VANCOUVER, BRITISH COLUMBIA / TheNewswire / July 26, 2018 – Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) (“NCM” or the “Company”) is pleased to announce that it has contracted Industrial Surplus Ltd. (“ISL”) located in Fort St John, British Columbia, to build the newly designed continuous silico-thermic reduction furnace.
When Big Blue Technologies LLC. commences fabrication of its continuous carbo-thermic reactor and liquid phase condenser, ISL will also provide technical support for instrumentation, electrical and operational programing.
The completion date for the silico-thermic furnace is expected to be fall of this year, It be capable of using the modified “Alpha” liquid phase condenser once the test work on the carbo-thermic continuous process is completed.
Industrial Surplus Ltd. will be issued a total of 2.5 million shares of common stock of NCM as compensation for the services rendered and expenses incurred in the construction of the furnace, at a deemed price of $0.05 per share.
The shares will be issued as follows:
- a.1,250,000 at the time of completed procurement of materials.
- b.1,250,000 at the time of total furnace construction with complete instrumentation.
Construction of the furnace is expected to be completed mid fall 2018 with the testing program to begin shortly thereafter.
This transaction is subject to TSX Venture Exchange approval.
About Nevada Clean Magnesium, Inc.
Nevada Clean Magnesium is focused on becoming a major U.S. producer and distributor of primary, high grade, low cost magnesium metal extracted from its 100% owned Tami-Mosi property located in North Central Nevada. Based on the Company’s NI 43-101 Preliminary Economic Assessment Report published in September 2011 and amended in July 2014, the Tami-Mosi Project has an inferred resource of 412 million tonnes with an average grade of 12.3% Mg for a contained metal content of 111 billion pounds of magnesium using a 12% cut-off grade contained within a high purity dolomite block. For more information, please visit www.nevadacmi.com.
Qualified Person
The technical portion of this press release was prepared under the supervision and review of James Sever, P. Eng., and COO for Nevada Clean Magnesium. Mr. Sever is a non-independent qualified person within the meaning of National Instrument 43-101 standards.