Northcliff Advances Work Program To Achieve Sisson Project Feasibility Study In Q3 2012
July 5, 2011 Vancouver, BC -- Northcliff Resources Ltd. ("Northcliff" or the "Company") (TSX-V: NCF) is pleased to provide an update on the status and activities at the feasibility-stage Sisson Tungsten-Molybdenum Project, located in west-central New Brunswick. The Sisson property hosts an important scale, near-surface tungsten-molybdenum deposit with mineral resources potentially amenable to open pit mining.
Northcliff is advancing feasibility-level engineering and environmental studies, along with associated fieldwork and comprehensive stakeholder engagement programs, toward the completion of a Feasibility Study and Environmental Impact Assessment (EIA) for the Sisson Project in Q3 2012.
"The Sisson Project is well-advanced from a geological, technical and environmental perspective, such that we expect to move efficiently over the coming 15 months to complete a Feasibility Study and initiate federal and provincial permitting," confirmed Northcliff President and CEO Chris Zahovskis. "At the same time, we are very cognizant of our obligation to work with local communities, First Nations, governments and other land and resource users to ensure the Sisson Project is both environmentally sound and respects the priorities and concerns of local people. That important work has begun, and we are pleased with the progress made to date."
Northcliff recently initiated a 9,000-metre drill program at the Sisson property to collect representative core samples for feasibility-level metallurgical testing, to complete open pit geotechnical investigations and to provide further resource definition. Two of three drills have been mobilized to the project site since drilling began on June 15.
In April 2011, a 'Project Description' for the Sisson Project submitted to the Canadian Environmental Assessment Office was formally accepted to initiate a project review under the Canadian Environmental Assessment Act. Environmental Impact Assessment (EIA) guidelines for the project had previously been issued by the Province of New Brunswick in March 2009. Terms of Reference (ToR) for an EIA to meet both federal and provincial permitting requirements are currently being developed through a joint federal-provincial Technical Review Committee. Public, stakeholder and First Nations consultation on the draft ToR are planned for in August/September 2011, prior to final approval by the two levels of government.
Additionally, comprehensive environmental baseline studies are currently underway at the Sisson property to guide project design and support development of an EIA for public and regulatory review. Northcliff's joint venture partner Geodex Minerals Ltd. ("Geodex") initiated studies including climate, surface water hydrology and water quality monitoring programs in 2008 and these are continuing in 2011. Additional environmental studies initiated this year include air quality, water resources, environmental geochemistry, terrestrial and aquatic habitats, fish and wildlife, wetlands, land and resource uses, heritage resources, socioeconomics, and land and resource uses for traditional purposes by Aboriginal communities.
Finally, Northcliff has initiated a broad-based and ongoing program of engagement and consultation with local communities, First Nations, governments and other land and resource interests. The program's objective is to engage community and First Nations' interests in the process by which the Sisson Project is being designed and reviewed, to address local priorities and concerns through project design, and to maximize project benefits for local people.
Northcliff recently completed a $28 million equity financing and a public listing on the TSX Venture Exchange (symbol TSX-V: NCF). The Company's Board of Directors has approved a budget for completion of the Feasibility Study for the Sisson Project, and confirmed that Northcliff is well funded through a construction decision and into early site preparation work. Under the current work program, the Company expects to invest $17 million in the project by the first quarter of 2012, and thereby satisfy its earn-in obligations to secure its 70% interest in the Sisson Project. Geodex will retain the 30% ownership balance.
"The medium and long-term outlook for the global tungsten market is very robust and presents a tremendous opportunity for an advanced stage project like Sisson," Zahovskis confirmed. "We intend to advance this project methodically and efficiently by completing a Feasibility Study and a thorough assessment of environment and socioeconomic effects over the next 15 months. Our goal is to define a technically and financially robust project that meets the rigorous environmental standards of New Brunswick and Canada, while addressing both the priorities and concerns of local people. We are confident that we will achieve a positive outcome in all of these areas, establishing a project that provides substantive benefits to the region and the province."
The Sisson Project is an advanced stage mineral development project with excellent potential for near term production of tungsten and molybdenum. Its location near roads, rail and tidewater on the eastern seaboard of North America provides Sisson with key logistical advantages over its peer group. New Brunswick is a stable jurisdiction with a long tradition of mineral and resource development, and a well-established regulatory system. By advancing Sisson, Northcliff and Geodex will become one of North America's first major tungsten producers, greatly increasing supply to North American and European markets in which demand far outstrips supply.
Northcliff is a mineral resource company, associated with Hunter Dickinson Inc. (HDI), and is focused on progressing the feasibility-stage Sisson Tungsten-Molybdenum Project located in New Brunswick, Canada, to production. Northcliff has acquired a 70% interest in the Sisson Project from Geodex, subject to investing up to $17 million in exploration, feasibility and project costs.
HDI is a diversified, global mine development company with a 25-year history of mineral development success HDI's track record includes successful advancement of large-scale, high-volume open pit mines in Canada.
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.
President & CEO