Nevada Clean Magnesium Grants Scanmag Extension To Comply With Terms Of Proposed New Joint Venture
VANCOUVER, BRITISH COLUMBIA / TNW - ACCESSWIRE / October 28, 2014 / Nevada Clean Magnesium Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) (the "Company or "Nevada Clean") today announced that further to the Company's news release issued May 13, 2014, ScanMag AS has requested and been granted an extension to comply with the terms and conditions of the pending joint venture pursuant to a meeting between the two parties in late November. Both companies are committed to stable production of high grade, low cost magnesium; and continue to believe that the collaboration between them will allow development of their respective dolomite projects to progress on an accelerated pace so that this shared goal can be achieved.
Edward Lee, Chairman and CEO of Nevada Clean, stated, "In view of the strength of our ongoing discussions with ScanMag, we are comfortable granting this extension and look forward to continuing to build our relationship in the months ahead."
About ScanMag AS
ScanMag AS is an industrial minerals company headquartered in Glomfjord, a village in the municipality of Mel?y just north of the Arctic Circle on Norway's west coast. The Company was jointly formed by Normin Mine AS and Mel?y Naeringsutvikling AS in 2012 to develop a large deposit of high quality dolomite, situated in the Granasen field outside Mosj?en, near Glomfjord and is comprised of both dolomite and brucite. Mel?y Naeringsutvikling AS is jointly owned by the municipality of Mel?y in Nordland County; Yara Norway ASA, a subsidiary of one of the world's leading chemical company; Sparebank 1 Nord-Norge, a banking group that has served North Norway since 1836; and DNB Bank, Norway's largest financial services group. These Companies have teamed to capitalize on northern Norway's wealth of environmental resources to create new jobs, expand industrial infrastructure and promote global trade. www.mnu.no
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 September 2011 and amended in July 2014, the Tami-Mosi Project has an inferred resource of 412 million tonnes with an average grade of 12.3% Mg for a contained metal content of 111 billion pounds of magnesium using a 12% cut-off grade contained within a high purity dolomite block. For more information, please visit www.nevadacmi.com.
This news release was reviewed by James Sever, P. Eng. a qualified person recognized under NI 43-101.
Neither the 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.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. More detailed information about potential factors that could affect projected results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
For more information, please contact
KATHY ADDISON
Phone: 407-585-1080
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