$579 Million Sisson Project Has Potential to Generate More Than 300 Jobs for New Brunswick
January 29, 2013 -- Fredericton, New Brunswick -- Northcliff Resources Ltd. ("Northcliff" or the "Company") (TSX: NCF) is pleased to announce it has completed a Feasibility Study for the Sisson Tungsten-Molybdenum Project, located in central New Brunswick. The results of the independent study confirm that the Sisson Project is technically and economically feasible and can now move on to the next stage of the CAD $579 million development.
Northcliff Resources CEO Chris Zahovskis said, "The results of the Feasibility Study have confirmed the economic and technical viability of the Sisson Project. This is an exciting and important resource development project for New Brunswick and we believe it has the potential to become a catalyst for growth in the provincial economy. The Sisson Project will benefit New Brunswick citizens and communities by maximizing local opportunities at every stage of project development. Residents and businesses of communities in the project area and the province of New Brunswick are given priority consideration for employment and contracting. The project will also generate significant tax revenues which could help fund improvements to roads, health care and schools in New Brunswick."
The responsible development of the Sisson Project will require a total capital investment of some $579 million and generate 300 direct operations jobs during the 27 year life of the project and up to 500 jobs during the project's two year construction phase. The Feasibility Study also illustrates the significant annual tax revenues that the Sisson Project will generate. At base level assumptions, the Sisson Project will generate more than $525 million in direct provincial tax revenues in 2013 dollars over its 27-year operating life, more than half of which will be collected under the current Metallic Minerals Act mining tax regime. On average, the Sisson Project will generate $19.5 million annually provincial tax revenues. The project will further generate more than $367 million in direct federal taxes, an average of $13.6 million per year. Average annual operating expenditures of approximately $146 million include more than $20 million in payroll to employees.
The Feasibility Study outlines several key aspects of the Sisson Project:
Northcliff expects to submit an Environmental Impact Assessment ("EIA") report early in 2013. Project stakeholders in New Brunswick will have multiple opportunities to participate in the Environmental Impact Assessment and project review process through working groups, a government sponsored public meeting and during public comment periods associated with the EIA process when the EIA Report is released by the regulators. Environmental studies conducted to date have informed the Sisson Project design and the EIA will assess Northcliff's plans for constructing, operating and eventually closing the Sisson Project in an environmentally responsible manner.
Northcliff Resources Ltd. applies the principles of responsible mineral development, which involves early, ongoing and open engagement with First Nations and communities in the areas surrounding the Sisson Project.
For full details of the Feasibility Study results, please visit our website at www.northcliffresources.com.
For more information:
Community Relations Manager
Northcliff Resources Ltd.