Rockcliff Resources Inc.
TSX VENTURE : RCR

Rockcliff Resources Inc.

March 09, 2012 08:00 ET

Rockcliff Exercises Option to Earn 100% Interest in Rail VMS Property

TORONTO, ONTARIO--(Marketwire - March 9, 2012) - Rockcliff Resources Inc. ("Rockcliff") (TSX VENTURE:RCR) (Tier 1) is pleased to announce that it has exercised its option to earn a 100% interest in the Rail Property in Snow Lake, Manitoba.

Pursuant to an option agreement with Hudson Bay Exploration and Development Company Limited (HBED), a wholly owned subsidiary of HudBay Minerals Inc. (TSX:HBM), Rockcliff was required to pay an aggregate of $370,000 cash and exploration expenditures totalling $1,600,000 over a five year period in order to earn a 100% interest in the Rail Property. Once the cash and expenditure requirements are completed, HBED then has a right to earn back up to a 65% interest in the Rail Property.

HBED and Rockcliff entered into an amending agreement whereby HBED has agreed to accept 2,727,273 common shares of Rockcliff valued at $0.099 per share in lieu of the final cash option payment of $270,000 due pursuant to the option agreement. The transaction is subject to regulatory approval. On closing of the transaction, Rockcliff will have earned its 100% undivided interest in the Rail Property and HBED will receive a 2% Net Smelter Return Royalty and has the right to earn back up to a 65% interest in the Rail Property. For further information, please see the Press Release dated March 23, 2007.

The Rail Property presently hosts the Rail Deposit, a National Instrument (NI) 43-101 Indicated Resource rich in copper, gold, zinc and silver (please see Press Release dated December 21, 2010). The deposit remains open in all directions. The Rail Deposit Report prepared by SRK (Consulting) Canada is available for viewing on www.sedar.com. and the Resource is detailed below.

The Mineral Resource Statement for the Rail Deposit is reported at a cut-off grade of 2.0 percent copper. The table below includes metal grade for copper, zinc, gold and silver but not lead because this metal is present at near detection limits.

Table 1: Mineral Resource Statement*, Rail Polymetallic Sulphide Deposit, Manitoba, SRK Consulting, November 4, 2010

Grade
Resource Category Quantity
(tonnes)
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Contained Cu
(pounds)
Indicated 822,000 3.04 0.90 0.66 9.25 55,090,000
Inferred - - - - - -
* Reported at a cut-off grade of 2.0 percent copper. Cut-off grade is based on copper price of US$3.00 per pound and a metallurgical recovery of eighty percent, without considering revenues from other metals. All figures rounded to reflect the relative accuracy of the estimates. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The mineral resources are reported at a cut-off grade of 2.0 per cent copper to reflect "the reasonable prospects" for economic extraction. SRK considers the Rail Deposit to be amenable to extraction using underground mining methods. The Mineral Resources Statement for the Rail Deposit presented in Table 1 are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. The Indicated Mineral Resource for the Rail Deposit was classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (December 2005).

Rockcliff Resources Inc.

Rockcliff Resources Inc. is a Canadian resource exploration company focused on discovery and advancement of its high-quality mineral assets at its Snow Lake Project. Rockcliff presently controls the Snow Lake Project totalling in excess of 500 km2. The project includes one copper rich NI43-101 Indicated Resource (Rail), two former copper rich VMS Mines (Spruce Point and Dickstone), one historic VMS copper deposit (Lon) and the Tower Copper Deposit. Rockcliff also controls a zinc-silver rich NI43-101 Indicated Resource (Shihan) and a portfolio of precious metal assets including one former gold mine (Century Mine) and one surface gold deposit (C-Zone) in Manitoba and the Black Gold Property in Ontario.

Ken Lapierre P.Geo., President and CEO of Rockcliff Resources Inc. is a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, and is responsible for the information in this press release.

For more information please visit our website at www.rockcliffresources.com.

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 release.

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