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White Cliff Minerals Receives R&D Tax Rebate

White Cliff Minerals (ASX:WCN) has received a research and development tax rebate of $352,962 for the 2012-13 financial year.

The rebate relates to expenditure on the development of proprietary geochemical modelling processes that can discriminate between mineralised and non-mineralised ultramafic lava flows.

Under the Federal Government's Research and Development Tax Incentive Scheme, eligible companies which undertake R&D activities are entitled to a cash rebate of 45% of R&D expenditure incurred in Australia.

Further rebates are expected for research carried out during the 2013-2014 financial year.

Separately, substantial shareholder Andy Igo has increased his shareholding to 14.47% from 11.13% through an on market purchase.

Igo had on 22 July bought 15 million shares for a total of $238,678.40, or an average of $0.159 each.

The company had in June identified a new high tenor nickel in soil anomaly at its Merolia Nickel and Copper project in Western Australia's Laverton region.

This is notable given that it was found in a region that hosts several major nickel mines but has never been tested by drilling or geophysics

It had also observed earlier this month visible gold and copper sulphides from trenching at the Chanach project in the Kyrgyz Republic.

Chanach is located in a highly prospective and well-endowed region, which boasts 93 million ounces of gold and 25 million tonnes of copper within 100 kilometres.

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