Northcliff, Geodex Sign Letter of Agreement

Northcliff Resources Ltd. (TSX:NCF) announced it has signed a letter of agreement with Geodex Minerals Ltd. ((TSXV:GXM) to acquire Geodex’s 30% interest in the Sisson tungsten-molybdenum project.

As quoted in the press release:

In October 2010, Northcliff acquired a 70% interest in the Sisson Project from Geodex, subject to investing up to $17 million in exploration, feasibility and project costs. Northcliff expects to complete its $17 million investment in early May 2012.

Northcliff will issue 16,003,700 common shares to Geodex and pay $1 million in cash to acquire Geodex’s 30% interest in the Sisson Project. As part of the Acquisition, Northcliff will also return to Geodex for cancellation the 3,333,333 common shares of Geodex that Northcliff purchased for $0.30 per share.

Click here to read the Northcliff Resources Ltd. (TSX:NCF) press release.