MagIndustries Corp.

MagIndustries Corp.

March 16, 2005 08:39 ET

MagIndustries Corp. Announces Grant of Options


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MAGINDUSTRIES CORP.

TSX VENTURE SYMBOL: MAA.U

MARCH 16, 2005 - 08:39 ET

MagIndustries Corp. Announces Grant of Options

NOVA SCOTIA, CANADA--(CCNMatthews - March 16, 2005) - MagIndustries
Corp. (the "Company") (TSX VENTURE:MAA.U) announced today that pursuant
to its stock option plan and subject to approval of the TSX Venture
Exchange, the company granted a total of 1,400,000 options to 11
officers and directors of the Company on March 15, 2005. These options
vest over a period of 18 months, have an exercise price of US$0.85 per
share and have a term of five years.

About MagIndustries Corp.:

With the rapidly growing demand from the global automotive industry for
competitively priced, high quality magnesium alloys, the Company is
accelerating the development of its 100% owned magnesium and potash salt
deposits at Pointe-Noire, Republic of Congo. The development timetable
for the Kouilou Magnesium Project is being finalized following the
Company's recently announced agreement to access low-cost hydro-electric
energy and a purchase agreement for all planned potash production.

MagIndustries Corp. is a Canadian company whose common shares are listed
on the TSX Venture Exchange and are traded in U.S. currency under the
symbol "MAA.U". The Company currently has 67,902,942 shares outstanding
on an undiluted basis. More information on the Company is available at
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.

Cusip: 55917T 102

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    MagIndustries Corp.
    William Burton
    President & Chief Executive Officer
    (902) 257-1171
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.