Tickers: PINX:MLYFF, XTSX:NVM
VANCOUVER, BRITISH COLUMBIA / TheNewswire / January 17, 2017 - Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) (the "Company") announce that ScanMag AS of Norway has requested a 6 month extension of the technical joint venture agreement to raise the funds needed to fulfill their investment obligation to NCM.
Upon receiving the request, the NCM board of directors met and unanimously agreed to grant ScanMag the extension with the the condition that ScanMag make monthly payments over the period of the extension. These payments will be due the end of each month starting January 30, 2017. These payments are independent of ScanMag's initial $2 Million USD commitment. ScanMag has scheduled a board meeting for after the first week of February to discuss and will respond thereafter.
The previous extensions were at the request of ScanMag in order to look at ways of reducing their OPEX. After discussions with NCM's technical group, ScanMag offered to pay for Nevada Clean's advanced testing on the alternate reductant. This work was finished and the results were very successful.
Edward Lee, CEO stated, "We expect that ScanMag will be able to fullfill their financial obligations to NCM, keep in mind that ScanMag searched out NCM to avail themselves of NCM's process and technical data as a critical component of ScanMag's project in Norway. The onus is on ScanMag to get their monies to NCM in order to proceed. NCM will not be sharing any further technical information with ScanMag, until they meet their financial commitments to NCM."
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 metal 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 press release was prepared under the supervision and review of James Sever, P. Eng., president and COO for Nevada Clean Magnesium. Mr. Sever is a non-independent qualified person within the meaning of National Instrument 43-101 standards.
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
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.
To Reach Nevada Clean Magnesium Please Contact:
Edward Lee, CEO at (604) 210-9862
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