Tickers: XCNQ:MDD, XOTC:MGPRF, PINX:MGPRF
Tags: Mining
MONTREAL QUEBEC, CANADA / TheNewswire / 20 November 2017. MAG ONE PRODUCTS INC. ("Mag One," or the "Company") is pleased to announce that the NI 43-101 "Summary of Current and Scientific Technical information" report is now publicly available on SEDAR. The report is entitled "Magnesium Bearing Waste Dumps Recycling Project". On March 22, 2017 Mag One issued a clarification disclosure in which past disclosures provided estimates of tonnes and grades with respect to its project. Key excerpts from the Report are summarized below:
Mag One is committed to processing the Jeffrey Mine tailings to recover magnesium, silica and nickel. The Jeffrey Mine extracted more than 100M tonnes of chrysotile fibre from 1886 to 2012. Historical data further indicate that 188M tonnes of tailings were produced from the Jeffrey Mine and about 25% of that quantity has been made available under contract for Mag One's project. The available tailings, as a result of this historical production, are prepped in their present state and are not toxic.
Using the available data, it is not possible to calculate a Mineral Resource nor a Mineral Reserve for this project. The two independent Authors, namely Jacques Marchand, a Quebec Ingenieur Geologue Conseil and Qualified Person per NI 43-101 and Christian Derosier a Professional Geologist, MSc, DSc and Qualified Person per NI 43-101, are however able to disclose a potential quantity and grade, expressed as ranges, of a target for further exploration. Specifically, the northern part of Mag One's Jeffrey tailings averages 38.5% +/-0.3% MgO (23.2% +/-0.3% Mg) and is considered representative of the 81,000 m3 sampled in 2015. The volume of tailings that are therefore available to Mag One range from 0.08 to 18M cubic meters of chrysotile with a grade range of 26 to 41% MgO. Considering the compositional homogeneity of the tailings that were generated from the mine production rejects along with the historical tailings testing that was carried out by the Centre de Recherche Minerale (CRM), the independent Authors believe that the average compositional grades might be representative of the 3M m3 of the shallower part of the tailings but caution that this is not a mineral resource estimate.
The Authors confirm that the potential quantity and grade discussed above is conceptual as there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. The basis for the determination of the potential volume is based on surveying done in 2015 and before. A resource/reserve calculation might be useful but in the Authors' opinion will not add material value to the project.
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 reviewed and validated the information contained in it.
Signed: "Gillian Holcroft, Eng., M.Eng."
President and Director
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.Assembly and sale of Magboards: magnesium oxide-based structural insulated sheathing panels.
IV.MagPower's Mg-Air Fuel Cell for 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 serpentinite tailings.
For further information or questions kindly contact the Company via email: info@MagOneProducts.com and IR@MagOneProducts.com
Mag One is listed on the CSE with the symbol, "MDD", the Borse Frankfurt stock exchange ("Frankfurt") with the ticker symbol "304" and the OTCQB with ticker symbol "MGPRF". 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. 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 because 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. The Frankfurt Boerse, OTQ Markets Group Inc., CSE, or CNSX Markets have 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. are solely responsible for the accuracy of such news releases. For further information on risk, investors are advised to see the Companies MD&A and other disclosure filings with the CSE regulators which are found at www.sedar.com.
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