San Antonio-based Nova Mining Corp. announced this week that it has received very encouraging due diligence documents, including third-party lithium estimate reports and government license documents, regarding the Bayankhongor mining property.
The Bayankhongor property is one of three major licensed lithium fields owned by Mongolian National Mining Consultants Limited (MNMC).
Last Monday, Nova Mining Corp moved to secure valuable lithium supplies by executing a letter of intent with MNMC for the exclusive right to purchase 100 percent of the lithium produced from the MNMC mining properties at a 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. Recent Surveys of MNMC’s mining properties indicate significant quantities of commercially recoverable Lithium reserves.
Nova Mining Corp. seeks out the most potentially lucrative mining projects and supplies of strategic high-demand minerals, such as lithium, as part of its newly-instituted aggressive business model. Lithium is the main ingredient in long life batteries, like those used in many of Apple’s electronic devices, Microsoft’s new Surface tablet and General Motor’s new Volt electric automobile.
Lithium is currently in very high demand and is forecast by MarketResearch.com to quadruple from an $11 billion market to $43 billion market.