Trading Symbol RCR: TSXV
TORONTO, Oct. 25, 2012 /CNW/ - Rockcliff Resources Inc. ("Rockcliff") (RCR: Tier 1 TSXV) is pleased to announce that Caracle Creek International Consulting Inc. (CCIC) has commenced an independent National Instrument 43-101 Technical Report on the Tower Property. The report is anticipated to be completed before the end of November 2012 and will include geological modelling and resource estimation on the high grade T-1 Copper Deposit. The deposit is host to high grade copper, gold, zinc and silver mineralization and is located within 500m of a major highway, power lines and the recently discovered T-2 Copper Zone. A total of forty-one (41) drill holes (including eight historic holes) totalling almost 17,000m have been completed on the T-1 Copper Deposit. Eighteen (18) of the drill holes (45%) intersected high copper grades exceeding 3.0%, which have been previously announced in earlier news releases and reports and are highlighted in the table below:
|Hole #||Width(m)*||Copper%||Gold g/t||Zinc%||Silver|
*down hole drill widths
Ken Lapierre, President and CEO of Rockcliff commented, "The resource estimation is a very significant milestone for Rockcliff and its shareholders. The high grade nature of the T-1 Copper Deposit, its proximity to a major all season highway, power line and our recent discovery of the T-2 Copper Zone is a true testament to the exceptional mine making potential of this property. We eagerly await the completion of the initial resource estimate for the T-1 Copper Deposit and in moving this property to the next level."
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 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. 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 progress) 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.
For more information please visit our website at www.rockcliffresources.com
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), one former copper rich VMS mine (Dickstone), one historic VMS copper deposit (Lon) and the T-1 Copper Deposit and T-2 Copper Zone (Tower). 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.
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
Cor Capital Inc