Tickers: XTSX:WMG, XOTC:MLYF, FRAA:M1V, PINX:MLYF
NEW YORK, NY - TheNewswire - June 9, 2020 - Western Magnesium Corporation (TSXV:WMG); (Frankfurt-M1V); (OTC:MLYF) ("Western Magnesium" or the "Company") - Western Magnesium has been working hard and diligently driving forward on its path to achieve its projected milestones and deadlines. As a result, and at this time, we have not experienced any ramp up hindrances, delays and or uncertainties because the wheels have been in motion on an accelerated pace.
Mr. Sam Ataya, Executive President & CEO, would like to clarify the item in the Chemical Engineering Magazine news release dated June 4th as it pertains to the specific statement "...the pilot plant operation to be complete in Q3 2021.", which was not detailed specifically. Mr. Ataya confirms the plan is to produce metal by the end of this year. From there, the metal will be sent out to be tested and certified by industry and finally collect all market demand and purchase order data by Q3 of 2021. So, that specific statement is about the goal of having all market data certified and collected. This data will then be used to determine the size of the first commercial facility.
Management is also pleased to provide an operational update as it aims towards the build out of its standalone commercial pilot plant that will be used to produce magnesium metal by the end of 2020.
Under the supervision of Paul Sauve, Vice-President, Operations, Western Magnesium has made great strides on the engineering front that entails three key segments - process engineering, mechanical equipment design, and construction management. The process engineering package is now substantially complete which allows for the mechanical equipment design to commence. Western Magnesium has engaged a leading mechanical engineering firm that will provide the detailed equipment design and necessary 3D models to aid in a Hazard and Operability Study (HAZOP) that will ensure a safe and efficient pilot plant operation. The primary focus will be to start on the design of long lead items to ensure the project schedule is maintained. Procurement of long lead items is progressing concurrently with the equipment design. A construction engineering company will be selected once the facility is secured and the 3D models are complete.
Western Magnesium is currently in Phase 2 of 3 toward the completion of the pilot plant. In this stage the technical team will look to expand on its personnel. The operational team will continue to focus on its deliverables as they drive towards the build out of the commercial pilot plant. Western Magnesium will be releasing more updates as they are finalized.
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 light weight. Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor 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.
For additional information please visit our website at www.westmagcorp.com
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