(TheNewswire)
WASHINGTON, D.C. – TheNewswire – June 7, 2022 –
(TSXV:WMG.V
)
;
(
OTC:MLYF
)
;
(
Frankfurt-3WM)
(“Western Magnesium” or the “Company”) is celebrating
unprecedented success in the production of magnesium metal at its
commercial pilot plant. Management is excited that its proprietary
continuous reactor is operating as designed, maintaining target
temperature and pressure while allowing for continuous feed,
discharge, and magnesium production. Achieving silicothermic reduction
in a continuous reactor is a milestone that has never been
accomplished globally to date, and the Company looks forward to the
next steps of demonstration that will take place.
As the holder of proprietary technology that allows for
the environmentally safe production of magnesium metal, Western
Magnesium has an extraordinary opportunity to fill the surging demand
in the auto, aerospace, airline, eco-friendly industries, and the
Department of Defense, essentially answering market demand that is
surging in America. Magnesium is essential to the production of
aluminum and titanium and a scarcity of the raw material could worsen
an already tight supply territory.
Domestic magnesium production was offshored to China
years ago in part because operational costs in North America became
excessive and old production methods of extraction proved harmful to
the environment. Western Magnesium’s proprietary technology and
production methods will allow the Company to produce 99.8 percent pure
magnesium metal with near-zero environmental consequences. This will
make North America far less reliant on China for this critical mineral
that will lighten and improve a wide range of civilian and defense
goods and be an additive in multiple other processes such as aluminum
and titanium.
“The success of our magnesium production that we are
seeing at our commercial pilot plant ushers in a new era for Western
Magnesium and the United States,” said Western Magnesium’s
Executive Chairman Ed Lee. “I am humbled by both the management and
operations team, and their continued drive to challenge the status quo
and develop this unparalleled technology. We are closer than ever to
exhibiting how America can run metal production operations in an
environmentally sound and sustainable way.”
“It’s a thrilling time to be at the forefront of
this manufacturing revolution,” said Western Magnesium’s Executive
President & CEO Sam Ataya. “We have witnessed the birth of a new
technology that puts us on the cutting edge of showcasing novel
solutions and setting new standards for responsible “green”
magnesium production and ending America’s reliance on China for a
strategic mineral that we simply must have to ensure our national
security. With this achievement, we are maintaining the path to
providing long-term stable supply to both domestic and defense sectors
within the United States.”
“These next few years will put America at the
forefront of creating a stable supply of magnesium metal and will
place Western Magnesium on a path to competing directly with China as
domestic and global demand grows,” said Western Magnesium’s Global
President and Chief Operating Officer Lisa Maxwell.
“It is a true honor to be at the helm of this
innovative technology that has been years in the making,” said
Western Magnesium’s Chief Technology Officer Paul Sauve. “We have
worked tirelessly to ensure the efficacy of this unprecedented
technology and strongly believe that it will ultimately meet
production needs in an environmentally responsible and ecologically
sound way.”
Western Magnesium’s technology which was developed in
the commercial pilot plant is based on continuous silicothermic
reduction and a proprietary collection system and is internally
designed to refine the Company’s production methods.
Once refined, this scalable technology will be
installed in a new facility in Harrison County, Ohio. The Company
intends to begin construction of this full-scale facility next year
and will produce more than 100,000 metric tons annually. The mega
plant will have the capacity to produce 10 percent of the world’s
current supply and will employ 250 full-time and five hundred support
personnel in Harrison County. The Company will be reviewing all steps
of the process to ensure efficient and successful project execution
and completion.
Figure 1 – Magnesium metal poured
at Western Magnesium’s commercialized pilot plant
|
Click Image To View Full Size |
Figure 2 – Members of the
Company’s operations team
Figure
2
Click Image To View Full Size
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, costly,
and highly polluting production processes, Western Magnesium intends
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.
Media Relations & Corporate
Communications
: Ashleigh Barry
|
|
(202) 258-4453
Investor Relations
: John Ulmer |
|
(604) 423-2709
Safe Harbor Statement
This news release contains
statements that involve expectations, plans, or intentions (such as
those relating to future business or financial results), and other
factors discussed from time to time in the Company’s Securities and
Exchange Commission filings. These statements are forward-looking and
are subject to risks and uncertainties, so actual results may vary
materially. You can identify these forward-looking statements by words
such as “may,” “should,” “expect,” “anticipate,”
“believe,” “estimate,” “intend,” “plan” and other
similar expressions. Our actual results could differ materially from
those anticipated in these forward-looking statements as a result of
certain factors not within the control of the Company. The Company
cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made. The
Company disclaims any obligation subsequently to revise any
forward-looking statements to reflect events or circumstances after
the date of such statements or to reflect the occurrence of
anticipated or unanticipated events.
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.
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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.
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