|By Marketwired .||
|December 29, 2008 11:20 AM EST||
TORONTO, ONTARIO -- (Marketwire) -- 12/29/08 -- 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.
416-368-7911 / 416-258-0829 (cell.)
William B. Burton
President & CEO
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