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Jervois Mining Ltd

Publié le 04 mai 2016

Letter sent to Shareholders

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Mots clés associés :   Fed | K Street | Nickel | Secret |

Letter sent to Shareholders

Ghostscript wrapper for /tmp/flat_7332942887243293873.pdf

ABN 52 007 626 575

Date:22 April 2016 ASX Code: JRV

Announcement

Letter to Shareholders

The attached correspondence was sent to shareholders yesterday.

By order of the Board

Roger Fairlam Company Secretary

Suite 12, 10 JAMIESON STREET, CHELTENHAM, VICTORIA 3192

Telephone: (03) 9583 0498 Facsimile: (03) 9583 0698 Email: [email protected]

www.jervoismining.com.au

ABN 52 007 626 575

*L000001*

19th April 2016

JRV

MR SAM SAMPLE FLAT 123

123 SAMPLE STREET THE SAMPLE HILL SAMPLE ESTATE SAMPLEVILLE VIC 3030

Dear Shareholder,

The company has made an interesting Scandium discovery - fully reported to shareholders in the usual way, over the last two years. At present, the market for Scandium and its derivatives is a fledging industry, in which the end-users mostly have their own sources of supply. This supply can come from Russia, China or Japan - often produced as a by - product from other mineral concentrates. The market is small and the uses are niche.

There is a possibility that, if demand increased for the metal or its oxide, a cluster of Scandium resources owned by Jervois, located at Flemington, near Syerston, in NSW and also one at Nyngan over which we have royalty rights, might become of great future significance. Collectively these resources are the most important and best grade in the world, thus far found.

This sort of situation can attract people who seek to Rule the World. It can happen in any commodity: Jim Fisk tried it with Gold about 100 years ago, and in our collective memory the Hunt Brothers, more recently, tried it with Silver! All failed to corner the market, and rightly so.

Almost as soon as Jervois announced its remarkable Scandium discovery near Syerston, the overtures from these people began. One in particular is now known as Scandium Development International Pty Ltd (ex - Australian Antimony). It all started with a 'spreadsheet' from this crowd which envisaged the complete takeover of Platina Resources Ltd (ASX: PGM), Jervois and Metallica Minerals Ltd (ASX: MLM). This secret exercise was unfunded, unsupported and collapsed of its own accord. Over the last two years, four or five further 'offers' and 'proposals' from SDI have followed, unsolicited, untested and unverified. None has been of commercial or technical merit that would benefit Jervois shareholders; in our opinion, the only benefits from any of these ideas would accrue to the folk behind SDI.

212843_01U33A

In recent times, some of you would have received a letter or letters from a director of SDI, voicing various complaints about the writer and indeed the whole Board of Jervois. Some of their comment is quite defamatory. This is a classic 'dummy spit', perhaps because we refuse to believe the proposals put forward by said outfit. To the best of our knowledge, none of the other players listened to their overtures either! On the off chance that we had misread the situation, SDI was invited to place its proposals before a neutral and competent person selected by Jervois for evaluation. This proposal was ignored - that told us all we needed to know. The proposals lacked substance and our judgement, on behalf of shareholders, was confirmed.

Suite 12, 10 JAMIESON STREET, CHELTENHAM, VICTORIA 3192

Telephone: (03) 9583 0498 Facsimile: (03) 9583 0698 Email: [email protected]

Samples/000001/000001

Now SDI has moved away from simple defamation of the existing Board and an attempt to gain advantage over shareholders by proposing at the time of the last AGM, to have Jervois, among other things, buy out Scandium Development International Pty Ltd, for something in excess of One Million dollars. That would richly reward SDI, which has outlaid all of one thousand dollars in building a minor shareholding in Jervois, but we believe it would be highway robbery of Jervois shareholders.

Acting in your interests, your present Board will not buy out SDI. There is nothing to buy so far as we can see.

We do not need SDI in order to develop the Flemington deposit or to find buyers for the product. In the writer's experience, mineral buyers do not operate through intermediaries. They buy from the miner itself. (See our letter to SDI dated 14/4.2016, attached.)

Acting in your interests, JRV is working on the value-adding process which would allow actual production of Scandia (Sc2 O3) from run of mine product. That would be a substantial breakthrough: we have not yet finalised it to my satisfaction, but our progress is steady and represents considerable investment by your company of time and money over recent years. The likes of SDI are keen to get their hands on our work at bargain-basement prices: do not be sucked-in by them.

We appreciate your support and welcome your feedback. Yours Faithfully

212843_01U33A

Duncan Pursell. Managing Director

ABN 52 007 626 575

The Directors

Scandium Developments International Pty Ltd A C N 121 053 736

Suite 305, Level 3, 35 Lime Street

Sydney NSW 2001

By email: [email protected]; [email protected]

14 April 2016

*I00000101*

Dear Sirs,

Your letter to JRV shareholders dated 29 March 2016

I attach a copy of correspondence dated 29 March 2016 which I understand you to have sent to shareholders of Jervois Mining Ltd (JRV).

SDI has, for some time now, endeavoured to distract the JRV Board and JRV shareholders by engaging in the practice of making untrue assertions regarding the activities and intentions of the JRV Board and the history and prospects of this Company.

False statements by SDI

The attached letter demonstrates a reckless disregard of the truth in many of the assertions which it makes.

By way of the most egregious examples, SDI's latest letter makes completely false allegations, regarding the Bullabulling gold project, the Young Nickel project and the Nyngan Gilgai scandium project. Their untruthfulness can be demonstrated objectively from facts on the public record:

  • The Bullabulling project was a leach -heap operation, reliant on gravity-fed percolation over time for production. Throughout the Company's operations, the gold price was relatively steady. Still, the Company profited handsomely by selling it on favourable terms, with on- going royalty rights.

  • On the Young Nickel project, it was China Rail which repudiated the deal, for which, as it turned out, they had no technical expertise and probably insufficient capital. It was not JRV who 'walked away'.

  • JRV in no way 'lost' the Nyngan Gilgai litigation. JRV's position was warranted and strong - its joint venture partner had not satisfied its earn-in obligations. Subsequent litigation between unrelated parties confirmed the validity of JRV's interpretation on the key issue. It was undoubtedly in the best interests of shareholders to settle the case on advantageous terms, as JRV did.

212843_01U33A

SDI continues to make unsubstantiated allegations that the JRV Board is not acting in the best interests of JRV shareholders. These are false and defamatory assertions. No evidence is cited - it is mere assertion of a stranger to the Company: we note that SDI first appeared on the Jervois share register in August 2015, with an investment in JRV of no more than about $1,106 (22,104 shares). At that level, JRV shareholders are entitled to wonder about the true standing of SDI's commitment to their interests.

Suite 12, 10 JAMIESON STREET, CHELTENHAM, VICTORIA 3192

Telephone: (03) 9583 0498 Facsimile: (03) 9583 0698 Email: [email protected]

Samples/000001/000002

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Jervois Mining Ltd

CODE : JRV.AX
ISIN : AU000000JRV4
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Jervois est une société de production minière d'or basée en Australie.

Jervois détient divers projets d'exploration en Australie.

Son principal projet en production est BULLABULLING PROPERTY en Australie et son principal projet en exploration est FOREST REEFS en Australie.

Jervois est cotée en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 51,8 millions AU$ (37,3 millions US$, 32,7 millions €).

La valeur de son action a atteint son plus haut niveau récent le 28 février 1997 à 5,69 AU$, et son plus bas niveau récent le 12 juillet 2013 à 0,02 AU$.

Jervois possède 113 740 000 actions en circulation.

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