EMC Update Regarding Dispute with Jervois on Nyngan Scandium Project
2012-03-23 14:52:35 -
Reno, Nevada - March 23, 2012 - EMC Metals Corp. (the "Company" or "EMC") (TSX: EMC) provides this update following EMC's announcement on February 29, 2012 of EMC's intention to take all lawful steps to secure its proprietary rights to the 50% joint venture interest in the Nyngan Scandium Project.
Following discussions with Jervois, the parties have agreed to
engage in further without prejudice communications in an attempt to resolve the dispute.
If at any time it becomes apparent that a resolution satisfactory to both parties will not be reached, EMC will immediately continue formal steps under the dispute resolution provisions of the Exploration and Joint Venture Agreement entered into between EMC and Jervois to have the dispute finally determined.
In the meantime, EMC continues to maintain that it has met the conditions under the Agreement to earn EMC's 50% joint venture interest in the Project and, subject to satisfactory agreement, EMC will take all lawful steps to secure its proprietary rights to the 50% joint venture interest.
About EMC Metals
In addition to EMC's 50% earn-in right on the Nyngan Scandium Project in NSW, Australia, EMC also owns a 100% interest in the Springer Tungsten mine in Nevada, USA. While the Company has offered this asset for sale during 2011, EMC is now working to evaluate a number of re-start options for the mine in 2012. Strong tungsten prices and tight supply conditions, combined with the refurbished mill and existing tungsten resource on the property, support a strategy to seek a near term re-start of the Springer facility. EMC also owns a 100% interest in the Carlin Vanadium property near Carlin, Nevada. Both properties have current NI 43-101 compliant resource estimates, available on the Company website and on SEDAR.
The technical information in this news release has been reviewed by Willem Duyvesteyn, a Qualified Person as defined by National Instrument 43-101. Mr. Duyvesteyn is employed by EMC Metals Corp.
For additional information please contact:
EMC Metals Corp.
Investor Relations-Nevada: (775) 355-9500 or email@example.com
Erin Patterson Boatright, The Windward Agency, Charlotte, NC ---Toll Free 1-866-583-6300
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This press release contains forward-looking information that does involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. Forward-looking information in this press release is based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice, and by other risk factors disclosed in our public filings. Except as required by law, EMC assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
EMC Metals Corp. 501 1430 Greg Street, Sparks Nevada, 89431
Tel: (775) 355-9500
Fax: (775) 355-9506
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