Nevada Clean Magnesium and ScanMag AS of Norway to Form Joint Venture to Produce Magnesium Metal for North American and European Industrial Markets

  • Wednesday, October 16, 2013
  • Source:

  • Keywords:Mg, Magnesium,Nevada Cleam Magnesium,ScanMag Norwa
[Fellow]
Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) (the “Company”) today announced that the Company has entered into a Binding Letter of Agreement (“BLA”) with ScanMag AS, a Norway-based industrial minerals company, to form a new joint venture (“JV”) partnership providing for the companies to collaborate on and mutually benefit from the development of their respective high quality dolomite deposits to produce magnesium metal for the North American and European industrial markets.
 

The formation of the Joint Venture is expected to be completed on or before January 31, 2014, subject to ScanMag closing on an expected $30 million project financing and the approval of the TSX Venture Exchange.

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