Nevada Clean Magnesium to Meet ScanMag AS in London
VANCOUVER, BRITISH COLUMBIA / TNW-ACCESSWIRE / November 14, 2014 / Nevada Clean Magnesium Inc.. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) (the "Company" or "NCM") wishes to report that management will meet with the principals of ScanMag AS on November 18th and 19th in London, UK.
The Board of Directors recently approved and announced an extension to the Joint Venture with ScanMag AS on October 28, 2014, in order to provideScanMag with ample time to address any outstanding issues regarding their participation in the JV. NCM's management will be attending in good faith to assist in resolving any outstanding issues regarding the JV executed by both parties. The Joint Venture was conditionally approved by the TSX Venture Exchange as announced on July 15, 2014.
The collaborative meeting will also include discussions relating to formation and funding of a jointly held development company to produce the next generation silicothermic magnesium reduction process.
The Company is looking forward to these discussions and will update the Shareholders of the outcome in due course.
Both Companies are actively engaged in Greenfield projects involving the development of high quality deposits of dolomite, the key mineral used in the production of magnesium. ScanMag, which is jointly owned by Normin Mine AS and Meloy Naeringsutvikling AS, is focused on developing its significant dolomite deposit located in the Granasen field not far from Glomfjord in Nordland County, Norway; and Nevada Clean is concentrating on developing its dolomite assets on its Tami-Mosi property in North Central Nevada. Recognizing that their respective project development plans share a series of commonalities and defined production methodologies, the Companies have determined that there is a significant benefit to establishing a joint venture that will allow them to eliminate potential redundancies, identify and avoid potential pitfalls and share and capitalize on technical knowledge gained from the advancement of each project.
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 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
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements in this news release include statements about the closing of a joint venture and private placement, and that our company is focused on becoming a major magnesium producer.
Actual results may differ materially from those currently anticipated due to a number of factors, including that we may not be able to agree on final terms with ScanMag, that the Company's dolomite reserves may not mined because of technical, regulatory, financing or other obstacles, the market price for magnesium may make our resources uneconomic, and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
To Reach Nevada Clean Magnesium
Please Contact: Lisa Maxwell, at 604-210-9862
Copyright (c) 2014 TheNewswire - All rights reserved.
