TORONTO, ONTARIO--(Marketwired - Dec. 16, 2013) - MagIndustries Corp. ("Mag" or the "Company") (MAA.TO) is pleased to announce that Environmental and Social Impact Analyses("ESIA") for a loading terminal, compaction plant and linear infrastructure for its proposed 1.2 mtpy Mengo Potash Project (the "Project") have received final approval from the Ministry of Tourism and Environment of the Republic of Congo.
Previously, in 2010, the Company had obtained ESIA approvals from Congolese authorities based on the design of a 600,000 tpy Mengo potash plant, with the potential to revise capacity to 1 mtpy. The Company has since doubled the initial designed production capacity to 1.2 mtpy, reorganized aspects of the plant layout and planned a new transportation strategy, changes which are reflected in the revised and approved ESIA studies and the "Update of the NI 43-101 Technical Report for MagMineral's Mengo Permit Area, Kouilou Region, Republic of Congo" reported by press release and posted on SEDAR on November 14, 2013.
About MagIndustries Corp.
MagIndustries is a Canadian company whose common shares are listed on the TSX and trade in Canadian currency under the symbol "MAA". The Company has 755,942,674 common shares outstanding. MagIndustries is focused on the development of its potash assets in the ROC. More information on the Company is available on its website, www.magindustries.com.
Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, country policy and political risks, currency exchange risk, changing market conditions, force majeure events, and other risks detailed from time-to-time in the Company's ongoing filings. A project finance loan is necessary for the Project to proceed and there is a risk the Company and its prospective lender may not agree on final terms and conditions in the definitive loan documentation. Additionally, approval for a project finance facility, when or if finalized, may not be in a timeframe that allows the Project to proceed on the expected schedule. In the event of a failure to meet the conditions of the LOC, significant changes in the Project or material adverse events as determined by CDB at its sole discretion which would negatively impact MPC's ability to service its loan obligations, CDB has the right to terminate the LOC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under the Company's continuous disclosure obligations. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.
Cusip: 55917T 102
- Company Earnings
Mr. Rich Morrow
Director, Investor Relations and Corporate Development