MagIndustries Corp.
TSX : MAA

MagIndustries Corp.

November 16, 2007 16:24 ET

MagIndustries Announces Additional Syndicate Member to Its Previously Announced $40 Million Offering of Notes and Warrants

TORONTO, ONTARIO--(Marketwire - Nov. 16, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

MagIndustries Corp. ("MagIndustries" or the "Company")(TSX VENTURE:MAA) is pleased to announce that further to its announcement today of a $40 million offering of notes and warrants Desjardins Securities Inc. has been added to the syndicate of underwriters co-led by Cormark Securities Inc. and Jennings Capital Inc. and including Paradigm Capital Inc., and Ambrian Securities plc, The offering is being sold on a best efforts basis by way of private placement.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About MagIndustries Corp.

MagIndustries' wholly owned resource subsidiaries are operating and developing major industrial projects in the Republic of Congo (ROC) and the Democratic Republic of Congo (DRC).

MagEnergy is the leading participant in the refurbishment (Phase 1) and rehabilitation (Phase 2) of the generating capacity at the 1,424MW Inga II Hydroelectric station on the Congo River in the DRC. The Industrial Development Corporation of South Africa holds a 30% interest in Phase I and a 15% interest in Phase 2. MagEnergy is also evaluating the development of the 250MW Busanga hydro-electric site in the Katanga region of the DRC and the 100MW Zongo II site near Kinshasa.

MagForestry controls 100% of Eucalyptus Fibre Congo S.A., an operating, 68,000 hectare eucalyptus forest plantation which overlies MagIndustries Makola Mineral License near Pointe-Noire, ROC. A 500,000tpy log chipping plant is currently under construction at the Company's harbour site.

MagMinerals is completing a bankable feasibility study for the development of a 580,000 tonne per year potash (fertilizer) plant and solution mining field near Pointe-Noire, ROC.

MagMetals is planning the development of a 72,000tpy magnesium smelter adjacent to MagMinerals' potash plant to produce of magnesium alloys for the global automotive industry. The raw materials for the MagMinerals and MagMetals plants will be sourced by solution mining MagIndustries' 100% owned carnallite (magnesium and potash salt) deposits which underlie the Makola Mineral License near Pointe-Noire.

MagIndustries Corp. is a Canadian company whose common shares are listed on the TSX Venture Exchange and trades in Canadian currency under the symbol "MAA". The Company has 193,924,016 shares outstanding on an undiluted basis. More information on the Company is available on its website, www.magindustries.com.

Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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