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Update on EMC Metals Corp.'s Nyngan Project Earn-in Dispute
Update on EMC Metals Corp.'s Nyngan Project Earn-in Dispute Reno, Nevada - June 27, 2012 /FS...
About this update from Scandium International Mining Corp.
[{"type":"text","content":"\nUpdate on EMC Metals Corp.'s Nyngan Project Earn-in Dispute\n\nUpdate on EMC Metals Corp.'s Nyngan Project Earn-in Dispute\nReno, Nevada - June 27, 2012 /FSC/ - EMC Metals Corp. (EMC - TSX),(the \"Company\" or \"EMC\") announced today that it received notice of a lawsuit filed against the Company on Friday June 22, 2012 in the Supreme Court of Victoria, Australia,  by our Nyngan Scandium Project partner, Jervois Mining Limited (\"Jervois\").  \nThe Company delivered a timely NI 43-101 F1 Technical Report on the Feasibility of the Nyngan Scandium Project (\"the Report\") to the JV Partners in February 2012, designed to meet the specific requirements set out in the JV Agreement for a 50% earn-in to the Nyngan Scandium Project (the \"Project\").  EMC believes that all requirements for the Report as defined in the JV Agreement were met, however Jervois subsequently rejected the Report as inadequate, and denied EMC its 50% earn-in interest in the Project.  \nOn March 23rd, 2012, EMC announced that it would enter without prejudice discussions with Jervois to attempt to resolve the dispute, which the Company has done.  Those discussions have now ceased, with the initiation of formal legal action taken by Jervois.\nThe lawsuit brought by Jervois contends that;\n* The JV Agreement (including EMC's earn-in right) was automatically terminated because the Report failed to meet the standards set out in that agreement, \n* EMC's formal Dispute Notice (dated March 13, 2012) has no force and effect as the JV Agreement was effectively terminated by Jervois prior to that date, and \n* EMC must remove legal claims placed on the Nyngan property by EMC that prevent Jervois from transferring property interests.\nEMC welcomes an independent review of the facts and continues to maintain that it has met the conditions under the JV Agreement to earn a 50% joint venture interest in the Project.  The Company will take all lawful steps to secure its proprietary rights to the 50% joint venture interest, including vigorously defending its position in a venue where this matter will be decided by a suitably informed and independent authority, who can deliver a binding resolution to the matter.\nAbout EMC Metals\nEMC owns a 100% interest in the Springer tungsten mine in Nevada, USA.  Strong ...