Tickers: PINX:MLYFF, XTSX:NVM
VANCOUVER, BRITISH COLUMBIA / TheNewswire / October 17, 2017 - Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTCQB: MLYFF) (the "Company") is pleased to announce a major milestone in the testing of its bench scale pilot furnace.
The furnace achieved an operating temperature of 1,250 degrees Celsius within an acceptable time under low pressure with argon flow.(Thermal reductant processing parameters can typically be difficult to reach and sustain.) With the furnace at operating temperature, the insulation design was also assessed and proven successful.
Together with processing the dolomite into a magnesium crown, additional information will be gained:
1.Assessment of alternate reductants at larger scale;
2.Confirmation of furnace performance and product recovery
3.Generation of waste residue for evaluation in alternative applications such as portland cement, fire resistant wall board and soil remediation.
James Sever, COO states, "At the conclusion of the current test program, this furnace will be modified into a small production furnace to prove newly developed condenser concepts. We will also evaluate design approaches to recover energy from waste streams in an effort to further decrease operating costs."
Ed Lee CEO states, "We are excited to finally be at the point of processing the dolomite from the Tami Mosi magnesium deposit in order to provide "proof of concept. Once the process testing is complete, we will begin fund raising for the prefeasibility study then proceed toward a continuous process. The Board of directors are very pleased with the results from the long task that James Sever has endured in achieving this major milestone of a fully functional piece of equipment."
Mr. Lee goes on to say, "The project economics are based solely upon magnesium metal production. Even though residue streams from the reduction process have the potential to generate significant revenues; including them into the economics at this time would increase the complexity of the project and would distort the true benefits of our approach. We are intent on being fully competitive with the Chinese based solely on magnesium metal production. Sale of co-products from our waste streams would then be seen as a bonus. We have always known what our co-products potentials to be, but want the markets to be clear what our primary goal is, profitably producing magnesium metal within the United States of America."
Readers are cautioned that the preliminary economic assessment is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Actual results from further test work my differ materially from those currently anticipated.
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., COO and director 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.
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. 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 "should", "may" or "will" occur. We may not receive additional subscriptions and we may determine that other needs must be paid rather than those we currently consider priorities. 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.
Actual results may differ materially from those currently anticipated due to a number of factors, including the Company's dolomite reserves may not be 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. The reader is cautioned not to place undue reliance on forward-looking statements. 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. 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.
To Reach Nevada Clean Magnesium Please Contact:
Edward Lee, CEO at (604) 210-9862
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