Trading Symbol RCR: TSXV
www.rockcliffresources.com
TORONTO,
Oct. 9, 2013 /CNW/ - Rockcliff
Resources Inc. ("Rockcliff" or the "Company")
(TSXV: RCR:) is pleased to announce that a DPEM (surface
geophysics) survey and drill program has commenced at the Freebeth
Property, which is part of its Snow Lake Project, central
Manitoba. Hudson Bay Exploration
and Development Company Limited ("HBED"), a subsidiary of
HudBay Minerals Inc. ("Hudbay") (TSX: HBM)(NYSE:HBM),
exercised its back-in option for the Freebeth Property this summer
and as operator is required to spend $1.8
million over three years to earn a 55% interest in the
property. The property is strategically located approximately
14 kilometres southeast of the Hudbay/VMS Ventures Reed Copper
Project, which is slated for full production in the first half of
2014. The Freebeth Property presently hosts numerous untested
geophysical targets, two known copper bearing zones and excellent
infrastructure.
The first phase exploration program commenced on
October 3, 2013, with a surface
geophysical DPEM (Deep Penetrating Electro Magnetic) survey
totalling 90 kilometres. A total of 1,800 meters of
drilling are planned and mobilization of drill equipment to the
property will commence on October 15,
2013. The drill program will test one VTEM (airborne
geophysical survey) anomaly, three DPEM anomalies and one
stratigraphic target. Additional drilling has been budgeted in this
first phase program if results are warranted.
Ken Lapierre,
President and CEO commented, "We are very pleased to have Hudbay
update us on its efforts at our Freebeth Property. A large
component of the program will focus on drill testing geophysical
anomalies to determine their potential to host VMS
mineralization. We look forward to the results of this first
phase and additional programs moving forward".
The back-in option requires Hudbay to pay a
one-time cash payment of $170,000 to
Rockcliff (completed) and incur a minimum of $1.8 million in work expenditures at Freebeth
within three years to earn a 55% interest in the property.
Rockcliff will hold a 45% undivided interest. Hudbay can
acquire an additional 10% interest in the property (for a total of
65%) by bringing the property to commencement of commercial
production and financing Rockcliff's 35% portion of the development
cost, with such costs being reimbursed to Hudbay from the proceeds
of production. Please see Rockcliff's press release dated
March 23, 2007 for further
details.
Rockcliff Resources Inc.
Rockcliff Resources Inc. is a Canadian resource exploration
company focused on discovery and advancement of its high-quality
mineral properties at its Snow Lake Project. Rockcliff presently
controls the Snow Lake Project in Manitoba, totalling in excess of 400
km2. The project includes two VMS high grade
copper rich NI43-101 Resources (Rail and T-1 Copper Deposits), one
historic VMS copper deposit (Lon), the T-2 Copper Zone (Tower),
numerous untested geophysical anomalies and several additional
properties with VMS potential. Rockcliff also owns a
zinc-silver rich NI43-101 Resource (Shihan) in Ontario.
Forward Looking Statement:
Some of the statements contained herein may be
forward-looking statements which involve known and unknown risks
and uncertainties. Without limitation, statements regarding
potential mineralization and resources, exploration results, and
future plans and objectives of the Company are forward looking
statements that involve various risks. The following are
important factors that could cause the Company's actual results to
differ materially from those expressed or implied by such forward
looking statements: changes in the world wide price of mineral
commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and
mining operations, the uncertainty of future profitability and the
uncertainty of access to additional capital. There can be no
assurance that forward-looking statements will prove to be accurate
as actual results and future events may differ materially from
those anticipated in such statements. Rockcliff undertakes no
obligation to update such forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on such
forward-looking statements.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this relea
SOURCE ROCKCLIFF RESOURCES INC.