Northcliff Resources Ltd. [NCF-TSX] reports that the New Brunswick government has issued a positive environmental impact assessment Certificate of Determination to Sisson Mines Ltd. (the Sisson Partnership) for the Sisson Tungsten-Molybdenum Project 60 km northwest of Fredericton, New Brunswick.
In accordance with the Environmental Impact Assessment (EIA) regulation of the Clean Environment Act, the review determined that the mitigating measures identified during the review process, along with the conditions outlined in the Environmental Assessment Approval will provide the safeguards needed to ensure the facility can be constructed and operated in an environmentally sound manner. The provincial government approved the mine, subject to 40 conditions designed to protecting the environment and archeological sites.
“This important milestone is another step on the path to creating a significant new tungsten producer,” said Northcliff President and CEO Chris Zahovskis. “On behalf of the Sisson Partnership, I would like to express my appreciation to the Government of New Brunswick for the support shown to this project. The rigorous environmental assessment process has resulted in a strong project that will deliver significant benefits to New Brunswick while protecting the environment. We recognize the importance First Nations and all residents of New Brunswick place on the protection of the land, water, heritage and natural resources of the province. The Sisson Partnership is committed to advancing the Sisson Project in a manner that respects these interests.”
As part of the EIA process, the Sisson EIA Report was submitted to both the federal Canadian Environmental Assessment Agency (CEAA) and the New Brunswick Department of Environment and Local Government in July 2013. A federal decision from CEAA is pending. Permit applications for construction and operation will be finalized and submitted following a positive federal decision.
Concurrent with the ongoing environmental assessment process, Northcliff continues to work to secure offtake interest in Sisson’s products and arrange financing for development and construction.
A Feasibility Study, completed in January 2013, confirmed that the Sisson Project is technically and economically feasible and can move on to the next stage of development. Life-of-mine is estimated at 27 years. Post-tax NPV (8%) is $418 million. Paybak 4.5 years. Mill throughput will be 30,000 tonnes-per-day. Capital cost is $579 million. Average ammonium paratungstate (tungsten) production would be 557,000 mtu/year. Average molybdenum production would be 4.1 million lbs/year.