Rockcliff Metals Signs LOI to Further Solidify the Snow Lake Camp
TORONTO, ON / ACCESSWIRE / January 18, 2019 / Rockcliff Metals Corporation ("Rockcliff" or the "Company") (TSX.V: RCLF) (FRANKFURT: RO0, WKN: A2H60G) is pleased to announce that it has entered into a Letter of Intent ("LOI)", to be followed by a formal Purchase Agreement, with RNC Minerals (RNX) ("RNC") to acquire fourteen properties (the "Acquisitions") located in Snow Lake, Manitoba. The Acquisitions from RNC's wholly-owned subsidiary, VMS Ventures Inc., is in consideration for the issuance of 2,225,000 common shares of Rockcliff to RNC. Red Cloud Klondike Strike Inc. acted as financial advisor to Rockcliff.
Rockcliff's President & CEO Ken Lapierre stated: "the Company could not pass on the opportunity to purchase 100% interest in quality properties immediately adjacent to our existing property portfolio, including a historical high-grade VMS deposit. With no near-term expenditure requirements and $4.0M in banked assessment credits from previous exploration to draw on, Rockcliff has significantly upgraded its portfolio in the world-class VMS and gold-rich camp. We are presently completing an extensive due diligence on all 14 properties. Once completed, we look forward to finalizing the formal Purchase Agreement and adding these assets to Rockcliff's extensive property portfolio in and around Snow Lake, Manitoba."
Rockcliff is the largest junior landholder in the Flin Flon-Snow Lake greenstone belt ("Belt") which is the largest Paleoproterozoic VMS district (copper, gold, zinc, silver) in the world and also contains gold mines and deposits.
The Acquisitions are subject to a number of conditions standard for a transaction of this nature, including, but not limited to, satisfactory completion of due diligence by Rockcliff, approval by the TSX Venture Exchange and execution of a formal Purchase Agreement on or before January 31, 2019.
About Rockcliff Metals Corporation
Rockcliff is a Canadian resource exploration company focused on base metals, gold and royalties in the Snow Lake area of Manitoba, Canada. Rockcliff is the largest junior landholder in the Flin Flon-Snow Lake greenstone belt which is home to the largest Paleoproterozoic volcanic-hosted massive sulphide (VMS) district (copper, gold, zinc, silver) in the world and also contains gold mines and deposits. Its extensive portfolio of properties totals over 4,000 square kilometres. It includes nine of the highest-grade undeveloped VMS deposits and 5 lode-gold properties including the historic Rex-Laguna gold mine, Manitoba's first and highest-grade gold mine.
For further information, please contact:
Rockcliff Metals Corporation
CHF Capital Markets
Cautionary Note Regarding Forward-Looking Statements: This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. All statements contained in this news release, other than statements of historical fact, are to be considered forward-looking. Although Rockcliff believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
Neither the 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 news release.