Momentum Public Relations
Press Release: October 17, 2017
Vancouver, BC, Canada / TheNewswire / October 20, 2017 – Equitorial Exploration Corp. (TSX-V: EXX, Frankfurt: EE1, OTCQB: EQTXF) (“Equitorial” or “Company”) is pleased to report that the Company’s joint venture partner, Mag One Products Inc reported on October 12, 2017 that its commercial high-purity magnesium oxide (MgO) and silica (SiO2) project will not be subject to an environmental evaluation.
50/50 Joint Venture Between Equitorial Exploration and Mag One
On May 19, 2016, Mag One reported, “Equitorial has now earned the exclusive right to joint venture with Mag One on a 50/50 basis to fund the construction of Mag One’s first modular production facility for the extraction of magnesium and related products and the further non-exclusive right to joint venture with the Company to fund further modular production facilities.” The transaction received approval from the Toronto Stock Exchange.
According to an agreement amended March 11, 2016, Equitorial Exploration Corp., by providing $750,000 of Mag One’s private placement will have earned an exclusive right to enter into the first joint venture to finance, on a 50/50 basis, the construction of production facilities that Mag One will use to produce magnesium metal and related products.
Equitorial will also have the right to finance other production facilities on a 50/50 joint venture, on a non-exclusive basis, with Mag One.
Mag One Commercial High Purity Magnesium Oxide and Silica Project
Mag One Products Inc. has received positive feedback on its commercial high-purity magnesium oxide (MgO) and silica (SiO2) project description submitted this past summer to the Quebec Ministry of the Environment (MDDELCC). Specifically, Mag One has learned that the proposed project in southeastern Quebec will not be subject to an environmental evaluation, a process which is often lengthy and costly. As such, the process to obtain a certificate of authorization (CA) for the environmentally friendly commercial 30,000-tonne-per-year high-purity magnesia and 33,000-tonne-per-year silica plant will be simpler, faster and more cost-effective, given that fewer administrative measures are involved.
“The timeline to bringing the environmentally sustainable MgO and SiO2 commercial plant on-line has been shortened greatly with this news,” said Gillian Holcroft, president of Mag One. “We are one step closer to creating high-tech jobs in the region. Our hydrometallurgical piloting facility at the MRC des Sources Mining Innovation Centre (CIMMS) will continue to generate engineering data for the commercial plant, as well as to produce high-purity silica and ultimately high-purity MgO for characterization and for off-take agreements. We are already in contact with potential commercial and product development partners for these materials.”
It is anticipated that the site for the commercial plant will be determined before the end of 2017.
For more information please visit: http://equitorialexploration.com/
On behalf of the Board of Directors
EQUITORIAL EXPLORATION CORP.
Jack Bal, CEO and Director
For further information, please contact Jack Bal at 604-306-5285
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Tule, Gerlach and Little Nahanni Pegmatite Project: statements pertaining to the ability of Equitorial Exploration Corp.(“EXX”); the potential to develop resources and then further develop reserves; the anticipated economic potential of the property; the availability of capital and finance for EXX to execute its strategy going forward. Forward-looking statements are based on estimates and assumptions made by EXX in light of its experience and perception of current and expected future developments, as well as other factors that EXX believes are appropriate in the circumstances. Many factors could cause EXX’s results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2017 TheNewswire – All rights reserved.