Scandium International Mining Corp. Announces Results of Annual General Meeting
November 2, 2015 (Source: FSC Wire) — Scandium International Mining Corp. (TSX: SCY) (the “Company”) is pleased to announce that its 2015 annual general meeting (the “AGM”) was held on October 28, 2015.
At the AGM all resolutions put to the shareholders were passed. Shareholders approved the re-appointment of Davidson & Company LLP, Chartered Accountants as the Company’s auditor. The number of directors was set at seven, with George F. Putnam, William B. Harris, Willem P.C. Duyvesteyn, Barry Davies, Warren Davis, James Rothwell and Andrew C. Greig being re-elected as directors of the Company.
Pursuant to the policies of the Toronto Stock Exchange, the Company is required to disclose a summary of voting results for the election of directors. The voting results are as follows:
The adoption of the Company’s 2015 stock option plan was also approved, subject to approval by the Toronto Stock Exchange. The resolution to grant a five year extension of the expiry date of 4,300,000 stock options held by directors and officers which are currently due to expire on November 5, 2015, was approved by a vote of disinterested shareholders.
About Scandium International Mining Corp.
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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 disclosing Measured and Indicated Resources on the Nyngan Project in March of 2010. The Company also filed an amended NI 43-101 technical report on a preliminary economic assessment of the Nyngan Scandium Project in May of 2015, and has completed extensive metallurgical test work on the resource. The Nyngan Scandium Project PEA is preliminary in nature and should not be considered to be a prefeasibility or feasibility study, as the economics and technical viability of the project have not been demonstrated at this time.
The Company is currently working with Lycopodium Minerals Pty Ltd, of Brisbane, QLD, Australia, and others, on a Definitive Feasibility Study (“DFS”), for completion in Q1 2016. The DFS will include all elements of project description and design to generate an economic report suitable for seeking project construction financing in 2016. Process engineering and other project study elements will be advanced to a +/-15% accuracy level. 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.
For further information, please contact:
George Putnam, President and CEO.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Source: Scandium International Mining Corp. (TSX:SCY) www.scandiummining.com
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