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Rockcliff Acquires Spruce Point VMS Mine from HudBay Minerals
Feb. 14, 2011 03:36PM PST
Base Metals Investing Rockcliff Resources Inc. (CVE:RCR) announced that it signed an option agreement to acquire a 100% interest in the former producing Spruce Point VMS (copper-zinc) Mine from Hudson Bay Exploration and Development Company Limited.
Rockcliff Resources Inc. (TSXV:RCR) announced that it signed an option agreement to acquire a 100% interest in the former producing Spruce Point VMS (copper-zinc) Mine from Hudson Bay Exploration and Development Company Limited.
The press release states:
To earn a 100% working interest in the property, Rockcliff must pay HBED an aggregate of $0.5 Million in escalating, incremental payments over a four year period or, with respect to $0.47 Million of the cash option payments, elect either to make an additional $0.94 Million in expenditures on the Property or issue $0.47 Million in treasury shares priced at the time of issuance.
To read the full press release, click here.