Rockcliff Files NI 43-101 Report on Indicated Resource Estimate for Rail and
Closes Final Tranche of Offering
822,000 Tonnes at 3.04% Copper, 0.90% Zinc, 9.25g/t Silver, 0.66g/t Gold
Rail Deposit Remains Open in all Directions
Trading Symbol RCR: TSXV
TORONTO, Dec. 21 /CNW/ - Rockcliff Resources Inc. (RCR: TSXV) is pleased to announce a National Instrument (NI) 43-101 Technical Report has been completed for its Rail Deposit located in central Manitoba in Rockcliff's Snow Lake Project. The report entitled "Mineral Resource Evaluation, Rail Polymetallic Sulphide Deposit, Snow Lake, Manitoba", dated December 19, 2010 (the "Rail Deposit Report"), was prepared by Sébastien Bernier, M. Sc., P.Geo, and Dominic Chartier, P.Geo., Qualified Persons under National Instrument 43-101, on behalf of SRK Consulting (Canada) Inc. The Rail Deposit Report is available for viewing on www.sedar.com.
The Mineral Resource Statement prepared by SRK for the Rail Deposit is detailed below.
The Mineral Resource Statement for the Rail Deposit is reported at a cut-off grade of 2.0 percent copper. The statement includes metal grade for copper, zinc, gold and silver but not lead because this metal is present at near detection limits. The Mineral Resource Statement for the Rail Deposit is summarized in Table 1.
Table 1: Mineral Resource Statement*, Rail Polymetallic Sulphide Deposit,
Manitoba, SRK Consulting, November 4, 2010
Resource Category | Quantity | Grade | Contained | |||
(tonnes) | Cu (%) | Zn (%) | Au (g/t) | Ag (g/t) | Cu (pounds) | |
Indicated Inferred |
822,000 - |
3.04 - |
0.90 - |
0.66 - |
9.25 - |
55,090,000 - |
* Reported at a cut-off grade of 2.0 percent copper. Cut-off grade is based on copper price of US$3.00 per pound and a metallurgical recovery of eighty percent, without considering revenues from other metals. All figures rounded to reflect the relative accuracy of the estimates. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
The mineral resources are reported at a cut-off grade of 2.0 per cent copper to reflect "the reasonable prospects" for economic extraction. SRK considers the Rail Deposit to be amenable to extraction using underground mining methods. The Mineral Resources Statement for the Rail Deposit presented in Table 1 are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. The Indicated Mineral Resource for the Rail Deposit was classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (December 2005) by Sebastien Bernier, P.Geo (APGO#1847), an appropriate independent person for the purpose of National Instrument 43-101. Mr. Bernier has reviewed the technical content of this news release. Reference is made to the press release dated November 4, 2010.
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, is responsible for the information in this press release.
Rockcliff has the exclusive right to earn a 100% interest in the Rail Property from Hudson Bay Exploration and Development Company Limited (HBED), a wholly owned subsidiary of HudBay Minerals Inc. (HBM: TSX). If Rockcliff earns its interest in the Rail Property, HBED will receive a 2% Net Smelter Return Royalty. If Rockcliff earns a 100% interest in the Rail Property, HBED then has the right to acquire up to a 65% interest in the Rail Property. Please refer to the News Release dated March 23, 2007 for further details.
Rockcliff is also pleased to announce that, further to its press releases of December 1, 2010 and December 16, 2010, the Company closed the final tranche of its non-brokered private placement for proceeds of a further $803,750 for a total raised of $4,000,000. In the final tranche, the Company placed 2,822,500 FT Units for proceeds of $564,500 and 1,594,999 WC Units for proceeds of $239,250. Rockcliff paid finders fees of $53,010 and issued 182,000 Compensation Warrants exercisable at $0.20 per warrant in respect of the sale of FT Units and 125,333 Compensation Warrants exercisable at $0.15 per warrant in respect of the sale of WC Units. Each Compensation Warrant entitles the holder to purchase a further common share of the Company for eighteen (18) months from Closing. The terms of the FT Units and WC Units are set out in the December 16, 2010 press release. Securities issued under this private placement are subject to a hold period ending on April 21, 2011.
Insiders of the Company acquired a further $109,500 of FT Units and $4,250 of WC Units pursuant to this closing. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI61-101") by virtue of the exemptions contain in section 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to insiders does not exceed 25% of its market capitalization.
Rockcliff Resources Inc.
Rockcliff Resources Inc. is a Canadian resource exploration company focused on discovery and advancement of its high-quality mineral assets at its Snow Lake Project. Rockcliff presently controls the Snow Lake Project totaling in excess of 600 km2 located within and proximal to the Snow Lake Mining Camp. The project presently includes the NI 43-101 compliant Rail Copper-Gold Deposit, three historic VMS (copper-gold) deposits (Lon, Reed and Kof), the Tower VMS (copper-gold) Prospect, a former gold mine (Century Mine), one gold deposit (C-Zone) as well as additional areas with potential for VMS (copper-rich) and gold mineralization. Rockcliff also controls the Black Gold Property and the NI 43-101 compliant Shihan Silver-Zinc Deposit in northern 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.
For further information:
please visit our website at www.rockcliffresources.com or contact Ken Lapierre, P.Geo., President & CEO of Rockcliff Resources Inc. at (416) 863-9800 or at [email protected]
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