NEW YORK, NY – TheNewswire – November 19, 2020 – Western Magnesium Corporation (TSXV: WMG; Frankfurt-M1V; OTCQB: MLYF) (“Western Magnesium” or the “Company”).
Western Magnesium is pleased to announce the following update with regard to plant progression. Although the Company continues to operate at full capacity during these challenging times and made further complicated due to the resurgence of COVID-19 restrictions, we are continually assessing timelines for the completion of the plant. Our internal timelines and work in our office and staff have not been impacted by any ongoing new restrictions due to the continued challenges of COVID-19. However, we are working diligently to overcome interruptions and slow downs that suppliers we work with are facing. We are navigating through very difficult challenges yet we remain optimistic and confident that the challenges being faced at this time will be overcome.
At this time a great deal has been accomplished toward the build out of the commercialized pilot plant. Western Magnesium has obtained the required permits from the municipality to complete the required facility upgrades and construction. This will mitigate any future delays once we receive long lead items such as the Western Magnesium reactor.
To that effect, the following is taking place:
- Design Engineering is complete enabling us to move forward with the buildout of the reactor
- All permits are in place and contractors, fabricators, and suppliers, which have been selected, can now begin the work on the plant facilities.
- A portion of long lead items for the pilot plant are now complete and already shipped.
- 14 new operational employees for the commercialized pilot plant have been hired and will start work at the facility on January 11th, 2021
- Finally, field engineering is underway allowing our construction contractors to commence immediately in our plant facility
Western Magnesium would like to thank our shareholders for their patience during a very difficult time. We also want to thank all the engineering firms, suppliers, and contractors for continuing to work with us despite the fact that they have been impacted by the ongoing challenges of the COVID-19 pandemic. Further, we want to thank our staff for continuing to work at full capacity during this time and their commitment to maintaining, as best as they can, the timelines that have been laid out by senior management. Western Magnesium will continue to provide updates on plant operations and build out, as we continue to assess and reassess timelines for the completion and operation of the commercialized pilot plant. We are very excited, with permits in place, to continue the work on the road to producing magnesium metal.
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.
Company Contact: John Ulmer | [email protected] | 604-423-2709
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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