For immediate release.
Mag One Products Inc.: Tailings Clarification Disclosure and Quebec Project Update
VANCOUVER, BRITISH COLUMBIA, CANADA/23 March 2017. MAG ONE PRODUCTS INC. (“Mag One”) or the (“Company”), as a result of a review by the British Columbia Securities Commission (“BCSC”), is issuing the following news release to clarify the Company’s tailings disclosure.
Mag One wishes to retract its past disclosures regarding estimates of tonnes and grade with respect to our project site in Quebec. Mag One however re-confirms that it is under contract to secure a significant quantity of serpentinite tailings produced by the former Mine Jeffrey operations at the Company’s project site in Quebec. Prior statements regarding tonnes in its stockpile and concentrations or presence of mineralization were non-compliant and restricted. The information included contract representations by Mine Jeffrey Inc. as well as production reports from previous mining operations. The Company is retracting this disclosure until a compliant technical report is issued to the public. Investors should therefore not rely on prior news releases, fact sheets, investor presentations, promotional videos or other marketing material which disclose grades and tonnes of mineralized material. Specifically, Mag One cautions investors not to rely on the technical disclosures listed within the following documents: November 16, 2016 Corporate Presentation, New Releases (dated: August 23, 2016, October 6, 2016, October 18, 2016, November 23, 2016, December 9, 2016, December 14, 2016 and January 10, 2016), MD&A Year Ended September 20, 2016 filed on SEDAR January 30, 2017. In addition, Mag One was non-compliant in comparing an equivalent amount of gold ounces to non-compliant disclosure of estimated magnesium metal and failed to disclose the name and relationship to the Company of the qualified person who approved these technical disclosures.
Mag One will produce a NI 43-101 Summary of Current and Scientific Technical Information as rapidly as possible. In this regard, the Company hired Jacques Marchand on February 3rd, 2017 (a Québec Ingénieur Géologue Conseil and Qualified Person per NI 43-101) to review all pertinent information including onsite verification of the size of the stockpile, technical reports, historical reports, and related contracts. Mr. Marchand will also supervise the certified analytical lab that will provide chemical and mineralogical data from the representative samples that were taken in 2015 by Jeff Hussey, a professional geologist engaged by Mag One. Once Mr. Marchand has issued his report and it is filed on SEDAR, key findings will be included within the Company’s website, fact sheets, investor presentations and other marketing material.
On a more positive note, the Company recently signed an agreement with the Centre d’innovation Minière de la MRC des Sources (CIM), located in Sherbrooke, QC to carry out the Phase 1 hydrometallurgical piloting on the Company’s tailings stockpile targeted to produce high-purity amorphous silica for the cement industry, as well as the precursor product required to produce high-purity magnesium oxide (MgO) for various chemical applications. The Company is excited to work with this team of qualified experts who have a deep understanding of our processing technology and unit operations. Our goal is to have a 100 kg per day pilot plant producing material that can be verified by potential offtake customers as quickly as possible. The data obtained from this pilot will be used for scaling-up to our intended 18,000 tonne/year MgO (and nearly equivalent amount of high-purity silica) manufacturing plant.
MagOneProductsInc is a technology, processing and production company that aims to be the diamond standard in the Magnesium (Mg) market by concentrating four projects at its manufacturing plant site in southern Québec,Canada.
- Production of high-purity MgO, Silica and other saleable co-products,byproducts and compounds.
- Production of 99.9% pure Mg ingots.
- Assembly and sale of magnesium oxide-based structural insulated sheathing panels.
- 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.
Gillian Holcroft, Eng., M.Eng., President and Director of Mag One Products Inc., is the company's designated qualified person for this press release within the meaning of NI 43-101 and has reviewed and validated the information contained in the release.
Signed: “Gillian Holcroft, Eng., M.Eng.”
President and Director
www.MagOneProducts.com
For further information or questions kindly contact the Company via email: info@MagOneProducts.com
Mag One is listed on the CSE with the symbol, “MDD”, the Börse Frankfurt stock exchange (“Frankfurt”) with the ticker symbol “304” and the OTCQBwithtickersymbol"MGPRF”.Certainstatementscontainedinthisreleasemayconstitute"forward–lookingstatements"or"forward-looking information"(collectively"forward-lookinginformation")asthosetermsareusedinthePrivateSecuritiesLitigationReformActof1995andsimilar 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 andthe 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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