This website contains certain statements that may be deemed "forward-looking statements". All statements in this website, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "pending", "targeting", "will be", "increase", "on track", "potential", "intends", "developing", "expect", "targeted", "to achieve", "objective" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
This document uses the term "resources", "measured resources" and "indicated resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the "SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Disclosure of "contained kilograms" is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report "resources" as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC. National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. All resource estimates contained in this circular have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.
Mr. Willem Duyvesteyn, MSc, AIME, CIM, a Director of Scandium International and a "qualified person" within the definition of that term in NI 43-101, has approved the technical information contained in this news release.
In February 2010 the Company entered into a joint venture agreement with Jervois to develop the Nyngan property as a scandium project. During 2012 Scandium International and Jervois disputed certain contractual "earn-in" requirements resulting in a negotiated settlement agreement. The terms of the settlement agreement required a payment to Jervois of AUD$2.6 million over 18 months in return for a 100% position in the Nyngan project. Jervois also retained a 1.7% NSR on scandium produced for 12 years from first production.
In June 2014, Scandium International made the payment to Jervois and secured 100% ownership of the Nyngan Project by drawing on a US$2.5 million loan facility with Scandium Investment LLC, a company owned by a private US investor group. The loan carried a convertible feature on the full principal amount, and during August 2015 was converted into a 20% joint venture interest in both the Nyngan and Honeybugle properties. Scandium Investments LLC now holds a carried interest until Scandium International has completed an NI 43-101 feasibility study for the Nyngan Project and received a NSW mining license for either the Nyngan or Honeybugle projects, at which time Scandium Investments LLC would begin fully participating in all project costs.