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") (HBM.TO)(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 infrastructure.
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 moving forward".
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 details.
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.
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