RENO, Nev., Jun 27, 2012 (BUSINESS WIRE) — EMC Metals Corp. (the \”Company\” or \”EMC\”) CA:EMC -15.38% announced today that it received notice of a lawsuit filed against the Company on Friday June 22, 2012 in the Supreme Court of Victoria, Australia, by our Nyngan Scandium Project partner, Jervois Mining Limited (\”Jervois\”).
The Company delivered a timely NI 43-101 F1 Technical Report on the Feasibility of the Nyngan Scandium Project (\”the Report\”) to the JV Partners in February 2012, designed to meet the specific requirements set out in the JV Agreement for a 50% earn-in to the Nyngan Scandium Project (the \”Project\”). EMC believes that all requirements for the Report as defined in the JV Agreement were met, however Jervois subsequently rejected the Report as inadequate, and denied EMC its 50% earn-in interest in the Project.
I know someone (indeed, was looking for money from them at the time) who has invested goodly amounts in EMC. On the basis of this Jervois property interest.
I said that there were several people in this \”scandium space\” that I simply would not trust. Even if you don\’t want to invest in me, I went on, certainly I could not recommend investing in them.
Pity I didn\’t get the cash, of course, but all rather satisfying a few years later…..