Northcliff Provides Project Update on the Sisson Project
April 17, 2018 Vancouver, BC - Northcliff Resources Ltd. ("Northcliff" or the "Company") (TSX: NCF), on behalf of Sisson Mines Ltd., the general partner of the Sisson Project Limited Partnership (the "Partnership") is pleased to provide a project update on the Company's Sisson Tungsten-Molybdenum Project (the "Sisson Project").
Since the positive federal environmental assessment ("EIA") decision in mid-2017 (see Northcliff news release dated June 23, 2017), the Partnership has been engaged in advancing various key permits needed for the next stage of development. The Company reports that the MMER Schedule 2 amendment process is proceeding with the required consultation, led by Environment Canada and Climate Change (ECCC), and looks forward to a timely conclusion. In parallel, the Partnership is working with the province and advancing its applications for the Crownland and Mining Leases needed for construction and operation of a mine.
Ongoing engineering studies are also underway to further optimize the project; this work is focused primarily on reducing capital and operating costs. The Partnership is also now well advanced in its multi- year metallurgical optimization program conducted under the planning and supervision of Bomenco Minerals Engineering & Consulting Inc. ("Bomenco") at the Lakefield, Ontario facility of SGS Mineral Services Canada. Bomenco has long-term involvement with the Sisson Project, beginning in 2008 and continuing since Northcliff earned in its interest in 2010, including the 2013 Sisson Project feasibility study. The objective of this metallurgical program is to assess the potential to improve the grade of the tungsten concentrate produced by the proposed concentrator for the Sisson Project, while maintaining metallurgically optimal tungsten recoveries.
The commodity prices for Sisson's products have recovered from their lows in 2015; Ammonium Paratungstate (APT) prices have recently traded at $330/mtu (London Metals Bulletin) with molybdenum prices reaching $12.50/lb (Platts Metals Daily). Mid to longer term fundamentals for tungsten and molybdenum remain robust, including price forecasts.
Discussions with potential offtake groups continue in parallel with project financing efforts.
In the meantime, the Partnership's work with local New Brunswick groups on various initiatives are ongoing; these initiatives include education, training and environmental monitoring some of which are included in the provincial EIA conditions. As well, the Partnership is working with Woodstock First Nation in accordance with the Cooperation Agreement (see Northcliff news release March 2, 2017). The Company looks forward to completing the key permit requirements in a timely manner and in the meantime, it will remain focused on the other activities required to move the project towards construction.
About Northcliff Resources Ltd.
Northcliff, associated with Hunter Dickinson Inc. (HDI), is a mineral resource company focused on advancing the Sisson Tungsten-Molybdenum Project located in New Brunswick, Canada, to production. The results of the Feasibility Study completed in January 2013 confirm that the Sisson Project is technically and economically feasible and can move on to the next stage of development.
Additional information on Northcliff is available on the website at www.northcliffresources.com. Investor services can be reached at (604) 684-6365 or within North America at 1-800-667-2114.
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 the in-progress financing, 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. Assumptions used by the Company to develop forward-looking statements include the following: the Sisson Project will obtain all required environmental and other permits for construction of the mine, the Sisson Project will achieve targeted production levels; the Company's study and development of the Sisson Project will continue to be positive; contracted parties provide goods and/or services on the agreed timeframes; equipment necessary for construction and development is available and does not incur unforeseen breakdowns; no material labour slowdowns or strikes are incurred; plant and equipment functions as specified; geological or financial parameters do not necessitate future mine plan changes; and no geological or technical problems occur. Factors that could cause actual results to differ materially from those in forward-looking statements include uncertainty of shareholder support, the need for judicial and regulatory approvals, fluctuations in 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 environmental, land use and other permits, approvals, licenses and title on a timely basis and delays due to third party opposition, and development of properties located within First Nations treaty and asserted territories may affect or be perceived to affect treaty and asserted aboriginal rights and title, which may cause permitting delays or opposition by First Nations communities, 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.