NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia - November 25, 2010 - EMC Metals Corp. (the "Company") (TSX: EMC) is pleased to announce that it has closed a private placement of 6,100,000 units at a price of $0.10 per unit for gross proceeds of $610,000. Each unit is comprised of one common share of the Company and one half of a share-purchase warrant. Each full share-purchase warrant entitles the holder to acquire one common share of the Company at a price of $0.18 for one year. The private placement was originally announced by press release on November 8, 2010.
The proceeds from this financing will be used for metallurgical test work on the Nyngan Scandium Project Joint Venture in New South Wales (NSW), Australia, and for general working capital.
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 (NI 43-101 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 online at www.SEDAR.com. 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 0.5% V2O5, based on a cut-off grade of 0.30%, or 289 million lbs of total contained V2O5 (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 as defined by National Instrument 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 news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This press release contains forward-looking information that involves 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.