VANCOUVER, BRITISH COLUMBIA
-- October 17, 2017 -- InvestorsHub NewsWire
-- Nevada Clean Magnesium,
Inc. (TSXV: NVM; Frankfurt-M1V; OTCQB: MLYFF) (the "Company") is
pleased to announce a major milestone in the testing of its bench
scale pilot furnace.
The furnace achieved an operating
temperature of 1,250 degrees Celsius within an acceptable time
under low pressure with argon flow.(Thermal reductant processing
parameters can typically be difficult to reach and sustain.) With
the furnace at operating temperature, the insulation design was
also assessed and proven successful.
Together with processing the dolomite
into a magnesium crown, additional information will be gained:
-
Assessment of alternate reductants at
larger scale;
-
Confirmation of furnace performance
and product recovery
-
Generation of waste residue for
evaluation in alternative applications such as portland cement,
fire resistant wall board and soil remediation.
James Sever, COO states, "At the
conclusion of the current test program, this furnace will be
modified into a small production furnace to prove newly developed
condenser concepts. We will also evaluate design approaches to
recover energy from waste streams in an effort to further decrease
operating costs."
Ed Lee CEO states, "We are excited to
finally be at the point of processing the dolomite from the Tami
Mosi magnesium deposit in order to provide "proof of concept. Once
the process testing is complete, we will begin fund raising for the
prefeasibility study then proceed toward a continuous process. The
Board of directors are very pleased with the results from the long
task that James Sever has endured in achieving this major milestone
of a fully functional piece of equipment."
Mr. Lee goes on to say, "The project
economics are based solely upon magnesium metal production. Even
though residue streams from the reduction process have the
potential to generate significant revenues; including them into the
economics at this time would increase the complexity of the project
and would distort the true benefits of our approach. We are intent
on being fully competitive with the Chinese based solely on
magnesium metal production. Sale of co-products from our waste
streams would then be seen as a bonus. We have always known what
our co-products potentials to be, but want the markets to be clear
what our primary goal is, profitably producing magnesium metal
within the United States of America."
Readers are cautioned that the
preliminary economic assessment is preliminary in nature, that it
includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary economic
assessment will be realized. Actual results from further test work
my differ materially from those currently anticipated.
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% 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.
This press release was prepared under
the supervision and review of James Sever, P. Eng., COO and
director for Nevada Clean Magnesium. Mr. Sever is a non-independent
qualified person within the meaning of National Instrument 43-101
standards.
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
Statement
Statements in this news release that
are not historical facts are forward-looking statements that are
subject to risks and uncertainties. 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 "should",
"may" or "will" occur. We may not receive additional subscriptions
and we may determine that other needs must be paid rather than
those we currently consider priorities. 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.
Actual results may differ materially
from those currently anticipated due to a number of factors,
including the Company's dolomite reserves may not be mined because
of technical, regulatory, financing or other obstacles, the market
price for magnesium may make our resources uneconomic, and other
risks associated with being a mineral exploration and development
company. The reader is cautioned not to place undue reliance on
forward-looking statements. These forward-looking statements are
made as of the date of this news release and, except as required by
applicable laws, the Company assumes no obligation to update these
forward-looking statements, or to update the reasons why actual
results differed from those projected in the forward-looking
statements. 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.
To Reach Nevada Clean
Magnesium Please Contact:
Edward Lee, CEO at (604)
210-9862
For additional information
please visit our website at http://www.nevadacmi.com or
view our profile at http://www.sedar.com.
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