Junior Cliff Resources (TSE) can increase its ownership in the Cassiar joint venture to 50% from 30%
Situated in northeastern British Columbia, the former-producing Cassiar mine site consists of buildings, equipment and a 16-million-ton pile of chrysotile tailings.
In return, Cliff will pay Strategic Industry Investments $2.5 million consisting of $1 million cash from a proposed rights offering, as well as 6 million Cliff shares at 25 cents each.
A wet process pilot plant is currently being constructed to recover chrysotile from tailings for test marketing.
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