Engineering Study On Kouilou Magnesium Project Elevated to Full Feasibility Status/New Directors Appointed.TORONTO, ONTARIO--(BUSINESS WIRE)--May 17, 1999-- Magnesium Alloy Corporation ("MAC" or "the Company") (MGAC MGAC Multinational Group of Actuaries and Consultants MGAC Missile Guidance and Alignment Control .U - CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. ) is pleased to report that Salzgitter Anlagenbau GmbH (SAB) of Germany has agreed to elevate their current independent engineering study of the Kouilou magnesium project to full feasibility status. SAB, a leading international general and engineering firm, is the primary contractor for the study together with Kavernen Bau-und Betriebs (KBB KBB Kelley Blue Book KBB Koninklijke Bijenkorf Beheer KBB Kulak Burun Bogaz (Turkish: Ear, Nose & Throat) KBB Kelly Bell Band KBB Kim Basinger Band KBB Kentucky Backroads Band (band) ), a world leader in all phases of solution mining including; modeling of reserves, brine extraction and transport. The Russian National Aluminum and Magnesium Institute (VAMI VAMI A way of reporting fund performance whereby each reporting period is indexed at 100 or 1000. Hence, for a fund with a total return of 39% over the year, the VAMI indexed at 100 is 139. ) and Ukrainian Titanium Institute (UTI UTI urinary tract infection. UTI abbr. urinary tract infection UTI urinary tract infection. UTI Urinary tract infection, see there ) are providing the proven magnesium extraction technology under the direction of SAB. Concurrent with the SAB study, SNC-Lavalin Inc. (SNC SNC St Norbert College (De Pere, Wisconsin) SNC Sistema Nervioso Central SNC Société en Nom Collectif (French: Partnership) SNC Système Nerveux Central (French: central nervous system) ) has prepared a pre-feasibility study for the establishment of a hydroelectric facility at MAC's Kouilou hydroelectric site on the nearby Kouilou River. This facility would supply electric requirements to MAC's proposed magnesium facility as well as for regional consumption. The results of the SAB feasibility study and the SNC pre-feasibility will be disseminated before the end of May. The Kouilou project is located near Pointe Noire, the industrial port city of the Republic of Congo. The Company proposes solution mining of extensive magnesium salt deposits located within its license area and the subsequent extraction of magnesium metal, utilizing proven technologies and the abundant energy resources of the area. MAC believes that the combination of low-cost solution mining, advanced extraction technology and low-cost energy could result in the Kouilou project being a low-cost magnesium producer. The Government of the Republic of Congo continues to fully support MAC's development plans. MAC is also pleased to announce the appointment of Mr. Bryan Benitz, Mr. James Obi, and Dr. Nataliya Hearn to the Board of Directors of the Company. Mr. Benitz is Chairman of Benitz & Partners Limited a London based investment firm specializing in corporate finance advice and raising risk capital for companies in the natural resource industry. Mr. Obi is well known in the insurance industry having built and managed one of the largest insurance agencies in the United States over a twenty-three year period. In June 1987 Mr. Obi was elected Chairman of the Board of Crescent Investment Group Inc., a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based global asset management firm specializing in the use of quantitative modeling techniques to manage currency and interest rate risks. Mr. Obi is also a director of TLC TLC total lung capacity; thin-layer chromatography. TLC abbr. 1. thin-layer chromatography 2. Beatrice Foods Inc., The Jackie Robinson Scholarship Foundation, The American Mental Health Association Inc., and the Forum for World Affairs. Dr. Nataliya Hearn received her Ph.D. in civil engineering from the University of Cambridge, United Kingdom, and is currently Assistant Professor, Department of Civil and Environmental Engineering at the University of Windsor History In 2003, the university marked its 40th anniversary. Its history dates back to the founding of Assumption College in 1857. Originally, Assumption was one the largest colleges associated with the University of Western Ontario. and Adjunct Professor, Department of Civil and Environmental Engineering at the University of Toronto Research at the University of Toronto has been responsible for the world's first electronic heart pacemaker, artificial larynx, single-lung transplant, nerve transplant, artificial pancreas, chemical laser, G-suit, the first practical electron microscope, the first cloning of T-cells, . Dr. Hearn has been involved in numerous technology and resource projects in North America, Russia and Ukraine including her current position as Director of Research and Development at Link-Pipe Inc. She is fluent in Russian and is well acquainted with VAMI. Magnesium Alloy Corporation is a Canadian company quoted on the Canadian Dealing Network Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. (CDN) in Toronto and is traded in U.S. currency under the symbol "MGAC.U". MAC 18,568,595 shares outstanding on an undiluted basis. More information on the project is available on our web site www.magnesiumalloy.ca or by contacting us by phone, 416-360-4646 or Toll-free 1-877-647-3117 or by fax at 416-360-8669; or by email info@magnesiumalloy.ca. ON BEHALF OF THE BOARD William B. Burton President & Chief Executive Officer MAGNESIUM ALLOY CORPORATION 121 King Street West, Suite 850, Toronto, Ontario, Canada, M5H 3T9 |
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