Nevada Clean Magnesium and ScanMag AS Sign Joint Venture Agreement
13 Mai 2014 - 10:15PM
Access Wire
VANCOUVER, BC /
ACCESSWIRE / May
13, 2014 / Nevada Clean Magnesium,
Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets:
MLYFF) (the "Company" or "Nevada Clean") today
announced the formal signing of the Joint Venture (JV) Agreement
with ScanMag AS, a Norway-based industrial minerals company. The JV
partnership provides for the companies to collaborate on and
mutually benefit from the development of their respective high
quality dolomite deposits to produce magnesium metal for the North
American and European industrial markets.
With the signing of the JV
agreement, ScanMag AS has paid Nevada Clean initial cash
consideration of US$150,000. Upon ScanMag remitting a total of US$5
million to the Company on or before October 14, 2014, ScanMag will
be granted a 40% interest in Nevada Clean's Tami-Mosi Project and a
19% equity stake in the Company. Conversely, Nevada
Clean will be granted a 7% equity stake in ScanMag.
"On behalf of everyone at
ScanMag AS, I am delighted that we have achieved this major
inflection in the continued development of our strategic
partnership with Nevada Clean and look forward to capitalizing on
their team's technical knowledge and proven industry experience to
optimize our project development efforts in Norway," stated Lothar
Maruhn, Chairman of ScanMag. Continuing, he added, "We are
confident that we remain on track to secure the project financing
required to advance our relationship with Nevada Clean to the next
level, thereby affirming a working collaboration that will benefit
both our companies for many years to come."
As previously announced, 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 Mel?y 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 metholodologies, the Companies have determined that
there is 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.
Edward Lee, Chairman and CEO
of Nevada Clean, noted, "With a common goal of delivering high
quality magnesium metal to the global markets through development
of our respective dolomite projects, ScanMag and Nevada Clean's
objectives are well aligned and the framework for a powerful
partnership are now well defined. We are very pleased to be moving
forward with ScanMag and expect that this is simply the beginning
of what will prove to be a highly productive and profitable
association."
The Joint Venture transaction
with ScanMag remains subject to TSX Venture Exchange
approval.
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 late 2011, 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.
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 a joint venture and
private placement.
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
ScanMag may not raise the necessary funds to invest, 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.
CONTACT INFORMATION:
Hanover|Elite
Kathy
Addison, Chief Operating Officer
Phone:
407-585-1080
Email: NVM@hanoverelite.com
SOURCE: Nevada Clean Magnesium, Inc.
Nevada Clean Magnesium Inc. (TSXV:NVM)
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