Vancouver, B.C., Canada – March 18, 2019 – Mag One Products Inc. (CSE: MDD) (the “Company” or “Mag One”) is pleased to announce that the National Research Council of Canada (NRC), under its Industrial Research Assistance Program (NRC-IRAP) will support a project submitted by Mag One Operations, a wholly owned subsidiary, entitled “Feasibility – Magnesium Production using Aluminothermic Reduction Process” (the “Project”). The NRC will contribute on a cost-sharing basis to support the project, which is scheduled to conclude during the summer of 2019.
Pursuant to the Company’s January 23rd, 2019 press release regarding the Tech Magnesium Technology Acquisition Agreement (the “Agreement”), this NRC-IRAP-funded Project represents the first phase of the development and demonstration work towards the low cost, environmentally-friendly production of primary magnesium metal (the “Tech Mag Technology” or “Technology”). Dr. Douglas Zuliani, President and Founder of Tech Magnesium, will be intimately involved in the execution of the Project, providing leadership and technical guidance.
Gillian Holcroft, President & CEO of Mag One, said: “We are excited to hit the ground running with this first phase of work. I would like to thank the NRC-IRAP for their valuable support in accelerating this Project. The Tech Mag Technology, coupled with our game-changing, serpentinite mine tailings-to-magnesium oxide (MgO) production technology, is aimed at becoming the lowest-cost, greenest primary magnesium metal produced in the world. The team is ready to get to work on charting a path towards commercialization based upon our low-risk modular expansion plan.”
Dr. Douglas Zuliani, President and Founder of Tech Magnesium said, “A cost-effective MgO aluminothermic reduction process will be highly disruptive for vehicle light weighting. It will enable the widespread adoption of low carbon-footprint ultra-light magnesium alloy components thereby providing significant weight savings at net costs that are estimated to be highly competitive with current vehicle alloys including aluminum and high alloy steel. I look forward to working with the Mag One team to rapidly develop this game changing technology into a commercial reality.”
The Project will consist of thermodynamic modelling, bench-scale experiments, process optimization and techno-economic analysis. Magnesium yields, along with by-product quality will be monitored at various processing conditions. With positive results stemming from the Project, Mag One expects begin the pilot-scale demonstration phase in Q4 2019 with the final phase of developing being the design, construction and start-up of Mag One’s first 5,000 tonne per year primary Mg metal module with additional modules being brought online to coincide with market pull. During the term of the Agreement Mag One has an exclusive, worldwide license to the Tech Magnesium Technology as well as the exclusive right to acquire full ownership of the Technology and all associated intellectual property (IP).
On behalf of the Board, “Gillian Holcroft”, President and CEO.
Neither the Canadian Securities Exchange nor CNSX Markets accepts responsibility for the adequacy or accuracy of this news release.
About Mag One
Mag One is a technology, processing & production company. Using its game-changing technology, Mag One aims to be the most environmentally friendly & sustainable producer of magnesium (Mg) metal, ultrapure Mg compounds, by-products and vertically integrated co-products. For further information or questions respecting the Company kindly contact the Company via email at: info@MagOneProducts.com. Additional information can be found on the Company’s website at www.MagOneProducts.com or by viewing the Company’s filings at www.sedar.com.
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