VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / November 6, 2014 / Nevada Clean Magnesium, Inc. (TSXV: NVM; M1V.F; OTC Pink Sheets: MLYFF) (the "Company or "Nevada Clean") today announced that the Company's Board of Directors, after an internal review and analysis, have determined that the NI 43-101 Preliminary Economic Assessment of the Tami-Mosi Magnesium Project should be reviewed to consider additional potential project improvements. The original NI 43-101 Preliminary Economic Assessment was completed on September 15, 2011 and was amended recently in July 2014 under the advisement of the British Columbia Securities Commission.
The Board believes that three potential opportunities that could significantly reduce operating costs and increase revenue on the Nevada Clean Tami-Mosi Project have been sufficiently proven and thus should be considered for inclusion in in the amended NI 43-101 report, should the independent engineer and report writer determine the opportunities are available to the Company's operations.
At the TMS 2013 142nd Annual Meeting and Exhibition in March 2013, James Sever, P. Eng presented a paper titled, "Waste Heat Recovery Opportunities in a Magnesium Silicothermic Reduction Plant," which identified substantial benefits in using the waste heat recovery method for magnesium. The Company intends to learn from Sever's experience and expertise as to methodology to be used.
While the internal review of the economic models by Nevada Clean's management and its Board are encouraging, the Company will not release any technical information until the NI 43-101 with the updated project improvements is assessed by a third party engineering group proving its merit.
The Company has received a quote from Tetra Tech LLC for the update and the work will begin after the completion of a financing. Tetra Tech is a leading provider of consulting, engineering, program management, construction management and technical services worldwide.
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 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% 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.
James Sever, P. Eng. a qualified person recognized under NI 43-101, prepared, supervised the preparation or approved the scientific and/or technical content of this press release.
Neither the 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 in this news release include that our NI 43-101 Preliminary Economic Assessment report can be updated to include project improvements, which can increase our projected revenue and decrease our costs. 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. Factors which may prevent these forward looking statements from coming to fruition include that the independent engineers do not agree that our improvements are feasible or can be achieved in the way that we plan, or at all. 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 risk 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.
For more information, please contact
Investor Relations at 407-585-1080
SOURCE: Nevada Clean Magnesium, Inc.