Tickers: XCNQ:MDD, XOTC:MGPRF, PINX:MGPRF
Tags: Mining
MONTREAL QUEBEC, CANADA / TheNewswire / 22 November 2017. MAG ONE PRODUCTS INC., ("Mag One" or the "Company") is pleased to provide an update on the rapid progress being achieved at the Company's Phase 1 hydrometallurgical pilot plant ("Pilot Plant"). To date, seven pilot trials have been performed with each successive test showing improved performance. Though the operating conditions are still being optimized, amorphous silica, having a purity >88% and a surface area > 300 m2/g, along with the precursor magnesium compound having a purity of ~99.0% have been observed. The intent is to engage two separate third-party industrial research groups to evaluate and qualify the amorphous silica produced by the pilot plant for value-added incorporation into high performance concrete, rubber, and other materials. Mag One is finalizing its budget and government grant application for the Phase 2 hydrometallurgical pilot plant work, where the precursor magnesium compounds will be transformed into high purity magnesium oxide, the feed material for producing magnesium metal via aluminothermic reduction.
The purpose of the Pilot Plant, designed to process 100 kg/hr of serpentinite tailings, is two-fold: (1) to gather engineering data in order to design, build and operate a commercial 30,000 metric ton per year MgO production facility in Southeastern Quebec; and, (2) to generate MgO and amorphous silica for qualification purposes by third parties, including potential customers, for establishing offtake agreements.
As previously disclosed in the Company's October 12, 2017 and November 20, 2017 news releases, management's decision to begin permitting efforts, as well as its commitment to processing the Jeffrey Mine tailings to recover magnesium, silica and nickel have not been based on results from a feasibility study of mineral reserves that would demonstrate economic and technical viability of the project. Without this study there is increased uncertainty and increased economic and technical risks. Management does intend to engage an engineering firm to carry out a pre-feasibility study once the pilot plant effort is nearing completion and will use the pilot data as a basis for the study.
Gillian Holcroft, Mag One's President states: "Our team of collaborators, from the MRC des Sources Mining Innovation Centre (CIMMS) to the University of Sherbrooke and others have achieved admirable progress in the Pilot Plant. This ground-breaking work is critical to ultimately being able to produce magnesium metal cost-effectively from our advanced technology. The whole region has rallied around our work, and we fully expect support from all levels of government in forthcoming phases of our work."
Lastly, Mag One has been assigned its LEI. The Legal Entity Identifier (LEI) is the International ISO standard 17442. LEIs are identification codes (across markets and jurisdictions that enable consistent and accurate identification of all legal entities that are parties to financial transactions, including non-financial institutions. The Mag One Products Inc. LEI is: 549300CLAKDSVBQM3104
Mag One Products Inc. is a company that aims to be a global leader in the magnesium (Mg) market by concentrating on four projects at its manufacturing plant sites in southern Quebec, Canada.
I.Production of high -purity MgO, Silica and other saleable co-products, byproducts and compounds.
II.Production of 99.9% pure Mg ingots.
III.Magboard Products Inc., assembly and sale of MgO-based, structural insulated sheathing panels and wallboards.
IV.MagPower's Mg-Air Fuel Cell for scalable emergency power on sea and land
Key advantages that these four projects share are Mag One's advanced technologies, a modular processing plant expansion concept, and the Company's easy access to tonnes of already-mined, serpentinite tailings.
Gillian Holcroft, Eng., M.Eng., President and Director of Mag One Products Inc., is the Company's designated qualified person for this press release, and has prepared and supervised the preparation of and approved the scientific and technical disclosure in this news release.
Signed: "Gillian Holcroft, Eng., M.Eng."
President and Director
www.MagOneProducts.com
For further information or questions kindly contact the Company via email: info@MagOneProducts.com and IR@MagOneProducts.com
Mag One listed on the CSE with the symbol, "MDD", the Borse Frankfurt stock exchange ("Frankfurt") with the ticker symbol "304" and the OTC with ticker symbol "MGPRF". The listings on the Frankfurt and OTC exchanges provide the company exposure to the European and U.S. markets and potential investors. Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. This news release does not constitute an offer of securities for sale in the United States. CSE has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of the content of this news release. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
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