RE:Hudbay Minerals Acquires 51% Ownership Interest REPOST CAN'T READ THE ABOVE
Sudbury, Ontario--(Newsfile Corp. - August 25, 2020) - Rockcliff Metals Corporation (CSE: RCLF) (FSE: RO0) (WKN: A2H60G) ("Rockcliff" or the "Company") is pleased to announce that Hudbay Minerals Inc. ("Hudbay") has exercised its Buy-Back Right to acquire an additional 2% ownership interest in the Talbot Project (the "Project"), from the Company, pursuant to the Company's option agreement with Hudbay dated April 14, 2014. Hudbay now owns 51% of the Project and Rockcliff owns 49%. Hudbay will now become the Operator of the Project.
On August 18, 2020, Rockcliff was notified of Hudbay's intention to exercise its Buy-Back Right to acquire an additional 2% ownership interest in the Project by making a one-time cash payment of $725,892 to Rockcliff. If Hudbay takes the Project into production, Rockcliff will retain a 35% carried interest in the Project through life-of-mine, provided that Rockcliff contributes its pro-rata share of pre-construction capital.
Alistair Ross, President and CEO, commented, "The work performed by Rockcliff over the past 6 years to advance our understanding of the Talbot Deposit has demonstrated the significant potential of the Talbot Deposit to become a producing mine. Hudbay's early decision to exercise of its buy-back right on the Talbot Property further validates Talbot's potential value. Rockcliff's shareholders will benefit from Hudbay's experience in mine development and operation, combined with its balance sheet strength, as they lead the Talbot Project forward."
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https://www.youtube.com/watch?v=CW3BW2A5URQ About the Talbot ProjectOn April 14, 2020 the Company filed on Sedar an updated National Instrument 43-101-Standards of Disclosure for Mineral Projects ("NI 43-101") Technical Report on the Project. The Talbot Deposit hosts an NI 43-101 Mineral Resource Estimate prepared by P&E Mining Consultants Inc. with an effective date of February 28, 2020 is summarized below.
Talbot Project Updated Mineral Resource Estimate at 1.5% CuEq Cut-Off (1-10) | Classification | Tonnes
(k) | Cu
(%) | Zn
(%) | Au
(g/t) | Ag
(g/t) | CuEq
(%) | Cu
(Mlbs) | Zn
(Mlbs) | Au
(koz) | Ag
(koz) | CuEq
(Mlbs) |
| Indicated | 2,194 | 2.33 | 1.79 | 2.06 | 36.0 | 4.40 | 112.6 | 86.7 | 145.4 | 2,541 | 212.7 |
| Inferred | 2,445 | 1.13 | 1.74 | 1.87 | 25.8 | 2.98 | 60.7 | 93.6 | 147.1 | 2,030 | 160.4 |