Northcliff provides update on feasibility study for Sisson Tungsten-Molybdenum Project
VANCOUVER, Nov. 3, 2011 /CNW/ - Northcliff Resources Ltd. ('Northcliff' or the 'Company')
announces that feasibility work at the Sisson Tungsten-Molybdenum Project in central New Brunswick, Canada is progressing well and remains on schedule to meet key milestone dates in 2012. During the summer, Northcliff and its consultants completed an extensive field program in support of the development of a Feasibility Study and Environmental Impact Assessment (EIA) report for the Sisson Project.'We've been very pleased with the progress of our technical programs, as well as the Company's efforts to engage with federal and provincial government officials, regulatory agencies, communities and project stakeholders in New Brunswick, as well as local First Nations,' said Northcliff President & CEO Chris Zahovskis. 'We have established an experienced project and consultant team in New Brunswick, and are well launched on our program to deliver a Feasibility Study and initiate final project permitting in the latter part of 2012.'
Approximately 8,500 m of diamond drilling at various core sizes was completed at the Sisson Project in 2011 to provide a 35 tonne sample for metallurgical testing, as well as data for geotechnical and hydrogeological assessments. Additionally, some 400 test pits have been excavated for further geotechnical and condemnation assessments. Data collected from these programs will provide key inputs to engineering and project design for the Sisson Project Feasibility Study.
Recently, Northcliff engaged SGS Lakefield of Ontario to conduct the metallurgical test program for the Feasibility Study, with an anticipated start date in November 2011. The Company has also engaged Samuel Engineering ('Samuel') of Denver, CO to act as lead consultant for the Sisson Project Feasibility Study. Samuel will coordinate completion of the study with input from other engineering companies already engaged on the project.
In parallel with the drilling program, an extensive multi-disciplinary environmental field program was conducted at Sisson in 2011 to facilitate environmental input into the project design and completion of the Sisson Project Environmental Impact Assessment. The environmental baseline monitoring program will continue throughout the feasibility and permitting phases of the project.
Draft Terms of Reference for the joint federal/provincial EIA for the Sisson Project were released in mid-August 2011 and subjected to a 45-day public comment period. During this time, Northcliff hosted three public open houses in communities close to the project site (Juniper, Millville and Stanley). Draft responses to public comments received on the draft EIA Terms of Reference have now been compiled, and the process of finalizing the Terms of Reference with the federal and provincial governments is underway. It is anticipated that final Terms of Reference to guide the Environmental Impact Assessment for the Sisson Project will be issued in late November 2011.
Public, stakeholder and First Nations engagement continues to be a central focus of the Company's activities in New Brunswick. Northcliff has initiated discussions with local communities, key interest groups and individuals, the provincial and federal governments, as well as New Brunswick First Nations, in order to identify and address environmental and social concerns. Northcliff recognizes the importance of First Nations' involvement in the Sisson Project and is seeking positive and mutually beneficial relationships with key First Nations and aboriginal organizations.
'I'm pleased to report that all aspects of the Feasibility Study and the Environmental Impact Assessment for the Sisson Project are on schedule for completion by the third quarter of 2012,' confirmed Zahovskis. 'We are pleased with the progress of our technical work, our field programs and our stakeholder and First Nations outreach, as well as the ongoing positive conditions in the global tungsten market.'
Largely as a result of Chinese supply and export quotas, tungsten prices have remained robust in recent months despite considerable overall commodity price uncertainty. While tungsten prices have remained relatively flat, ranging between $450 to $470/mtu (metric tonne unit), other globally traded metal commodities have generally declined amidst considerable volatility.
'Tungsten prices since 2005 have appreciated nearly 400%, outperforming even precious metals such as gold and silver over the same period,' Zahovskis said. 'In addition, the outlook for tungsten demand remains strong. When considered in light of the limited new production that is currently forecast to come on line, we believe the Sisson Project will become a significant new producer of tungsten for the North American and European markets.'
About Northcliff
Northcliff is a mineral resource company based in Vancouver, Canada and associated with Hunter Dickinson Inc. (HDI). Its primary focus is advancing the feasibility-stage Sisson Tungsten-Molybdenum Project located in central New Brunswick, Canada to production. Northcliff has acquired a 70% interest in the Sisson Project from Geodex Minerals Ltd., subject to investing up to $17 million in exploration, feasibility and project costs.
HDI is a diversified global mining group with a 25-year history of mineral development success. From its head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate and monetize mineral properties that provide consistently superior returns to shareholders
Christopher Zahovskis
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, that address permitting, exploration drilling, exploitation activities and events or developments that the company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, potential environmental issues and liabilities associated with exploration, development and mining activities, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
Northcliff Resources Ltd.
CONTACT: For further details on Northcliff and the Sisson Project, please
visit www.northcliffresources.com or contact Investor Services at (604)
684-6365 or within North America at 1-800-667-2114.
