|May 10, 2012|
Northcliff Signs Definitive Joint Venture Interest Purchase Agreement
|May 10, 2012 Vancouver, BC -- Northcliff Resources Ltd. ("Northcliff") (TSX: NCF) announces that it has signed a definitive Joint Venture Interest Purchase Agreement ("Agreement") for its acquisition ("Acquisition") of the remaining 30% interest in the Sisson tungsten-molybdenum project ("Sisson Project") from its joint venture partner, Geodex Minerals Ltd. ("Geodex") (TSX.V: GXM). A copy of the executed Agreement will be filed on Sedar at www.sedar.com.|
As announced on April 18, 2012, Geodex agreed to sell its 30% interest in the Sisson Project in New Brunswick in consideration for 16,003,700 common shares of Northcliff, $1 million in cash and the return to Geodex for cancellation of 3,333,333 Geodex common shares that Northcliff purchased in 2010.
Geodex had recently announced on May 2, 2012 that its board of directors has unanimously resolved that Geodex should distribute the 16,003,700 Northcliff shares to Geodex shareholders at the completion of the transaction. Under the Agreement, the transaction is expected to be completed on June 21, 2012.
The Acquisition is subject to Northcliff and Geodex shareholder approval.
Northcliff is a mineral resource company associated with Hunter Dickinson Inc. (HDI), and focused on progressing the feasibility-stage Sisson Tungsten-Molybdenum Project located in New Brunswick, Canada, to production.
For further details on Northcliff and the Sisson Project, please visit www.northcliffresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114
President & CEO
You can view the Next News Releases item: Thu May 17, 2012, Northcliff Updates Mineral Resources For Sisson Tungsten-Molybdenum Project
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