New Brunswick Mining News

4/18/2012

Northcliff Resources to Acquire 100% of Sisson

Northcliff Resources Ltd. of Vancouver will acquire full ownership of a New Brunswick base-metals project (Sisson) by purchasing the remaining 30 per cent share owned by Geodex Minerals Ltd. (TSXV:GXM).
Northcliff began building its stake in the Sisson tungsten-molybdenum project through a 2010 option agreement with Geodex.
Under the option agreement, Northcliff has the right to earn 70 per cent of the project by spending $17 million on exploration and other costs. That commitment is expected to be fulfilled by next month.
Under their new deal, Northcliff will get full ownership of the project by issuing 16 million of its common shares and paying $1 million cash to Geodex. Northcliff will also return about 3.3 million common shares of Geodex for cancellation.
The Geodex shares had been valued at 30 cents each when Northcliff acquired them but they've declined since then. On Wednesday, Geodex shares traded at eight cents on the TSX Venture Exchange.
Northcliff shares last traded on April 12 at 55 cents, giving the company a market value of $33.8 million.

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