SAN BERNARDINO, Calif., December 12, 2018 (Newswire.com) – In accordance with the Feasibility & Equity Participation Agreement (the “Agreement”) between CVMR® Corp.[1] (“CVMR”) and Nevada Marketing Consultants LLC (“NMC”), 100% owner of the White Moon Mine (aka Needles Magnesite Deposit), CVMR®will conduct a Feasibility Study to substantiate the measured, indicated and inferred magnesite ore contained in the White Moon mine over and above the current 527,000 tons of magnesite deposit that is exposed at the surface. Because previous testing, drilling and trenching by the U.S. Geological Survey and others found high-quality magnesite at depths of 100 feet, it is possible that there are an additional 5 to 10 million tons of magnesite at White Moon. Other than substantiating the magnesite reserves in White Moon, the secondary objective of the Feasibility Study is to determine the technical and economic viability of alternative refining solutions currently available to White Moon for processing its magnesite ore. To accomplish this project, NMC has asked CVMR to perform the Feasibility Study (“FS”) at a substantially reduced cost ($1.5 million) and reduced time (6 months). In exchange for the substantially reduced cost and time for the FS, the Agreement requires NMC to give CVMR additional compensation which is a 10% (ten percent) equity interest in NMC/White Moon, immediately subsequent to the completion of the FS. NMC was introduced to CVMR by Nova Capital International LLC[2], NMC’s exclusive investment banker.
The White Moon ore body consists mainly of very high-grade magnesite. This is one of the purest forms of magnesium-bearing ores when compared to other magnesium mine compounds. Magnesium is a crucial element used in the aerospace, defense, automobile, and medical industries. There is an increasing demand for magnesium in the United States.
Magnesium is an attractive material for automotive, aerospace and defense industries, primarily because of its light weight – 36% lighter per unit volume than aluminum and 78% lighter than iron. When alloyed, magnesium has the highest strength-to-weight ratio of all the structural metals.
China (18 million Metric Tonnes), Turkey (2.7 million MT) and Russia (1.3 million MT) produce over 80% of the world’s magnesite every year[3]. Currently, the U.S. imports over 390,000 tons of magnesite every year. White Moon could replace up to 64% of the imported magnesite because White Moon may be capable of producing 250,000 tons of magnesite annually for 30 years. Magnesite produced from White Moon will have substantial economic advantages over imports from China because of substantially lower transportation costs and no tariffs, which are currently imposed on magnesite imports from China.
The chemistry is old, but CVMR®’s vapor metallurgy processes and technologies are new, proprietary and currently in use in Canada, China, Latin America and the United States. Norilsk and Vale/Inco also use similar processes in refining their feed materials, but their systems use very high pressure, consume substantial energy, require high-grade ore, and cannot refine various metals from the same ore compound in the same throughput. Using the CVMR vapor metallurgy process does not melt the metals as is done in the usual smelting processes. CVMR® plants are pollution free and completely neutral to the environment. They create no air, water or soil pollution of any kind. CVMR®’s plants are hermetically sealed and all gases used in the process of vaporizing the metals are recycled. In addition to mining and beneficiation of various ore compounds, CVMR® refines various metals by chemically vaporizing them at low pressures and relatively low temperatures. It simultaneously manufactures various metal powders and metal parts (net shapes) as part of the same process, for the end user markets.
- CVMR is a Qualified Supplier for NATO, GE, Canadian Dept. of Defense, the US DOE, the US Bureau of Engraving and the US Mint.
- CVMR’s Client List includes: Barrick, Vale Inco, GM, 3M, Alcan, Pratt & Whitney and General Dynamics.
- CVMR & its Engineering Associate, DRA, have successfully completed over 500 projects around the world with over 2,000 operations staff employees and 1,300 multi-disciplinary engineers.
- Mining and metal refining some 35 metals, using its own proprietary vapor metallurgy processes and technologies and its own mineral resources;
- Manufacturing high value metal powders, nano-powders, subnano-powders, net shapes and super alloys, using CVMR’s proprietary processes
Mr. N. Victor Emmanuel, Chief Operating Officer at CVMR® highlighted International Magnesium Association report that “the underlying demand for magnesium remains quite robust in the United States as the aluminum alloying sector ramps up amid a booming automotive market.” He added, “White Moon is in an enviable position to take advantage of this vast, highly diversified and ever-expanding market in the United States and beyond.”
For additional information contact:
Mr. Alexander Carlin, Senior Managing Director Nova Capital International LLC Email: alexander.carlin@novacapitalintl.com
[1] CVMR® has the most efficient technologies for refining metals into powders and nano powders with zero pollution. CVMR® also has substantial mines and mining concessions around the world. It has completed over 560 projects around the world in the past 30 years. (www.cvmr.ca)
[2] Nova Capital is an investment bank boutique firm primarily focused on facilitating equity and debt financing for the mining and natural resources, oil & gas and financial services industries.
[3]Magnesium Investing News, https://investingnews.com/daily/resource-investing/critical-metals-investing/magnesium-investing/top-magnesite-producing-countries, Top 10 Countries for Magnesite Mining, June 10, 2018.
Press Release Service by Newswire.com
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