Aug 7 2012
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.
“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.”
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.