Northcliff Resources needs cash for Sisson Brook mine – CBC.ca

Company says ‘does not have sufficient funds’ to move forward with Sisson Brook

Posted: Sep 10, 2013

Northcliff Resources Ltd. needs an infusion of capital if it is going to move forward with a massive open pit tungsten mine in Sisson Brook.

The Vancouver-based exploration company has already filed an environmental impact assessment for the project.

But on Friday, the company filed documents with securities regulators suggesting it doesn’t have the money to go forward with the project.

“The company anticipates that its expenditure requirements in the foreseeable future will exceed its current cash and cash equivalents balance,” the company said in regulatory documents.

“Further development of the Sisson project will require additional capital. The company currently does not have sufficient funds to meet its development objectives on the Sisson project.”

Read more: http://www.cbc.ca/news/canada/new-brunswick/story/2013/09/10/nb-northcliff-sisson-brook-930.html