Scandium International and Nevada GOLD Mines Sign LOI to Pursue Critical Metals Recovery at Phoenix MINE
SCANDIUM INTERNATIONAL AND NEVADA GOLD MINES SIGN LOI TO
PURSUE CRITICAL METALS RECOVERY AT PHOENIX MINE
Reno, Nevada, June 28, 2021 – Scandium International Mining Corp . (TSX:SCY) (“Scandium
International” or the “Company” ) and Nevada Gold Mines (“NGM”), have signed a Letter of Intent
(“LOI”) to initiate a joint technical and economic feasibility program at NGM’s Phoenix Mine, near Battle
Mountain, Nevada. The purpose of this joint development program is to confirm the economic and
technical viability of a critical metals recovery (“CMR”) project at the mine site. The LOI defines a
detailed US$2.7 million spend program which includes bench test work, pilot plant testing, and feasibility
study design work. The program is anticipated to require 15 months to complete. With program
completion, the partners intend to take an investment decision on construction and op eration of a plant
facility to recover critical metals from mine solutions. The LOI also outlines key parameters of a
partnership, including formation of a joint venture to hold the plant facility, and a 50:50 ownership in the
recovery circuit asset.
The project is envisioned as an ion-exchange recovery system, capturing critical metals that are currently
recirculating in heap leach copper solutions at Phoenix, specifically targeting nickel, cobalt, scandium,
zinc and potentially other metals that prove to be economically recoverable.
This CMR project, and other similar projects in development, h ave the potential to produce material
quantities of strategically important metals, tailored to today’s tech -driven products, and can do so from
a distributed global copper production base. The environmental impact from this production process is
minimal – no new mines are required. From a copper industry standpoint, this CMR process can
effectively increase mine valuations, can effectively extend mine/reserve life at current production rates,
and will result in cleaner tailings, potentially lower ongoing environmental management costs, and lower
final reclamation expense.
The Phoenix Mine is a gold -copper producer owned and operated by Nevada Gold Mines . The mine
produces a copper/gold concentrate, copper cathode and gold dore . Nevada Gold Mines assets in
Nevada represent the single largest gold-producing complex in the world.
HIGHLIGHTS:
• LOI signed between SCY and NGM, defining a development program for CMR.
• Program designed to confirm technical feasibility and economic recovery of critical metals
from heap leach solutions at Phoenix Mine.
• LOI outlines a multi -step development program, totaling US$2.7M spend, and 15 months
to complete, including an on-site pilot plant.
• LOI further outlines 50:50 JV partnership, if parties agree to construct an onsite recovery
circuit to produce a series of metal concentrates. The refinery circuit would be located off-
site from the Phoenix Mine and 100% owned and operated by SCY
• Metals targets include nickel, cobalt, scandium and zinc, possibly others.
George Putnam, CEO of Scandium International Mining Corp. commented:
“Quality partners are an essen tial ingredient in shared projects. That noted, we are genuinely pleased
to be working with NGM and the Phoenix Mine team, to demonstrate the technology and economic
viability of a CMR project in the copper business. We look forward to achieving a profit able, reliable,
repeatable success with this project, and one that focusses directly on the priority of North American
sourcing of critical metals tailored for technology -driven applications in transportation and
communications.”
Nevada Gold Mines, Executive Managing Director, Greg Walker commented:
“We are excited to begin working with our partner, Scandium International Mining Corp., on finding ways
to extract critically important minerals for the future of the United States, furthering the country’s ambitions
to become a leader in the green economy . In addition, this partnership aligns with our vision to protect
Nevada’s environment not only for today, but for future generations.”
ABOUT SCANDIUM INTERNATIONAL MINING CORP.
The Company is fo cused on developing its Nyngan Scandium Project, located in NSW, Australia, into
the world’s first scandium-only producing mine. The Company filed a NI 43 -101 technical report in May
2016, titled “Feasibility Study – Nyngan Scandium Project .” The project has received all key
approvals, including a development consent and a mining lease, necessary to proceed with project
construction.
