proceeds of up to $600,000 (the "Offering") for additional operating and exploration capital. The majority of the
exploration capital will be allocated towards the drill program at
Tower this winter.
Rockcliff is offering up to 4,000,000 flow-through units of the Company
at a price of $0.075 per flow-through unit, for gross proceeds of up to
$300,000. Each flow-through unit (a "FT Unit") consists of one flow-through common share of the Company and one-half
(1/2) non flow-through share purchase warrant (a "Warrant"). Each full Warrant entitles the holder to acquire an additional
common share for twenty-four (24) months from the closing of the
Offering at a price of $0.10 per Common Share for twelve (12) months
from the closing of the Offering and thereafter at a price of $0.20 per
Common Share until the expiry of the Warrants.
Rockcliff is also offering up to 5,000,000 working capital units of the
Company at a price of $0.06 per working capital unit, for gross
proceeds of up to $300,000. Each working capital unit (a "WC Unit") consists of one common share of the Company and one (1) share
purchase warrant (a "WC Warrant"). Each WC Warrant entitles the holder to acquire an additional common
share for twenty-four (24) months from the closing of the Offering at a
price of $0.10 per Common Share for twelve (12) months from the closing
of the Offering and thereafter at a price of $0.20 per Common Share
until the expiry of the WC Warrants.
The Company will pay finders fees of 10% cash and issue Compensation
Options equal to 10% of the number of WC Units or FT Units placed by
any eligible finders. Each Compensation Option will entitle the finder
to acquire one common share for twenty-four (24) months from the
closing of the Offering at $0.10 per Common Share for twelve (12)
months from the closing of the Offering and thereafter at a price of
$0.20 per Common Share until the expiry of the Compensation Options.
At Freebeth, 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 then 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 details.
At Tower, Rockcliff has recently exercised the option to earn its 50%
interest by spending $2,000,000 on exploration expenditures and paying
$90,000 to Pure Nickel Inc. A 50/50 Joint venture has now been formed.
Rockcliff can now earn an additional 20% interest in the property by
spending an additional $2,000,000 (approximately $1,900,000 of which
has been spent to date) in exploration expenditures and paying a total
of $60,000 to Pure Nickel ($30,000 has been paid to date) by March of
2014. Once completed, Rockcliff will control a 70% interest in the
property. An underlying 2% NSR on the property is held by Xstrata
Nickel, of which half can be purchased for $1,000,000.
Ken Lapierre, P.Geo., President & CEO of Rockcliff Resources Inc. of
Rockcliff Resources Inc., is a Qualified Person under the definition of
National Instrument 43-101. Mr. Lapierre has reviewed and approved the
technical 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
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 (Freebeth, Dickstone North). 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 release.
SOURCE: ROCKCLIFF RESOURCES INC.
For further information:
Rockcliff Resources Inc.
Ken Lapierre P.Geo.
President & CEO
(416) 863-9800 or (647) 678-3879