VANCOUVER, June 14, 2011 /CNW/ - EMC Metals Corp. (the "Company" or "EMC") (TSX: EMC) is pleased to announce the sale of the Fostung tungsten property, located in Foster Township, Sudbury, Ontario, Canada, to Janus Resources Inc. ("Janus") (OTCBB: JANI), a US-listed mineral exploration and development company focused on the acquisition and development of advanced mineral properties. The sale price was $500,000 cash, for 100% of the property rights.
The Fostung tungsten property was originally discovered and staked by local prospectors in 1966. Union Carbide Corporation ("UCC") optioned the claims in 1978 and pursued a large tonnage, lower grade skarn deposit with an exploration program that represents most of the money and work that has been expended throughout the property's history. Breakwater Resources Ltd. ("Breakwater") of Toronto, Canada optioned the property from UCC in 1988, and subsequently sold the property to the Company, in 2007. An independent National Instrument 43-101 technical report and resource estimate on the property was prepared in November of 2007 by SRK Consulting, of Lakewood, Colorado. That initial resource report presented an inferred resource estimate of 12.4 million tonnes, grading 0.213% WO(3), with a cut-off grade of 0.125%. SRK based this estimate on data from a total of 43 diamond core drill holes and an aggregate of 9,185 metres of drill results.
The property was subject to a production bonus payable to Breakwater, which was renegotiated from a common share payment to a straight cash payment of $500,000, and which has been assumed by Janus. A 1% Net Smelter Return royalty on the property, also payable to Breakwater, has also been assumed by Janus.
About EMC Metals
EMC's high priority development opportunity is the Nyngan Scandium Joint Venture with Jervois Mining Limited of Melbourne, Australia. The Nyngan Scandium Project has a National Instrument ("NI") 43-101 measured and indicated resource estimate of 12 million tonnes, grading 261ppm Sc, based on a cut-off grade of 100ppm Sc ("NI 43-101 Technical Report on Nyngan Scandium, Jervois Mining Limited, Nyngan, New South Wales, Australia", March 25, 2010).
EMC also holds the Springer Tungsten property in Nevada, USA, and 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.
About Janus Resources Inc.
Janus Resources, Inc. is a mineral exploration and development company focussed on the acquisition and development of advanced mineral properties.
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.
Certain terms used in this news release are used in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Canadian requirements differ significantly from the requirements of the U.S. Securities and Exchange Commission ("SEC"), and resource information contained herein may not be comparable to similar information disclosed by U.S. companies. Without limiting the generality of the foregoing, the term "resource" does not equate to the term "reserves". The requirements of NI 43-101 for identification of "reserves" are not the same as those of the SEC, and reserves reported in compliance with NI 43-101 may not qualify as "reserves" under SEC standards. The SEC's disclosure standards normally do not recognize information concerning "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves" by U.S. standards in documents filed with the SEC. In addition, resources that are classified as "inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred mineral resource" will ever be upgraded to a higher category. Under Canadian rules, estimated "inferred mineral resources" may not generally form the basis of feasibility or pre-feasibility studies. Investors are cautioned not to assume that all or any part of an "inferred mineral resource" exists or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in-place tonnage and grade without reference to unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information presented by companies using only U.S. standards in their public disclosure.
SOURCE EMC Metals Corp.
For further information: EMC Metals Corp., Investor Relations: (604) 648-4653, or email@example.com; Janus Resources Inc., Investor relations: (703) 980-1165