MPC Madison Pacific Properties Inc

MagIndustries Corp. ("MagIndustries" or the "Company") (TSX:MAA) today announced
that it has filed an update to its National Instrument 43-101 Technical Report
entitled Update of the NI 43-101 Technical Report for MagMineral's Mengo Permit
Area, Kouilou Region, Republic of Congo (the "Technical Report") in respect of
the property owned by its 90% owned subsidiary MagMinerals Potasses Congo SA.
("MPC"), previously described in the Company's press release of November 14,
2013. The Technical Report relates to the geology and development of the
Company's proposed 1.2 million tonnes K60 product per annum Mengo Potash Project
in the Republic of Congo (the "Project"). The authors of the Technical Report
are EurGeol Dr. Henry Rauche, EurGeol Dr. Sebastiaan van der Klauw, and EUR ING
Ralf Linsenbarth of ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH
(collectively "ERCOSPLAN"). 


The update announced today arises because during the preparation of the original
technical report incorrect information was provided to ERCOSPLAN with respect to
energy costs, a key input to calculating operating costs and therefore a
material factor in determining the economic merits of the Project. Specifically,
energy costs were overstated in the original technical report announced on
November 14, 2013 because of a double counting of the natural gas requirement
for process heat and on-site co-generation of electricity. On the basis of the
data then available operating costs before sustaining capital expenditures were
estimated to be US$109.81 per tonne of production. On the basis of the corrected
data operating costs are estimated to be US$75.97 per tonne. 


Estimated Operating Expenditures 

As reported in the Company's press release dated November 14, 2013, the annual
operating expenditures ("OPEX") for full production had been previously
estimated at US$131.8 million annually for the production of 1.2 mtpy of a K60
product. The corrected estimate of OPEX for full production is US$91.16 million
annually for the production of 1.2 mtpy of a K60 product. This equates to
approximately US$76/tonne of KCl. These operating costs include estimates for
labour, maintenance, power and steam generation, consumables, diesel, product
transport to port and indirect OPEX. Sustaining capital expenditures have been
estimated for the operation at US$4.6 million annually or approximately
US$3.83/tonne. 


Assuming a nominal discount rate of 10%, the economic analysis based on the
corrected OPEX estimate yielded a pre-tax Net Present Value (NPV) of US$1.607
billion; an after-tax project NPV of US$1.303 billion with an Internal Rate of
Return (IRR) of 24.4% before tax and 23.5% after tax; and a payback period
within 9 years of project start (or Year 8 of production), based on potash
prices of US$380/tonne FOB. These metrics were previously reported as an NPV of
US$1.263 billion before tax and US$1.002 billion after tax; and an IRR of 21.6%
before tax and 20.6% after tax; with payback achieved within year 10 of the
Project considering discounted cash flows. 


The Technical Report has been filed on www.sedar.com under the Company's
profile. Other than the information referred to above the Technical Report
remains unchanged from that which was announced in the Company's November 14,
2013 press release. This press release provides only a summary of the
information set forth in the Technical Report and readers should review the full
Technical Report for additional information. 


The authors of the Technical Report, EurGeol Dr. Henry Rauche, EurGeol Dr.
Sebastiaan van der Klauw, and EUR ING Ralf Linsenbarth of ERCOSPLAN are the
Qualified Perons with respect to the Technical Report 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 trade in Canadian currency under the symbol "MAA". The Company has
755,942,674 common shares outstanding. 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, 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, country policy and political
risks, currency exchange risk, changing market conditions, force majeure events,
and other risks detailed from time-to-time in the Company's ongoing filings. The
"Update of the NI 43-101 Technical Report for MagMineral's Mengo Permit Area,
Kouilou Region, Republic of Congo" referred to in this press release includes
certain statements and information that contain forward-looking information
within the meaning of applicable Canadian securities laws. All statements, other
than statements of historical facts, including the requirements and potential
output of the Project, the likelihood of commercial mining, the likelihood of
securing a strategic partner and the ability to fund future mine development are
forward-looking statements and include forward-looking information. Such
forward-looking statements and forward-looking information specifically include,
but are not limited to, statements concerning: the Company's plans at the
Project; the Company's ability to fund the Project; the timing of granting of
key permits; approval of the Environmental Impact Statement (EIS); the estimated
potash production and the timing thereto; economic analyses; capital and
operating costs; mine development programs; future potash prices; cash flow
estimates; and economic indicators derived from the foregoing. 


Forward-looking statements are based on the opinions and estimates set out in
the Technical Report as of the date such statements are made and they are
subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied by such
forward-looking statements or forward-looking information, including: the
receipt of all necessary approvals; the ability to conclude a transaction;
uncertainty of future production; capital expenditures and other costs;
financing and additional capital requirements; the receipt in a timely fashion
of any further permitting for the Project; legislative, political, social or
economic developments in the jurisdictions in which the Company carries on
business; operating or technical difficulties in connection with mining or
development activities; and the risks normally involved in the exploration,
development and mining business. 


We undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise,
except as required under the Company's continuous disclosure obligations. In
light of these risks, uncertainties and assumptions, the forward-looking events
in this press release might not occur.


Cusip: 55917T 102

FOR FURTHER INFORMATION PLEASE CONTACT: 
MagIndustries Corp.
Mr. Rich Morrow
Director, Investor Relations and Corporate Development
416-368-7911
rmorrow@magindustries.com
www.magindustries.com

Madison Pacific Properties (TSX:MPC)
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부터 5월(5) 2024 으로 6월(6) 2024

Madison Pacific Properties (TSX:MPC)
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부터 6월(6) 2023 으로 6월(6) 2024