Northcliff Begins Trading On The Toronto Stock Exchange And Appoints New Independent Director
February 1, 2012 Vancouver, B.C. -- Northcliff Resources Ltd. ("Northcliff" or the "Company") (TSXV:NCF) announces that it will begin trading on the Toronto Stock Exchange ("TSX") on Thursday, February 2, 2012 under the symbol NCF.
President & CEO Chris Zahovskis said: "Northcliff has reached a number of key project milestones over the past year. The Company went public in June 2011 and concurrently completed a significant financing of close to $28 million to ensure that the Sisson Project in New Brunswick can be advanced to a construction decision without necessitating additional development financing. With the achievement of a TSX listing, we believe that the Company's international profile will be raised with strategic and institutional investors as we begin to prepare for permitting and project financing."
"We've also been very pleased with the progress of our technical programs at the Sisson Project. We have established experienced project and engineering teams, and are well launched on our program to deliver a Feasibility Study and submit the Environmental Impact Assessment by Q3 2012. Additionally, project permitting will be initiated in the latter part of 2012. The tungsten market also remains strong: tungsten prices have appreciated nearly 400% since 2005, outperforming even precious metals such as gold and silver over the same period," Zahovskis said. "We believe the Sisson Project will become a significant new producer of tungsten for the North American and European markets with the potential to provide between 5 to 8% of the global tungsten supply."
Robert A. Dickinson, Chairman of the Board, is also pleased to announce the appointment of Darcy Rezac as an Independent Director of Northcliff. Mr. Dickinson said "Darcy Rezac brings a great deal of leadership in economic and corporate development and has played key roles in the areas of community leadership, public policy and business-government and international trade relations. We welcome him to the Board."
Darcy Rezac is the Managing Director of Ana Pacific Consulting and has served on numerous boards including the Vancouver International Airport (YVR), BC Bearing Engineers Ltd., Vancouver Board of Trade, and BC Trade Development Corporation. Mr. Rezac has served on a number of board committees, including nominating and executive, HR, strategic planning, investment and audit. Mr. Rezac also served as Director of Corporate Services for Alcan Canada between 1980 and 1984.
Northcliff is a mineral resource company associated with Hunter Dickinson Inc. (HDI), a diversified, global mining group with a 25-year history of mineral development success. Northcliff is focused on advancing 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 Minerals Ltd., subject to investing up to $17 million in exploration, feasibility and project costs.
The advanced stage Sisson Project has 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 will become one of North America's first major tungsten producers, greatly increasing supply to the large North American and European markets where demand far outstrips supply.
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