The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
It's far too early to say whether it will lead to any mining, but Hudbay is showing faith in yet another Snow Lake area property. The company has exercised its back-in option for the Freebeth property owned by Toronto-based junior miner Rockcliff Resources. Hudbay must now pay $170,000 to Rockcliff within 60 days, and incur at least $1.8 million in costs at Freebeth within three years, to earn a 55 per cent interest in the property. Rockcliff will hold a 45 per cent undivided interest. Hudbay can acquire an additional 10 per cent interest, for a total of 65 per cent, by bringing Freebeth into commercial production. In that scenario, Hudbay would also have to finance Rockcliff's 35 per cent portion of the development cost, with such costs reimbursed to Hudbay from the proceeds of production. 'We are very pleased to have Hudbay exercise its back-in option at Freebeth,' said Ken Lapierre, president and CEO of Rockcliff. 'It not only provides additional cash in our treasury, it also allows significant exploration funds to be spent at Freebeth with no share dilution to Rockcliff. We look forward to the exploration advancement at Freebeth as well as strengthening our relationship with Hudbay.' Freebeth is situated about 10 kilometres east of the Reed mine, co-owned by Hudbay, that is scheduled to start initial production in late 2013. Freebeth hosts what Rockcliff calls 'excellent infrastructure, numerous geophysical targets and two copper-bearing zones worthy of additional exploration.' As a company, Rockcliff describes its focus as being the discovery and advancement of mineral properties in the Snow Lake area. Neither TSX Venture Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of information supplied by Rockcliff.
