NEVADA CLEAN MAGNESIUM GRANTS SCANMAG EXTENSION TO COMPLY WI Mr. Edward Lee reports
NEVADA CLEAN MAGNESIUM GRANTS SCANMAG EXTENSION TO COMPLY WITH TERMS OF PROPOSED NEW JOINT VENTURE
Further to Nevada Clean Magnesium Inc.'s news release issued May 13, 2014, ScanMag AS has requested and been granted an extension to comply with the terms and conditions of the pending joint venture pursuant to a meeting between the two parties in late November. Both companies are committed to stable production of high-grade, low-cost magnesium, and continue to believe that the collaboration between them will allow development of their respective dolomite projects to progress on an accelerated pace so that this shared goal can be achieved.
Edward Lee, chairman and chief executive officer of Nevada Clean, stated, "In view of the strength of our ongoing discussions with ScanMag, we are comfortable granting this extension and look forward to continuing to build our relationship in the months ahead."
About ScanMag AS
ScanMag AS is an industrial minerals company headquartered in Glomfjord, a village in the municipality of Meloy just north of the Arctic Circle on Norway's West Coast. The company was jointly formed by Normin Mine AS and Meloy Naeringsutvikling AS in 2012 to develop a large deposit of high-quality dolomite situated in the Granasen field outside Mosjoen, near Glomfjord, and comprises both dolomite and brucite. Meloy Naeringsutvikling AS is jointly owned by the municipality of Meloy 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.
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