01:00:46 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Nevada Clean Magnesium Inc
Symbol NVM
Shares Issued 152,511,450
Close 2017-02-24 C$ 0.045
Market Cap C$ 6,863,015
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Nevada Clean's JV agreement with ScanMag lapses

2017-02-24 19:46 ET - News Release

Mr. Edward Lee reports

JOINT VENTURE BETWEEN SCANMAG AS AND NEVADA CLEAN MAGNESIUM LAPSES

The joint venture agreement previously announced June 22, 2015, between ScanMag AS and Nevada Clean Magnesium Inc. (NCM) has lapsed and therefore been terminated.

The original JV agreement has been extended on two different occasions to allow ScanMag's management time to raise the funds necessary to meet the company's commitment to NCM. The latest request for a further extension came following the deadline of Dec. 18, 2016. After receiving NCM's terms to grant a third extension, ScanMag, at its board meeting of Feb. 7, 2017, requested a further six-month extension with no financial compensation to NCM other than as provided in the original JV agreement. The NCM board deemed this unacceptable, thus allowing the JV agreement to lapse and be of no further validity.

Further, the company accepts Lothar Maruhn's resignation from the NCM board.

Edward Lee, director and chief executive officer, stated: "Our company has been steadily moving forward while waiting for ScanMag to meet its commitment. A further extension would divert NCM's focus from our primary goals of raising capital and verifying our proof of process. The technical work completed to date is invaluable, and we have advised ScanMag that they may re-engage discussions with NCM when they have secured funding. We wish ScanMag well in their endeavours."

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-per-cent-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 per cent magnesium for a contained metal content of 111 billion pounds of magnesium using a cut-off grade of 12 per cent contained within a high-purity dolomite block.

We seek Safe Harbor.

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