NEW YORK Northcliff
Resources Ltd. said its Sisson project in Canada "could become
the largest tungsten producer outside China."
After completing a feasibility
study for the New Brunswick project, the Vancouver, British
Columbia-based company estimated that Sisson will produce an
annual average of 557,000 metric ton units of tungsten
contained in ammonium paratungstate (APT) and 4.1 million
pounds of molybdenum contained in concentrates, according to
the studys mine plan. The mine is forecast to have a
lifespan of 27 years.
Northcliff also will construct
and operate an APT plant to process the tungsten concentrate
produced at Sisson, "the first of its kind in Canada."
The company said that the
project will see Northcliff "become one of North Americas
major tungsten producers, greatly increasing supply for the
large North American, Asian and European markets where demand
is forecast to outstrip supply."
"We have significantly de-risked
the project and now have one of the largest tungsten reserves
outside China," Northcliff president and chief executive
officer Chris Zahovskis said in a statement. "We are confident
that Sisson is on track to earn the necessary environmental and
construction permits from federal and provincial regulators in
2014, and Northcliff will be pursuing partnerships ... to
achieve the financing necessary to initiate project
construction in 2014 and commissioning by 2016."
Initial capital expenditures for
the project are estimated at Canadian $579 million ($577.9