DGAP-News Scandium International Mining Corp. Receives Mining Lease Grant for Nyngan Scandium Project
DGAP-News: Scandium International Mining Corp. / Key word(s): Miscellaneous
Reno, Nevada--(Newsfile Corp. - May 5, 2017) - Scandium International Mining Corp. (TSX: SCY) ('Scandium International' or the 'Company') is pleased to announce that its subsidiary company, EMC Metals Australia, has been granted a Mining Lease for the Nyngan Scandium Project in New South Wales ('NSW'), Australia. The Mining Lease ('ML') overlays select areas previously covered by two Exploration Licenses. The ML was granted by the Minister for Resources of the State of New South Wales on May3, 2017, and represents the final major approval required from the NSW Government to begin construction on the project.
- Mining Lease grant received on Nyngan Project (ML 531),
- Represents final key project approval required from NSW Government,
- Permits development of the world's first primary scandium mine,
- Triggers project partners' decisions to reach Final Investment Decision ('FID') and,
- Allows SCY to actively begin mine development, subject to project funding.
The Mining Lease grant represents the final governmental primary approval needed to construct a mine in the State of NSW, Australia. The ML was awarded after all environmental work was completed and reviewed, all social implications of project development were considered, and the NSW Environmental Minister issued a Development Consent in November 2016. The ML grant reflects the further review that the State resource value was considered and approved for extraction based on mine development plans. The ML was offered for a period of 21 years, and is based on the development plans and intent submitted in the ML Application. The ML can be modified by NSW regulatory agencies, as requested by EMC Australia ('EMC-A') over time, to reflect changing operating conditions.