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EMC Metals Corp. (TSX:EMC) made its first settlement payment to Jervois Mining Limited of A$1.2M in cash, in relation to the Nyngan Scandium project in Australia. The terms of the settlement transfer 100% ownership and control of the Nyngan Scandium project to the Company.
As quoted in the press release:
The terms of the February 2013 settlement transfer 100% ownership and control of the Nyngan Scandium project to EMC, in return for two cash payments and a percentage royalty payable to Jervois on sales of product from the project. The second and final cash payment of A$1.4M is now due June 30, 2014.
EMC Metals Corp. CEO, George Putnam, said:
With this important settlement payment milestone cleared, we can now move forward with additional design work, intended to further optimize our development plans for the Nyngan Scandium project. Our intent on building a scandium business is now in sharper focus, and we intend to pursue our strategy, and serve various waiting markets with scandium product as soon as possible.
Click here to read the EMC Metals Corp. (TSX:EMC) press release
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