VANCOUVER, BC / ACCESSWIRE / July 10, 2014 / Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) (the "Company" or "Nevada Clean") announces today that it has amended the Company's National Instrument 43-101 ("43-101") preliminary economic assessment and technical report of the Tami-Mosi Magnesium Project dated effective September 15, 2011 and amended as of July 4, 2014. As a result of a review by the British Columbia Securities Commission (the "BCSC"), the Company amended the 43-101 technical report as of July 4, 2014 (the "Report"), to address the comments raised by the BCSC relating to including an after-tax based-case scenario, providing certificates of only Qualified Persons for all sections of the Report, ensuring that the requirements for the disclosure of historical estimates have been met, ensuring that sections of the Report have been updated to provide the specific disclosure required by the BCSC, and ensuring that the section on Mineral Resources has been revised to provide clarity on what is an inferred resource and what is a mineral reserve. There were no material differences between the mineral resources estimates regarding the Tami-Mosi Magnesium Project set out in the original Report and those set out in the amended Report.
The following Qualified Persons have reviewed and approved the technical content of this news release:
James C. Sever, B.Sc., M.Sc., MBA, P.E., President and Director of Nevada Clean
Fred Buckingham, Ph.D., P.E., MPR Associates, Inc.
Hassan Ghaffari, P.Eng., Tetra Tech WEI Inc.
Tysen Hantelmann, P.Eng., JDS Energy and Mining Inc.
Jianhui (John) Huang, Ph.D., P.Eng., Tetra Tech WEI Inc.
Norm L. Tribe, P.Eng., N. Tribe & Associates Ltd.
Sabry Abdel Hafez, Ph.D., P.Eng., Tetra Tech WEI Inc.
Klaus Triebel, CPG, self employed Resource Geologist
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 43-101 technical report published in late 2011 and amended effective July 4, 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.
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, including, among others, the accuracy of mineral grades and related assumptions, inherent operating risks, planned expenditures, proposed exploration and development at the Tami-Mosi Magnesium Project, operating and economic aspects of the Tami-Mosi Magnesium Project. 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.
This news release includes disclosure of scientific and technical information, as well as information in relation to the calculation of mineral resources and reserves, with respect to the Tami-Mosi Magnesium Project. The Company's disclosure of mineral resource and reserve information is governed by National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM. There can be no assurance that mineral resources will ultimately be converted into mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability. This news release uses the terms "measured", "indicated" and "inferred" resources. U.S. persons are advised that while such terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. "Inferred Resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred resources may not form the basis of feasibility or other economic studies. U.S. persons are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. U.S. persons are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable
Kathy Addison, Chief Operating Officer
Email: [email protected]
SOURCE: Nevada Clean Magnesium, Inc.