RENO , Nev.--(BUSINESS WIRE)-- EMC Metals Corp. (the “Company” or “EMC”) (TSX: EMC) previously announced the receipt of a positive Preliminary Economic Assessment, including both economics and an updated resource estimate on the Company’s 100%-owned Springer Tungsten Mine project, located in Imlay, Nevada. This NI 43-101 compliant Technical Report, titled “Preliminary Economic Assessment on the Springer Tungsten Mine, Pershing County, Nevada, USA”, (the “PEA”), was filed on SEDAR yesterday (October 2, 2012) and is now available for public review (www.sedar.com).
A summary discussion of economic and technical results is contained in our previous new release dated September 22, 2012, and may be obtained on the EMC website at www.emcmetals.com. A complete copy of the PEA is also available on the website.
The PEA is preliminary in nature and includes inferred mineral resources that are considered to be too speculative, geologically, to have the economic considerations applied to them that would enable them to be categorized as a mineral reserve and there is no certainty that the preliminary economic analysis will be realized.
Mr. George Putnam, CEO of EMC Metals comments:
“Filing the PEA on SEDAR allows public review of our detailed project restart plans, and keeps us on track to bring the Springer Tungsten Mine back into production in late 2013.”
About EMC Metals
EMC owns a 100% interest in the Springer tungsten mine in Nevada, USA. Strong tungsten prices and tight supply conditions, combined with the refurbished mill and existing tungsten resource on the property, support the strategy to seek a near term restart of the Springer facility. EMC also owns a 100% interest in the Carlin Vanadium property near Carlin, Nevada. Both properties have current NI 43-101 compliant resource estimates, available on the Company website and on SEDAR.
On February 29th, 2012, EMC announced that its earn-in on the Nyngan Scandium Project was rejected by our JV partner, Jervois Mining Limited. We maintain that all project earn-in conditions outlined under the JV Agreement have been met, and we intend to take all lawful steps to secure our proprietary rights to a 50% joint venture interest.
The technical information in this news release has been reviewed by Willem Duyvesteyn, Keith McCandlish and Mark Odell, each a Qualified Person as defined by National Instrument NI 43-101. Mr. Duyvesteyn is employed by EMC Metals Corp. Mr. McCandlish and Mr. Odell are independent of EMC, and are the authors of the PEA which is the subject of this press release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This press release contains forward-looking information that does involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements regarding long term prices for tungsten, our ability to find and retain qualified management and key technical persons to operate the tungsten project, our ability to raise the necessary capital to fund a restart of mining operations, the short term or long term economic feasibility of tungsten production at our Springer facility, and in general statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. Forward-looking information in this press release is based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice, and by other risk factors disclosed in our public filings. Except as required by law, EMC assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
EMC Metals Corp.
Investor Relations-Nevada: (775) 355-9500
Sara Boatright Patterson, Windward Global, Charlotte, NC
Source: EMC Metals Corp.