VANCOUVER, BRITISH COLUMBIA / TheNewswire / December 5, 2018 - Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) (the "Company") announced that the sublicensing and services agreements between Big Blue Technologies (BBT) and the Company have been mutually terminated.
The Company continues to develop its advanced Silicathermic unit, but has also been exploring new methodologies for the production of Magensium metal. On July 9th , 2018, the Company had entered into an agreement with BBT to explore the carbothermic process. The Company has since determined that it will not be pursuing the production of Magnesium metal through the carbothermic process.
The Company has ended its Assignment and Assumptions, Sublicense & Services, and Joint Services Agreements with Big Blue Technologies and has accepted the resignation of Dr. Aarron Palumbo and Dr. Boris Chubukov from the Board of Directors.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements in this news release include that we will conduct and close a private placement and that we can become a major U.S. producer and distributor of primary, high grade, low cost magnesium metal. Actual results may differ materially from those currently anticipated due to a number of factors, including the Company's dolomite reserves may not be mined because of technical, regulatory, financing or other obstacles, the market price for magnesium may make our resources uneconomic, we may not be able hire and retain skilled employees, and other risks associated with being a mineral exploration and development company. We may not be able to close with interested investors on our intended private placement because of perceived risks or market conditions. The Company undertakes no obligation to update forward-looking information except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this news release.
To Reach Nevada Clean Magnesium Please Contact:
John Ulmer, Investor Relations at (604) 210-9862