Name of the Project
Tower and Rail project.

Location
Flin Flon-Snow Lake greenstone belt, in the Snow Lake area of central Manitoba, in Canada.

Project Owner/s
Rockcliff Metals Corporation.

Project Description
A preliminary economic assessment (PEA) has clearly demonstrated that a traditional mining scenario is a legitimate path forward for the Tower and Rail deposits.

The project will generate about 12 000 t/y copper equivalent over a 9.5-year life-of-mine (LoM).

The PEA proposes that the deposits be built as underground mines using the Alimak raise mining method, with dual concentrates of copper and zinc produced on site using a 1 100 t/d modular mill. The modular mill will be transferred to the Rail project once the Tower project deposit has been fully mined out, which is envisioned to occur in Year 5.

Tailings will be deposited in an on-site permitted dry stack tailings facility.

The Tower and Rail deposits remain open, with a real possibility of adding mineral resources to extend the LoM.

The Tower deposit currently has estimated indicated resources of 1.71-million tonnes grading 3.28%, 1.04% zinc, 0.7 g/t gold and 16.5 g/t silver. Inferred resources have been estimated at 499 000 t grading 1.74% copper, 1.16% zinc, 0.2 g/t gold and 8.4 g/t silver.

The Rail deposit currently has estimated indicated resources of 2.05-million grading 1.87% copper, 0.59% zinc, 0.6 g/t gold and 6.1 g/t silver. Inferred resources are estimated at 1.08-million tonnes 2.14% copper, 0.83% zinc, 0.9 g/t gold and 7.6 g/t silver.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an aftertax net present value, at an 8% discount rate, of $127.6-million and an internal rate of return of 67%, with a payback of about 12 months.

Capital Expenditure
Initial capital expenditure is estimated at $81-million.

Planned Start/End Date
The project has a 16-month construction period.

Latest Developments
None stated.

Key Contracts and Suppliers
None stated.

Contact Details for Project Information
Rockcliff Metals Corporation, email contact@rockcliffmetals.com.