Nevada Magnesium Project Review
22 6월 2012 - 3:00AM
Marketwired
Edward Lee, President of Nevada Clean Magnesium Inc. (TSX
VENTURE:NVM)(PINKSHEETS:MLYFF)(FRANKFURT:M1V) ("NevadaCMI" or the
"Company") is pleased to review the Tami-Mosi Magnesium project
located in Nevada.
On May 20 - 22, 2012, Edward Lee accompanied by Robert Brown and
James Sever attended the International Magnesium Association annual
meeting held in San Francisco. In attendance were representatives
from Die Casting and Foundry companies, metal trading and commodity
firms, magnesium recycling companies as well as global primary
magnesium metal producers. NevadaCMI was well accepted and meetings
were held with RIMA, the oldest magnesium producing company located
in Brazil for 36 years, where it was reconfirmed they operate at
two cycles per day for their production.
Currently, Management is discussing the possibility of restating
the current NI 43-101 Preliminary Economic Assessment Report to
reflect 2 cycles per day to further demonstrate two things: the
economic robustness of the project and the utilization of one of
the eleven items identified in the White paper that looks to
possibly reduce the operating cost and increase revenues.
Mr. Lee quotes, "The conscientious manner in which the project
is being put together is to keep it conservative and realistic to
better reflect operating and capital costs."
On April 16, 2012, the Company changed its name from Molycor
Gold Corp. to Nevada Clean Magnesium Inc.
On November 28, 2011 Management created the Technical Advisory
Committee consisting of internationally recognized experts in the
field of light metals and magnesium production as well as power
generation and ferro-silicon processing. (See website under
Technical Advisory Committee at www.nevadacmi.com)
On November 18, 2011, the Company added two magnesium experts;
one to the Board of Directors and one to the Chief Operating
Officer position.
On November 15, 2011, a white paper was written by Alpha Omega
titled "A Discussion Paper for potential Areas of Improvement
within Molycor Gold Corp.'s (now NevadaCMI) Tami-Mosi Magnesium
Project and possible Effects upon Projected Profitability" that
identifies eleven items which could be confirmed and implemented
aimed at significantly reducing the operating cost per pound. One
of the operational items identified is the implementation of 2
cycles per day. The document also demonstrates all waste streams
produced at the facility to be potential sellable co-products for
added revenues.
On September 16, 2011, the Company announced a NI 43-101
Preliminary Economic Assessment by Tetra Tech stating a
conservative project with positive economics based on one cycle per
day to produce 30,000 tonnes of 99.9% pure magnesium ingot per year
for 30 years utilizing just 8.8 million tonnes which only
represents 2% of the 412 million tonne inferred resource.
On August 03, 2011, the Company received from Tetra Tech Wardrop
(Tetra Tech) an updated NI 43-101 block modeling and resource
analysis that resulted in an estimate increase of the original
inferred resource model to 412 million tonnes of dolomite at an
average grade of 12.3% magnesium (Mg) using a 12% Mg cut - off
grade, for a contained metal content of 111 billion pounds of
Mg.
Future Market Demands
The US domestic magnesium industry is seen as a "pull market",
whereby if there is inexpensive supply the demand will grow.
Alternatively, high cost magnesium will cause the end user to
substitute aluminum alloy as an alternative product even though it
is not ideal.
With the US federal government establishing new CAFE (Corporate
Average Fuel Economy) standards, the automotive manufacturers are
studying ways to remove weight from their vehicles (cars and light
trucks). By 2025 the target will be 54.5 mpg and applies to the
internal combustion vehicles. To achieve this, a current vehicle's
weight must be reduced by 10 to 15%. Since the typical vehicle
weighs 3,625 pounds, 360 to 540 pounds must be removed.
The added value of using magnesium in the automotive industry is
it also absorbs vibrations adding to the noise suppression in the
vehicle.
On March 2, 2012, China Business Wire announced that Chinese
producers cost per pound FOB (Free on Board) was $1.399 USD per/lb.
Mg and $1.19 USD per/lb. domestically less labor and taxes. The NI
43-101 Preliminary Economic Assessment base case for the Tami-Mosi
Project demonstrates $1.28 per lb. Mg.
About Nevada Clean Magnesium Inc.:
NevadaCMI is a diversified precious, speciality and base metal
exploration and development company focusing on magnesium,
molybdenum and gold exploration and development in North
America.
On Behalf of Management
Edward Lee, President
For all Nevada Clean Magnesium Inc. investor relations needs,
investors are asked to visit the website at www.nevadacmi.com.
This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the TSX-Venture
Exchange, the British Columbia Securities Commission and the US
Securities and Exchange Commission.
The TSX-Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Nevada Clean Magnesium Inc. Edward Lee President
604-531-9639 604-531-9634 (FAX)info@nevadacmi.com
www.nevadacmi.com
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