Tickers: XTSX:WMG, XOTC:MLYF, FRAA:M1V, PINX:MLYF
In light of the continuing developments due to the COVID-19 outbreak, I felt it was important to update more regularly and to shed light on our latest developments and give comfort that we are still standing and continue to operate regardless of the challenges we are facing as a community, a nation and as a people.
To start, I would like to talk about where we are today as a Company; we are well into Phase II and to that effect we are diligently working on identifying the first industrial site that will be our first plant. Though in the past we have talked about identifying a site, today the list of potential sites available to us across the United States along with our dialogue on state and county levels has increased the possibilities of identifying the first site that Western Magnesium will acquire. This is no easy task as the potential for different sites in the communities and cities that we are exploring provide us with many factors to consider. What I can tell you with all confidence is that a site will be chosen and as soon as we can we will make that announcement and share that wonderful news with you.
Secondly, we are continuing to build out the first commercialized pilot with our new technology. I believe it's important to note that we are still on track with our development and soon we will be able to share the news with you of when our technology will be up and running.
Although I would like to share more specifics with you, due to the fact that we are publicly traded company, I am limited in the amount of detail I can share with you at this time. If you come away with just one point from this update I would like to highlight that the reason our schedule is still on track, and that there will be no delays, is that our science team, working closely with our corporate team, were able to source all material and all fabrication of parts within our own borders. We are working diligently with local suppliers, rather than foreign suppliers, for the equipment and parts necessary to complete our first commercial pilot plant.
Even though I believe strongly in global trade, what I value more is control of our own resources, manufacturing and production. Global trade is only fair when we are able to compete with our neighbours and not be beholden to them. We will continue to voice our concern within our community and our government and by completing our task at hand and building our vision can we truly be the example for strong industry in our country.
Finally, building a technology that is a cornerstone business with such great potential requires time and a great deal of work, heavy lifting, and faith. I have always recognized that the task of building this company is an effort between our management team, our staff and our shareholders. Simply put, we are in it together and together we will succeed.
When I think of this, I feel a sense of family, and like family we have our ups and downs, but we still manage to stay together. At this time our families, our communities and our nation are suffering, but I would like to point out that we are still here and I encourage our shareholders to feel free to call us and to talk to us anytime. Our office will remain open, not only to discuss business and corporate matters with our shareholders, but if at any time during this crisis you are feeling a sense of anxiety, fear, or a sense of isolation, we will be available to you as you have been there for us. Please feel free to call us anytime at (604) 423-2709.
I look forward to updating you with more news shortly.
Executive President & CEO
About Western Magnesium
Western Magnesium's goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and lightweight qualities. Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces manufacturing and energy costs relative to current methods and processes, while being environmentally friendly.
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors, including the Company's dolomite reserves may not be mined because of technical, regulatory, financing or other obstacles, the market price for magnesium may make our resources uneconomic and we may not be able hire and retain skilled employees. The Company undertakes no obligation to update forward-looking information except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements. We Seek Safe Harbor.
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