An anonymous director reports
NEVADA CLEAN MAGNESIUM UPDATES STATUS WITH SCANMAG AS
Nevada Clean Magnesium Inc.'s meetings last week in London with ScanMag AS went well, and both parties are still proceeding toward the proposed relationship of the parties, including the private placement and joint venture agreement. ScanMag and NCM management discussed the private placement and the JV, and agreed to some amendments to the proposed terms. ScanMag is currently awaiting the edits from NCM and will be forwarding the draft JV agreement to its legal department for review, as per Norwegian law. NCM's management believes that both parties are working in good faith to resolve any outstanding issues regarding the JV, as per the binding letter of agreement that was signed by both parties and announced on Oct. 15, 2013. Further, as a result of the discussions, the company is assisting ScanMag with certain technical aspects of ScanMag's own project. The company is looking forward to a conclusion of the announced transactions and will update the shareholders as material news develops.
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