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EMC Settles Dispute with Jervois, Now Controls 100% of Nyngan Scandium Project in Australia
EMC Settles Dispute with Jervois, Now Controls 100% of Nyngan Scandium Project in Australia ...
About this update from Scandium International Mining Corp.
[{"type":"text","content":"\nEMC Settles Dispute with Jervois, Now Controls 100% of Nyngan Scandium Project in Australia\n\nEMC Settles Dispute with Jervois, Now Controls 100% of Nyngan Scandium Project in Australia\nReno, Nevada US, February 06, 2013 /FSC/ - EMC Metals Corp. (EMC - TSX), (the \"Company\" or \"EMC\") is pleased to announce it has agreed an out of court settlement to its dispute with Jervois Mining Limited (\"Jervois\") in relation to the Nyngan Scandium project in NSW, Australia.  The terms of the settlement transfer 100% ownership and control of the Nyngan Scandium project to EMC, in return for cash payments and a percentage royalty payable to Jervois on sales of product from the project.\nThe binding settlement entered into with Jervois brings to an end all court actions, claims and counterclaims, including claims for damages and legal and other costs.\nHighlights of Settlement\n* EMC obtains 100% of the Nyngan scandium property, rights and exploration tenements,\n* EMC agrees to pay Jervois A$2.6M in cash, with completion no later than June 2014,\n* Exploration tenements formally transfer on final payment, but EMC has the right to proceed with development and implementation of the project now,  \n* Jervois retains a production royalty on the Nyngan project of 1.7% of sales price for scandium and any other products produced from the site, \n* The production royalty extends for a term of 12 years, from first production date,  \n* A minimum annual royalty applies, based on 10 tpa scandium production, and\n* The settlement is subject to FIRB approval (EMC 100% ownership) \nMr. George Putnam, CEO of EMC Metals comments:\n\"We are truly excited to resolve this dispute over Nyngan, to establish full control over the project, and to get back to the business of developing this scandium project.  We have work to do to re-establish our position in the markets and update and file our Technical Report on SEDAR, but achieving 100% project control and ownership delivers the opportunity to fast track this project to serve waiting markets.\" \nAbout EMC Metals\nEMC owns a 100% interest in the Springer tungsten mine in Nevada, USA.  The Company recently filed a NI 43-101 PEA on the Springer asset and is following a strategy to seek a near term restart of the facility.  EMC also owns a 100% inte...