Nyngan Scandium Project Receives Nsw Development Consent
Reno, Nevada, November 10, 2016 -- Scandium International Mining Corp. (TSX:SCY) ("Scandium International" or the "Company") is pleased to announce the granting of a Ministerial Development Consent for it's Nyngan Scandium Project, in New South Wales Australia, as awarded by the NSW Minister of Planning, in Sydney, Australia.
This Development Consent represents an approval to develop the Nyngan Scandium Project and is based on an Environmental Impact Statement ("EIS") which was submitted in support of mine development by the Company in May 2016. The Development Consent follows an in-depth review of the EIS, the project plan, community impact studies, public EIS exhibition and commentary, and economic viability, and involved more than 12 specialized governmental agencies and groups.
The Company, through its 80%-owned subsidiary EMC Metals Australia Ltd, the owner of the Nyngan Scandium project, has also filed to convert exploration licenses ("EL's") on the property to a mining lease ("ML"), covering planned mining activity. The ML grant is managed by the NSW Department of Trade and Industry, and that ML grant requires today's Development Consent to proceed.
George Putnam, CEO of Scandium International Mining Corp. commented:
"Receipt of this Development Consent from the NSW government represents a significant milestone for our Nyngan Scandium Project. This key governmental approval was achieved in a short 6 month timeframe, and speaks well of the project, the team that assembled the submission, and the many local community and governmental regulatory interests who inspected, reviewed, and supported this mine development.
This critical gating approval feeds directly into the process for granting of a mining lease, which is the remaining significant governmental clearance we need to begin mine and plant construction next year. We remain on our target timetable to have all final State approvals for mine development by year end 2016."
QUALIFIED PERSONS AND NI 43-101 TECHNICAL REPORT
Willem Duyvesteyn, MSc, AIME, CIM, a Director and CTO of the Company, is a qualified person for the purposes of NI 43-101 and has reviewed and approved the technical content of this press release on behalf of the Company.
ABOUT SCANDIUM INTERNATIONAL MINING CORP.
The Company is focused on developing the Nyngan Scandium Project into the world's first scandium-only producing mine. The Company owns an 80% interest in both the Nyngan Scandium Project, and the adjacent Honeybugle Scandium Property, in New South Wales, Australia, and is manager of both projects. Our joint venture partner, Scandium Investments LLC, owns the remaining 20% in both projects, along with an option to convert those direct project interests into SCY common shares, based on market values, prior to construction.
The Company filed a NI 43-101 technical report in May 2016, titled "Feasibility Study -- Nyngan Scandium Project". That feasibility study delivered an expanded scandium resource, a first reserve figure, and an estimated 33.1% IRR on the project, supported by extensive metallurgical test work and an independent, 10-year global marketing outlook for scandium demand.
In addition to the two lateritic scandium properties in Australia, SCY owns a 100% interest in the Tørdal Scandium/REE property in southern Norway, where we continue our exploration efforts, specifically for scandium and REE minerals.
This press release contains forward-looking statements about the Company and its business. Forward looking statements are statements that are not historical facts and include, but are not limited to: reserve and resource estimates, estimated NPV of the project, anticipated IRR, anticipated mining and processing methods for the Project, the estimated economics of the project, anticipated Scandium recoveries, production rates, scandium grades, estimated capital costs, operating cash costs and total production costs, planned additional processing work and environmental permitting. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation risks related to uncertainty in the demand for Scandium and pricing assumptions; uncertainties related to raising sufficient financing to fund the project in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the estimation of Scandium reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; risks related to projected project economics, recovery rates, and estimated NPV and anticipated IRR and other factors identified in the Company's SEC filings and its filings with Canadian securities regulatory authorities.
Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and other than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.