Market Overview

NVMN: Third-Party Estimate States Lithium Reserves on Mongolian Mining Properties Under Contract Could be in Excess of $12 Billion

SAN ANTONIO--(BUSINESS WIRE)--

Nova Mining Corp. (OTCBB: NVMN) is pleased to announce that the Company has received a third-party estimate of the commercially recoverable lithium deposits located on the Bayankhongor mining property in excess of $12 Billion USD at current market prices.

Lithium is the critical ingredient for long-life batteries used in smartphones, computing tablets an ...

Lithium is the critical ingredient for long-life batteries used in smartphones, computing tablets and electric cars. (Photo: Business Wire)

The Bayankhongor property is one of three major lithium fields owned by Mongolian National Mining Consultants Limited (MNMC). Nova Mining is in the final stages of negotiating a definitive Mineral Purchase Agreement to purchase 100% of the lithium produced by MNMC at a substantial discount to market price.

Mongolian National Mining Consultants Limited is a Hong Kong company, with its principal business operations in Ulaanbaatar, Mongolia. MNMC is the registered owner of multiple mining properties that are located in Mongolia.

“As part of our Due Diligence on the MNMC properties our research team was able to locate and review highly-detailed mineral surveys prepared for the Mongolian government by the Soviet Union in the 1980's,” stated James Dilger, President of Nova Mining Corp. “Access to these Soviet era surveys provide a solid base for estimating mineral reserves and will be an invaluable tool to guide our continuing efforts to locate and acquire additional mineral reserves.”

Nova Mining Corp. (NVMN) seeks out the most potentially lucrative mining projects, supplies and sales of strategic high-demand minerals, such as lithium, as part of its aggressive economic business model. Lithium is the main ingredient in long life batteries, like those used in Apple's (NASDAQ: APPL) popular iPhones and iPads, Google's (NASDAQ: GOOG) new Nexus 7 tablet and Tesla Motor's (NASDAQ: TSLA) new performance electric cars.

About Nova Mining Corp. (OTCBB: NVMN)

Nova Mining Corporation is a Nevada corporation listed on the OTCBB under the trading symbol NVMN. The Company is a growth-focused entity that seeks to acquire an international portfolio of strategic high-demand mineral mining assets.

More information on Nova Mining Corp can be seen at: http://www.nova-mining.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50368600&lang=en

Nova Mining Corp
James Dilger, 210-581-7753

 

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free