VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2013) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES
NMC Resource Corporation (TSX VENTURE:NRC) ("NMC Resource") is pleased to announce that it has further amended the terms of the Boss Mountain Exploration Option Agreement dated August 12, 2011 (the "Boss Mountain Option Agreement"), as amended on April 18, 2012 and May 31, 2012.
Under the terms of the Boss Mountain Option Agreement originally disclosed in the news release dated August 16, 2011, NMC Resource was granted an option to earn a 100% interest in Boss Mountain Moly Mine for a term of three years with an additional two year term for option extension provided that the option conditions were satisfied within the three year option period.
Under the amended terms of the Boss Mountain Option Agreement, the option period has been amended to a flat 5 years and the committed option expenditure of not less than CAD1,000,000 during the option period has been amended to not apply if at or prior to the Termination Date (as such term is defined in the Boss Mountain Option Agreement), NMC Resource has completed not less than 3,000 metres of diamond drilling on the Property (as such term is defined in the Boss Mountain Option Agreement).
Updates on NMC Moland Mine
On December 27, 2012, Dong Won Resource Corporation, an affiliate of NMC Resource, acquired NMC Moland Mine's 5% net profits interest (NPI) from the previous mining rights holders for KRW 450,000,000 (approximately CAD415,000). NMC Inc., a wholly owned subsidiary of NMC Resource, is the registered owner of NMC Moland Mine.
About NMC Resource Corporation
NMC Resource Corporation (TSX VENTURE:NRC) is a mining company with two molybdenum assets: NMC Moland Mine ("Moland") in South Korea and Boss Mountain Mine ("Boss Mountain") in British Columbia, Canada. Moland started commercial production in April 2010 and a new technical report was filed in December 2011 with an updated resource. An active resource expansion drill program continues at Moland. Resource expansion drilling program requiring deep drill holes has been sponsored by KORES (Korea Resources Corporation, a state-owned mining company). Boss Mountain is a past molybdenum producer. NMC Resource is currently assessing historical data from 247 drill holes completed by the last mine operator Noranda Mines Ltd.
On behalf of the board of NMC RESOURCE CORPORATION
Do Hyung Kim; President, Chief Executive Officer and Director
Forward-Looking Statements: This news release includes certain forward-looking information and forward-looking statements (collectively "Forward-Looking Statements") concerning the future performance of the Company's business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-Looking Statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-Looking Statements are based on the current opinions and expectations of management. All Forward-Looking Statements are inherently uncertain and subject to a variety of risks and uncertainties, including the speculative nature of mineral exploration and development generally and specifically in respect of the interpretation of the geology, continuity, grade and size of mineral deposits, unanticipated operational or technical difficulties, fluctuating commodity prices, competitive risks and the availability of financing, changes in laws or regulations, changes in the financial markets and changes in general economic conditions, as described in more detail in our recent securities filings available at www.sedar.com. Such Forward-Looking Statements are based on a number of assumptions, including but not limited to the level and volatility of the price of molybdenum, the availability of financing, the accuracy of reserve and resource estimates and the assumptions on which those estimates are based and the ability to achieve and maintain certain operational efficiencies. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual events or results may differ materially from those expressed or implied in the Forward Looking-Statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these Forward-Looking Statements, except as required by applicable law.
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