TORONTO, ONTARIO--(Marketwired - July 18, 2013) - MagIndustries Corp. (MAA.TO) (the "Company" or "MagIndustries") hosted an Inauguration Ceremony (the "Ceremony") yesterday for its intended 1.2 million tonne per year Mengo Potash Project (the "Project") in the Republic of Congo. The Ceremony provided an official recognition for the recent arrival in Congo of materials and equipment in anticipation of the start of construction of the Project and encouragement to the Company as it proceeds with implementation.
The Ceremony was attended by seven members of President Denis Sassou Nguesso's cabinet led by Minster of Mining and Geology, Pierre Oba. The other ministers in attendance represented areas of responsibility that touch on economic and social development in Congo including energy, land use and transportation. Members of the President's Office were also in attendance.
Dignitaries in the audience included the Ambassador of China to the Republic of Congo, Mr. Jian GUAN and the Economic and Commercial Counsellor to the Ambassador of China to the Republic of Congo, Mr. Xiang SHEN. Representatives of MagIndustries' contractors on the Project, East China Engineering Company, Changsha Design Institute, 9th Institute and China Wuyi, were also in attendance as were representatives of other international companies operating in Congo plus local partners and suppliers.
In a welcome speech the Sub-Prefect of Loango Region emphasized that the Project is of high importance to President Sassou Nguesso's economic development plan and carries a high weight of expectation for job creation and economic contribution to the country. Minister Oba graciously recounted his long involvement with the Project and the support provided to the Project by his Ministry over many years.
Speaking for MagIndustries Mr. Longbo Chen, CEO, emphasized the size and complexity of the Project while expressing the commitment of the Company to manage the implementation of the Project as expeditiously as possible. Mr. Simon Liang, Chairman of the Company and Chairman of its controlling shareholder, Evergreen Group of Shanghai, thanked Congo and China for their support and expressed the determination of the Company to see the Project deliver on the expectations of its numerous stakeholders on a timely basis.
Further remarks were provided by Ambassador Guan and Project general contractor, East China Engineering Company.
Minister Oba and his Ministerial colleagues participated in a ceremonial sod turning in anticipation of the start of construction.
MagIndustries is a Canadian company whose common shares are listed on the TSX and trades 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 Republic of Congo. 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. Additionally, the project finance loans necessary for the Project to proceed may not be approved or may not be approved in a timeframe that allows the Project to proceed on the expected schedule. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.