Hudbay Minerals Acquires 51% Ownership Interest in Talbot Project, Becomes Operator, Michigan
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Rockcliff Metals Corporation said that Hudbay Minerals has exercised its Buy-Back Right to acquire an additional 2 percent ownership interest in the Talbot Project from Rockcliff Metals. Hudbay now owns 51 percent of the project and Rockcliff owns 49 percent. Hudbay will now become the operator of the project.
If Hudbay takes the project into production, Rockcliff will retain a 35 percent carried interest in the project through life-of-mine, provided that Rockcliff contributes its pro-rata share of pre-construction capital.
“The work performed by Rockcliff over the past 6 years to advance our understanding of the Talbot Deposit has demonstrated the significant potential of the Talbot Deposit to become a producing mine. Hudbay’s early decision to exercise of its buy-back right on the Talbot Property further validates Talbot’s potential value. Rockcliff’s shareholders will benefit from Hudbay’s experience in mine development and operation, combined with its balance sheet strength, as they lead the Talbot Project forward,” said Alistair Ross, Rockcliff Metals’ president and CEO.
About Rockcliff Metals Corporation
Rockcliff is a well-funded Canadian resource development and exploration company, with a fully functional +1,000 tonne per day leased processing and tailings facility as well as several advance-stage, high-grade copper and zinc dominant VMS deposits in the Snow Lake area of central Manitoba. The company is a major landholder in the Flin Flon-Snow Lake Greenstone Belt which is home to the largest Paleoproterozoic VMS district in the world, hosting mines and deposits containing copper, zinc, gold and silver. The company’s extensive portfolio of properties totals over 4,500 square kilometres and includes eight of the highest-grade, undeveloped VMS deposits in the Belt.
To stop by Rockcliff’s website, CLICK HERE
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