Trading Symbol RCR: TSXV
TORONTO, April 19, 2012 /CNW/ - Rockcliff Resources Inc. ("Rockcliff") (RCR: Tier 1 TSXV) is pleased to announce that it has exercised its option to earn a 50% interest in the Tower VMS Property and will continue to earn an additional 20% interest in the property over the next two years. The Tower property hosts the high grade Tower VMS (copper rich) Deposit which is open along strike and at depth as well as several additional surface and airborne untested geophysical targets with VMS potential.
Pursuant to an exploration and option agreement with Pure Nickel Inc., to earn a 70% interest in the property, Rockcliff must pay $150,000 in incremental payments and is required to incur aggregate exploration expenditures totalling $4,000,000.
Rockcliff has exercised the option to earn its 50% interest by spending $2,000,000 on exploration expenditures and paying $90,000 to Pure Nickel over the last two years. Both parties will now form a joint venture and Rockcliff will earn an additional 20% in the property by spending an additional $2,000,000 in exploration expenditures and paying a total of $60,000 over the next 2 years. 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, President and CEO of Rockcliff commented, "The Tower Property acquisition closely follows Rockcliff's corporate strategy of acquiring high quality copper assets in a world class jurisdiction proximal to local infrastructure. The Tower Deposit is rich in copper, gold, zinc and silver and represents one of five copper deposits controlled by Rockcliff. It has excellent potential to host significant copper mineralization and we will continue to drill and advance this deposit in 2012 with a view to resource generation by the end of the year.
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 totalling in excess of 500 km2. The project includes one VMS copper rich NI43-101 Indicated Resource (Rail), two former copper rich VMS mines (Spruce Point and Dickstone), one historic VMS copper deposit (Lon) and the Tower VMS Copper Deposit. Rockcliff also controls a zinc-silver rich NI43-101 Indicated Resource (Shihan) and a portfolio of precious metal properties including one former gold mine (Century Mine) and one surface gold deposit (C-Zone) in Manitoba and the Black Gold Property in Ontario.
The information in this news release has been reviewed by 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.
For more information please visit our website at www.rockcliffresources.com
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
For further information:
Rockcliff Resources Inc.
Ken Lapierre P.Geo.
President & CEO
(416) 863-9800 or (647) 678-3879