Ann: Nyngan Scandium Joint Venture Update , page-7

Right - I've had a chance to digest all this over breakfast & I'm not so sure management deserve harsh criticism for their response to EMCs endeavours.

Let's be clear here - EMC are getting 50% of an ore body, that by anyones calculation, is worth $Billions for a measly A$1.43m. That is less than 1/10th of 1% of the ore body value.

By their own announcement EMC have provided a "Technical Report" when I am sure both parties knew a full Feasibilty Study was intended to be the document to be provided - i.e. mining costs, processing requirements & costs, finance costs, market studies on Scandium demand etc. etc.
My understanding is that from this point on, any developement costs will be paid 50:50 by both parties. This will mean JRV will need to access funding (either by Capitalisation or borrowing) and a full, comprehensive Feasibility Study will help with this process. I am sure that this was known & taken into account when the 50% JV Agreement was drawn up. The JRV management are right in my view to take a stand on this matter, & having been shafted by TSX companies before due to weak ASX directors (WCU for example) it is reassuring to see a strong stand being taken.

I would however, have preferred an announcement, at this early stage, that said the payment has been received, a report had been received which in the view of JRV was not compliant however both parties believe strongly in the project and are working to resolve the issue.