VANCOUVER, July 2 /CNW/ - EMC Metals Corp. (the "Company")(TSX: EMC) is pleased to announce that it has closed a non-brokered private placement to raise gross proceeds of $294,770. The non-brokered private placement consisted of 2,947,702 Units at a price of $0.10 per Unit. Each Unit is comprised of one common share of the Company and one half of a share-purchase warrant. Each full share-purchase warrant will entitle the holder to acquire one common share of the Company at a price of $0.18 for a term of one year from the date of issuance. All securities issued under the non-brokered private placement are subject to a hold period expiring four months after the closing date.
The proceeds from this financing will be used for general working capital, including metallurgical test work on the Nyngan Scandium Project Joint Venture in New South Wales (NSW), Australia.
About EMC Metals
EMC Metals is focused on application of its in-house and patented mineral recovery technologies to deliver value in specialty metal and rare earth projects. EMC's high priority development opportunity is the Nyngan Scandium Joint Venture with Jervois Mining Ltd. of Melbourne, Australia. The Company released results of it's first National Instrument ("NI") 43-101 resource estimate for the Nyngan Scandium Project in March 2010, announcing a measured and indicated resource of 12 million tonnes, grading 261ppm Sc, based on a cut-off grade of 100ppm Sc (NI43-101 Technical Report on Nyngan Scandium, Jervois Mining Limited, Nyngan, New South Wales, Australia, March 25, 2010). The Company is currently doing metallurgical test-work on the Nyngan resource material, to define and refine flow sheet studies, recovery estimates and capital cost estimates for the project.
EMC also holds two tungsten assets; the Springer Tungsten property in Nevada, USA and the Fostung Tungsten project in Ontario, Canada. Both tungsten assets have NI 43-101 compliant resource estimates, and the full reports are available on the Company website and on SEDAR. The Springer tungsten asset is a fully permitted, established underground mine and milling facility with a 1,200tpd throughput capability to produce a high grade scheelite (WO(3)) concentrate product. The Springer mine and mill are currently not in operation. The Company also holds the Carlin Vanadium property, near Carlin, Nevada, with a recently released NI 43-101 inferred resource estimate of 25.4 million tonnes, grading 0.515% V(2)O5, based on a cut-off grade of 0.30%, or 289 million lbs of total contained V(2)O5 (NI 43-101 Technical Report on Resources, EMC Metals Corp., Carlin Vanadium Project, Carlin, Nevada, April 30, 2010).
Technical information in this news release has been reviewed by Gilles R. Dessureau, M.Sc. P.Geo a Qualified Person for the purposes of NI 43-101. Mr Dessureau is a Professional Geologist employed by EMC Metals.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and EMC's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, EMC assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE EMC METALS CORP.
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