The Company is also currently pursuing CMR opportunities with various copper industry groups, where
SCY proposes to empl oy ion exchange technology to extract unrecovered critical metals from existing
mine process streams. This program represents a fast -track concept to make battery -grade nickel and
cobalt products, scandium master alloy product, and other critical metals, from North American sources.
The Company is similarly pursuing high-purity alumina opportunities, both in conjunction with CMR where
that is possible, and also independently as a stand-alone project.
For inquiries to Scandium International Mining Corp, please contact:
Edward Dickinson (CFO) George Putnam (CEO)
Tel: (775) 233-7328 Tel: (925) 208-1775
Email: [email protected]
ABOUT NEVADA GOLD MINES
Nevada Gold Mines is operated by Barrick Gold Corporation (NYSE:GOLD) and is a joint venture
between Barrick (61.5%) and Newmont (38.5%).
For inquiries to Nevada Gold Mines, please contact:
Catherine Raw Greg Walker Kathy du Plessis
COO, North America Executive Managing Director Investor and Media Relations
Barrick Gold Corporation Nevada Gold Mines Barrick Gold Corporation
Tel: +1 416 307 5157 Tel: +1 702 526 3194 Tel: +44 20 7557 7738
Email: [email protected] Email: [email protected] Email: [email protected]
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any
information as to the Company’s and Barrick Gold Corporation’s (“Barrick”) strategy, projects, plans or
future financial or operating performance, constitutes “forward looking statements”. All statements, other
than statements of historical fact, are forward -looking statements. The words “pursue”, “anticipate”,
“intend”, “partnership”, “opportunity”, “envision”, “potential”, “can”, “will”, “ambition”, “become”, “vision”,
“expect”, “could”, “would” and similar expressions identify forward-looking statements. In particular, this
press release contains forward -looking statements in cluding, without limitation, with respect to: the
Company and its business and the potential for the Company to develop a critical metals recovery project
at NGM’s Phoenix mine pursuant to the LOI; the potential economic and environmental benefits of this
project for NGM and its application s in transportation and communications; and the potential for the
project at the Phoenix mine to demonstrate the technology and economic viability of CMR in the copper
business.
Forward-looking statements are necessarily based upon a number of estimates and assumptions
including material estimates and assumptions related to the factors that, while considered reasonable by
the Company and Barrick as at the date of this press releas e in light of management’s experience and
perception of current conditions and expected developments, are inherently subject to significant
business, economic and competitive uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in the forward-looking statements and undue
reliance should not be placed on such statements and information. These risks, uncertainties and other
factors include, without limitation: risks related to uncertainty in the demand for nickel, cobalt, scandium,
zinc and potentially other metals including scandium alloys and other products produced using the
Company’s proprietary technologies such as HPA, the possibility that results of test work will not fulfill
expectations, or not realize the perceived market utilization and potential ; risks associated with projects
in the early stages of evaluation and for which additional engineering and other analysis is
required; diminishing quantities or grades of r eserves; increased costs, delays, suspensions and
technical challenges associated with the construction of capital projects; operating or technical difficulties
in connection with mining or development activities, including geotechnical challenges and disruptions in
the maintenance or provision of required infrastructure and information technology systems; and failure
to comply with environmental and health and safety laws and regulations. In addition, there are risks and
hazards associated with the busine ss of mineral exploration, development and mining, including
environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave -ins,
flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate
insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual
results to differ materially from those expressed or implied in any forward -looking statements made by,
or on behalf of, the Company and Barrick . Readers are cautioned that forward -looking statements are
not guarantees of future performance. All of the forward -looking statements made in this press release
are qualified by these cautionary statements. Specific reference is made to the most recent F orm 40
F/Annual Information Form of the Company and Barrick on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-
looking statements and the risks that may af fect the Company’s and Barrick’s ability to achieve the
expectations set forth in the forward-looking statements contained in this press release. We disclaim any
intention or obligation to update or revise any forward -looking statements whether as a result of new
information, future events or otherwise, except as required by applicable law