NEW BRUNSWICK – Northcliff Resources of Vancouver has offered to buy the 30% interest owned by Geodex Minerals of Vancouver in the Sisson tungsten-molybdenum project 60 km northwest of Fredericton. Northcliff is offering $1 million in cash, a return of 3.3 million Geodex common shares, and the issuance of 16.0 million Northcliff common shares to Geodex.
Northcliff (a Hunter Dickinson company) acquired its 70% interest in the Scisson project in October 2010 subject to investing up to $17.0 million in exploration, feasibility and project costs. Northcliff expects to complete those conditions in early May 2012.
The Scisson feasibility study is due to be delivered in Q3 2012. It is expected to conclude that the deposit is amenable to low cost open pit mining. When the preliminary economic assessment was done in 2009, the property had measured and indicated resources of 177.4 million tonnes grading 0.094% WO3 and 0.031% Mo. The inferred resource totalled 69.0 million tonnes grading 0.086% WO3 and 0.033% Mo.
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