Nevada Clean Magnesium Sells Griffon Gold Property to Pilot Gold
VANCOUVER, BRITISH COLUMBIA - (Accesswire) - August 6, 2013 - Nevada Clean Magnesium Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) ("NevadaCMI" or the "Company") is pleased to announce that the Company has entered into an agreement for the sale of 100% ownership of its Griffon Gold property to Pilot Gold Inc. ("Pilot Gold").
The Griffon Gold property consists of 186 unpatented lode mining claims located 45 miles southeast of Ely, Nevada within the Humbolt-Toiyabe National Forest in White Pine County, which is situated in the southern portion of the Battle Mountain-Eureka gold trend of Nevada. Pilot Gold had been earning a 60% interest in the property from a subsidiary of the Company.
The purchase agreement is comprised of a one-time payment of 180,000 Pilot Gold common shares to NevadaCMI. The Pilot Gold common shares are subject to the mandatory hold period as defined by the Toronto Stock Exchange. The Griffon Gold property remains subject to a 2% NSR due to the original vendors of the property.
"The sale of the Griffon Gold property to Pilot Gold is a positive step for both companies," said Edward Lee, CEO, Nevada Clean Magnesium Inc. "It allows management to focus on the Company's main asset, our Tami-Mosi Magnesium project located in Nevada, while providing our shareholders with the added potential benefit of Pilot Gold's exceptional projects in strong jurisdictions such as Nevada and Turkey."
About Nevada Clean Magnesium, Inc.
Nevada Clean Magnesium is focused on becoming a major U.S. producer and distributor of primary, high grade, low cost magnesium extracted from its 100% owned Tami-Mosi property located in North Central Nevada. Based on the Company's NI 43-101 Preliminary Economic Assessment Report published in late 2011, the Tami-Mosi Project has an inferred estimated 111 billion pounds of primary magnesium contained within a high purity dolomite block within the Project site covering over 1600 acres. For more information, please visit www.nevadacmi.com.
Forward Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Nevada Clean Magnesium Inc., including, but not limited to, risks associated with mineral exploration and mining activities, the impact of general economic conditions, industry conditions, depending upon regulatory approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX-Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission. We seek safe harbor.
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