VANCOUVER, BRITISH COLUMBIA — January 27, 2014 - Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) (the “Company”) today announced that its Board of Directors has approved a change of the Company’s auditors. At the request of the Company, DeVisser Gray LLP (“Former Auditor”) has resigned as auditor of the Company effective January 22, 2014. Nevada Clean’s Board of Directors has appointed Dale Matheson Carr-Hilton Labonte LLP (“Successor Auditor”) as the successor auditor, effective January 22, 2014.
The Company has sent a Notice of Change of Auditor (“the Notice”) to the Former Auditor and to the Successor Auditor and has received a letter from each, addressed to the securities commissions in each of Alberta and British Columbia, stating that they agree with the information contained in the Notice. The Notice, together with the letter from the Former Auditor and the letter from the Successor Auditor, are available on www.sedar.com.
There were no disagreements or unresolved issues with the Former Auditor on any matter of audit scope or procedures, accounting principles or policies, or financial statement disclosure. It is the Company’s opinion that there have been no “reportable events” (as defined in National Instrument 51-102 Continuous Disclosure Obligation) between the Company and the Former Auditor. The Former Auditor did not provide a modified opinion in their auditor’s report for the financial statements of the Company fiscal years ended September 30, 2012 and 2011.
In other news, the Company announced the resignation of Grant T. Smith from its Board of Directors. Edward Lee, Chief Executive Officer of Nevada Clean, stated, “On behalf of the Board, I would like to thank Mr. Smith for his valued guidance during his time with Nevada Clean Magnesium. We wish him the very best in all of his future endeavors.”
About Nevada Clean Magnesium, Inc.
Nevada Clean Magnesium is focused on becoming a major U.S. producer and distributor of primary, high grade, low cost magnesium extracted from its 100% owned Tami-Mosi property located in North Central Nevada. Based on the Company’s NI 43-101 Preliminary Economic Assessment Report published in late 2011, the Tami-Mosi Project has an inferred resource of 412 million tonnes with an average grade of 12.3% Mg for a contained metal content of 111 billion pounds of magnesium using a 12% cut-off grade contained within a high purity dolomite block. For more information, please visit www.nevadacmi.com.
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