American Manganese Inc. Update on Pre-Feasibility Study
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/28/12 -- Larry W. Reaugh, President and Chief Executive Officer of American Manganese Inc. ("American Manganese" or the "Company") (TSX VENTURE: AMY)(PINKSHEETS: AMYZF)(FRANKFURT: 2AM), is pleased to report the Company has received portions in final draft of the Preliminary Feasibility Report from their contractors, Tetra Tech Wardrop ("Tetra Tech"), for the Company's review.
The Company has received the preliminary process flow sheets and mining plan of operations for review. Tetra Tech estimates the delivery of final draft reports for the Company's review on or before April 13th at which time management will expedite a full review of the drafts and get back to Tetra Tech as soon as practical.
Mr. Reaugh states: "I am very pleased with the progress of our contractors regarding the preliminary feasibility study. Having been involved in commissioning five or six preliminary economic evaluations, pre-feasibility studies and bankable feasibility studies over the years I have to say that our current EMM study has presented challenges over and above the usual base and precious metals studies I have previously been involved in."
About Tetra Tech Wardrop
Tetra Tech is a leading provider of consulting, engineering, program management, construction and technical services. The company has more than 12,000 employees worldwide and capabilities that span the entire project life cycle. The company has more than 330 offices worldwide, including locations in Arizona and Nevada in close proximity to the Artillery Peak project.
Wardrop is a multi-disciplined consulting and engineering firm that provides innovative solutions for the natural resource management, energy and infrastructure markets globally. Wardrop has been servicing the mining industry for more than 40 years and has established a reputation for successfully executing NI 43-101 compliant feasibility studies that meet the scrutiny of the international financing community.
About Manganese
China controls electrolytic manganese production supplying and producing 98% of the world's needs (3 billion pounds per year).
There is no substitute for manganese in steel (total manganese market greater than 33 billion pounds per year, fourth largest traded metal).
Manganese is the most critical metal at risk to supply and restriction in the United States as there is no U.S. production. EMM's greatest uses are the upgrading of specialty steel (74%), and the manufacture of aluminum alloys (12%) and electronics (2%).
Electrolytic manganese dioxide (EMD) for the battery industry is expected to be the fastest-growing segment of the manganese market. Ford Motors predicts production of electric vehicles will account for 25% of its entire vehicle line-up by 2020, and Hyundai has committed a lifetime guarantee to their electric vehicles that use lithium ion batteries with manganese spinel.
China has a 20% export duty on EMM and the U.S. has a 14% import duty.
The current world price for electrolytic manganese metal is about $1.30 per pound, while the U.S. price is about $1.63 per pound.
About American Manganese Inc.
American Manganese Inc. is a diversified specialty and critical metal Company focusing on potentially becoming the lowest cost producer of electrolytic manganese metal from its Arizona Manganese Project.
This release has been reviewed by John W. Fisher, PEng, a qualified person pursuant to National Instrument 43-101.
On behalf of Management
AMERICAN MANGANESE INC.
Larry W. Reaugh, President and Chief Executive Officer
This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX-Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
American Manganese Inc.
Larry W. Reaugh
President and Chief Executive Officer
604-531-9639
American Manganese Inc.
Connie Fischer
Investor Relations
604-531-9639 ext. 110
connieir@amymn.com or info@amymn.com
www.americanmanganeseinc.com
