Business
Northcliff signs definitive joint venture interest purchase agreement
VANCOUVER, May 10, 2012 /CNW/ - Northcliff Resources Ltd. ("Northcliff") (TSX: NCF) announc...
About this update from Northcliff Resources Ltd.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, May 10, 2012 /CNW/ - Northcliff Resources Ltd. (\"Northcliff\")\n (TSX: NCF) announces that it has signed a definitive Joint Venture\n Interest Purchase Agreement (\"Agreement\") for its acquisition\n (\"Acquisition\") of the remaining 30% interest in the Sisson\n tungsten-molybdenum project (\"Sisson Project\")from its joint venture partner, Geodex Minerals Ltd. (\"Geodex\") (TSX.V:\n GXM).  A copy of the executed Agreement will be filed on Sedar at www.sedar.com.\n\n\nAs announced on April 18, 2012, Geodex agreed to sell its 30% interest\n in the Sisson Project in New Brunswick in consideration for 16,003,700\n common shares of Northcliff, $1 million in cash and the return to\n Geodex for cancellation of 3,333,333 Geodex common shares that\n Northcliff purchased in 2010.\n\n\nGeodex had recently announced on May 2, 2012 that its board of directors\n has unanimously resolved that Geodex should distribute the 16,003,700\n Northcliff shares to Geodex shareholders at the completion of the\n transaction.  Under the Agreement, the transaction is expected to be\n completed on June 21, 2012.\n\n\nThe Acquisition is subject to Northcliff and Geodex shareholder\n approval.\n\n\nAbout Northcliff\n\n\nNorthcliff is a mineral resource company associated with Hunter\n Dickinson Inc. (HDI), and focused on progressing the feasibility-stage\n Sisson Tungsten-Molybdenum Project located in New Brunswick, Canada, to\n production.\n\n\nChristopher Zahovskis\nPresident & CEO\n\n\nNo regulatory authority accepts responsibility for the adequacy or\n accuracy of this release.\n\n\nThis release includes certain statements that may be deemed\n \"forward-looking statements\". All statements in this release, other\n than statements of historical facts that address completion of the\n Acquisition, permitting, exploration drilling, exploitation activities\n and events or developments that the company expects, are\n forward-looking statements. Although the Company believes the\n expectations expressed in such forward-looking statements are based on\n reasonable assumptions, such statements are not guarantees of future\n performance and actual results or developments may differ materially\n from those in the forward-looking statements. Factors that could cause\n actual results to differ materially from those in forward-loo...