Geodex Minerals Ltd. (CVE:GXM)reports that Northcliff Exploration Ltd. has signed the Sisson Brook Joint Venture Agreement to acquire a 70% interest in the Company's Sisson Brook tungsten-molybdenum project.
Despite the recent optimism across the metals sector, molybdenum prices are continuing on a downward trend. Last week, sluggish demand and high stockpiles caused European ferromolybdenum prices to drop below US $21 per kg. US market prices also slid.
Molybdenum has crashed from $33 per lb in mid ’08, to its Friday closing value $8.70 per lb. Analysts predicts the metal is in for a slow recovery this year, and is anticipated to average $11.00 per lb.
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