update Ms. Lisa Maxwell reports
NEVADA CLEAN MAGNESIUM TO MEET SCANMAG AS IN LONDON
Nevada Clean Magnesium Inc.'s management will meet with the principals of ScanMag AS on Nov. 18, 2014, and Nov. 19, 2014, in London, United Kingdom.
The board of directors recently approved and announced an extension to the joint venture with ScanMag AS on Oct. 28, 2014, in order to provide ScanMag with ample time to address any outstanding issues regarding its participation in the joint venture. Nevada Clean Magnesium's management will be attending in good faith to assist in resolving any outstanding issues regarding the joint venture executed by both parties. The joint venture was conditionally approved by the TSX Venture Exchange as announced on July 15, 2014.
The collaborative meeting will also include discussions relating to formation and financing of a jointly held development company to produce a next-generation silicothermic magnesium reduction process.
The company is looking forward to these discussions and will update the shareholders of the outcome in due course.
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 Meloy 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 methodologies, the companies have determined that there is a 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.
We seek Safe Harbor.