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EMC Receives Notice of Rejection on Earn-In of Nyngan Scandium Project by Jervois Mining Limited
EMC Receives Notice of Rejection on Earn-In of Nyngan Scandium Project by Jervois Mining Limit...
About this update from Scandium International Mining Corp.
[{"type":"text","content":"\nEMC Receives Notice of Rejection on Earn-In of Nyngan Scandium Project by Jervois Mining Limited\n\nEMC Receives Notice of Rejection on Earn-In of Nyngan Scandium Project by Jervois Mining Limited\nReno, Nevada - February 29, 2012 - EMC Metals Corp. (TSX: EMC)(the \"Company\" or \"EMC\") announces that it has received a notice from Jervois Mining Limited (\"Jervois\") (ASX: JRV), stating that EMC has not met a condition of its 50% earn-in under the February 2010 Exploration and Joint Venture Agreement (the \"Agreement\"), and has not earned a 50% joint venture interest in the Nyngan Scandium Project (the \"Project\").\nPursuant to the Agreement, EMC received the right to earn a 50% joint venture interest in the Project, subject to a series of milestones, achievements, and payments. The final two milestones are the delivery of an independent NI 43-101 Technical Report, demonstrating the economic viability of the Project (prepared consistent with the definition of \"Feasibility Study\" set forth in the Agreement), and a payment to Jervois of A$1.43 million, both due no later than February 28, 2012.  \nEMC believes it has fully met those milestones.\nOn February 24, 2012, EMC delivered to Jervois the A$1.43 million cash payment and an independent NI 43-101 report entitled \"Technical Report on the Feasibility of the Nyngan Scandium Project\" dated February 23, 2012 (the \"Report\"), which was compiled by SNC-Lavalin.  The Report was delivered to Jervois following an extensive discussion and presentation to the Jervois Board and management. \nOn February 27, 2012 EMC received written notice from Jervois rejecting the Report for the stated reason that the Report does not fall within the definition of \"Feasibility Study\" provided in the Agreement. \nEMC believes that it has fully met the conditions under the Agreement to earn its 50% joint venture interest in the Project and will take all lawful steps to secure its proprietary rights to the 50% joint venture interest.  \nAbout EMC Metals\nIn 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 201...