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Hudbay Minerals to Acquire Rockcliff Metals to Consolidate Snow Lake Camp
TORONTO, June 19, 2023 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay”) (TSX, NYSE: HBM) and Rockcliff Metals Corp. (“Rockcliff”) (CSE: RCLF, OTCQB: RKCLF) a
About this update from Hudbay Minerals Inc
[{"type":"text","content":" TORONTO, June 19, 2023 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay”) (TSX, NYSE: HBM) and Rockcliff Metals Corp. (“Rockcliff”) (CSE: RCLF, OTCQB: RKCLF) are pleased to announce that they have entered into a definitive agreement (the “Arrangement Agreement”) pursuant to which Hudbay will acquire 100% of the issued and outstanding common shares of Rockcliff that it does not already own (the “Arrangement”). Under the Arrangement Rockcliff shareholders will receive 0.006776 of a Hudbay common share for each Rockcliff common share held, representing an attractive premium to Rockcliff’s recent trading price. The enterprise value to Hudbay, net of Rockcliff’s cash, is approximately US$13 million. Ken Lapierre, Interim President, Chief Executive Officer and Director of Rockcliff, comments, “We are delighted that Hudbay views Rockcliff as an important and strategic acquisition for their operations in the Snow Lake camp. As a junior explorer, it is a fitting result to be able to complete a transaction with a producer such as Hudbay. It is also a testament to the work completed and prospectivity of our assets that one day these deposits may become mines in the camp. We can now move forward as Hudbay shareholders and benefit from their abilities as an explorer and producer in the precious and base metal space and from their growing inventory of world class assets in the Americas.” Peter Kukielski, President and Chief Executive Officer of Hudbay, comments, “This is a logical transaction that has the potential to further extend mine life at our Snow Lake operations by consolidating our ownership in the Talbot copper-gold deposit and more than tripling our prospective land package in the Snow Lake region. The Talbot deposit and the additional Rockcliff satellite deposits provide further optionality and potential future feed sources for our Stall and New Britannia mills.” Rockcliff is the 49% joint venture partner on Hudbay’s Talbot project and also owns 100% of six additional deposits in the Snow Lake region. Rockcliff is one of the largest landholders in the Snow Lake area with approximately 1,800 km2 across all its properties. Rockcliff has measured and indicated mineral resources of 7.9 million tonnes grading 3.60%i copper equivalent and inferred mineral resources of 5.1 million tonnes grading 3.19%i copper equivalent. For additional...