MagIndustries Corp.

MagIndustries Corp.

November 19, 2010 08:57 ET


TORONTO, ONTARIO--(Marketwire - Nov. 19, 2010) - MagIndustries Corp. (the "Company") (TSX:MAA) announced today that it has filed an amended and restated technical report entitled "Resource Estimate, Makola Exploration License, Kouilou Region, Republic of Congo" dated November 18, 2010 authored by Dr. Henry Rauche and Dr. Sebastiaan N.G.C. van der Klauw of Ercosplan Ingenieurgesellschaft Geotechnik und Bergbau mbH, which amends and restated the technical report entitled "Technical Scoping Study, Makola Exploration License, Kouilou Region, Republic of Congo" dated August 10, 2010.         

The Company wishes to clarify certain disclosure contained in the August 2010 technical report. The technical report has been re-titled to properly describe the contents of the technical report.  In addition, amendments consist of rectification of the use of the term "ore"; revision of the section entitled "Introduction" to indicate the Company's intention to develop the Makola exploration license separately from the Mengo exploitation license; the addition of the mineral resource and reserves estimates in respect of the Mengo exploitation licence in the section entitled "Other Relevant Data and Information"; additional explanation in the section entitled "Data Verification and QA/QC"; and clarification of the disclosure in the section entitled "Adjacent Properties". Each of the amendments were made at the request of the Ontario Securities Commission in order to fully comply with the provisions of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The authors of the Technical Report, Dr. Henry Rauche and Dr. Sebastiaan van der Klauw, are the qualified persons with respect to the technical reporting and have reviewed and approved the contents of this press release.         

About MagIndustries Corp.         

MagIndustries is a Canadian company whose common shares are listed on the TSX and trades in Canadian currency under the symbol "MAA". The Company has 418,362,462 shares outstanding on an undiluted basis. MagIndustries is focused on the development of its potash assets in the Republic of Congo. More information on the Company is available on its website,

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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