MagIndustries Corp.: Comprehensive Mining Investment Agreement Signed for Kouilou Potash Project
29 Décembre 2008 - 5:19PM
Marketwired
MagIndustries Corp. (the "Company") (TSX VENTURE: MAA) is pleased
to report that the Company and its subsidiary, MagMinerals Potasses
Congo S.A., have signed a comprehensive agreement with the
government of Republic of Congo ("ROC"), referred to as the Potash
Investment Agreement ("PIA") or within the ROC as the Convention
d'Exploitation Miniere. The PIA addresses all aspects of the
Company's planned Kouilou Potash Project in the Mengo area near the
ROC port city of Pointe-Noire, including key fiscal and development
terms.
The PIA will proceed through a process of incorporation into a
Law, which will need the approval of the ROC Parliament following
its submission by the ROC Government and publication in the
Official Gazette of the ROC. Until these processes are concluded
the content of the PIA is subject to confidentiality terms.
The signing of the PIA marks a long-awaited milestone in the
development of the Company's Kouilou Potash Project.
About the Kouilou Project:
A previously released technical report prepared by Ercosplan
Ingenieurgesellschaft Geotechnik und Bergbau mbH ("Ercosplan")
announced on August 21, 2008, and clarified and re-stated in a
press release dated December 1, 2008, indicated a NI 43-101
compliant estimate of proven and probable reserves of 33.5 million
tones of KCl which are sufficient to support 28 years of production
at a rate of 600,000 tonnes of K60 potassium chloride (KCl) for the
first two years of production and 1,200,000 tonnes of K60 KCl per
year for the remaining 26 years. At a production rate of 600,000
tonnes of K60 per year the KCl reserves are adequate for a Project
lifetime of 54 years. At a production rate of 1,200,000 tonnes of
K60 per year the KCl reserves are adequate for a Project lifetime
of 27 years. These reserves lie within a 25 square kilometer (sq
km) portion of the 136 sq km Mengo Exploitation Permit which was
granted to the Company in March 2008. The Mengo Exploitation Permit
represents 18% of the Makola Exploration area of a further 1,472 sq
km of favourable geology. The Ercosplan report is available on
SEDAR at www.sedar.com.
About MagIndustries Corp.
MagIndustries Corp. is a Canadian company whose common shares
are listed on the TSX-V Exchange and trades in Canadian currency
under the symbol "MAA". The Company has 197,914,016 shares
outstanding on an undiluted basis. MagIndustries' resource
subsidiaries are operating and developing major industrial projects
in the Republic of Congo and the Democratic Republic of Congo.
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, changing market
conditions, and other risks detailed from time-to-time in the
Company's ongoing filings. 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.
Cusip: 55917T 102
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: MagIndustries Corp. Rich Morrow Vice-President
416-368-7911 / 416-258-0829 (cell.) 416-368-5048 (FAX)
MagIndustries Corp. William B. Burton President & CEO
902-257-1171 902-257-1178 (FAX) www.magindustries.com
Magindustries Corp (Tier2) (TSXV:MAA)
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