Western Magnesium Plans West Coast Expansion
WASHINGTON, February 21, 2023 - Western Magnesium Corp. (WMC) (TSXV:WMG.V); (Frankfurt-3WM); (OTC:MLYF) ("Western Magnesium" or the "Company") is pleased to announce its plans for expansion and buildout of an initial 25,000 metric tonne commercial plant and a Research & Development Centre in Nevada. After careful consideration and analysis of different sites within other Western US States for the expansion, Nevada was selected as the future plant site for West Coast operations. Our technical and corporate team have spent the last eight months planning our expansion on the West Coast. Over the next six months, after the continuous operational runs are completed, the commercial Pilot Plant will be moved from its current site and moved to a new Research & Development facility giving us the ability for expanded production of magnesium metal, and to develop new alloys and IP with the different industries we are currently in discussions with such as the automotive, aerospace, airline, eco-friendly technology companies and Defense Contractors. The new Research & Development facility will also help facilitate the buildout of the initial 25,000 metric tonne commercial plant in Nevada.
Nevada is an ideal location due to its dry arid climate for the securing and stockpiling of magnesium metal ingot as identified in the US Government critical metals supply list which aligns with our plans for the development of our own resource at the Tami Mosi site in Ely, Nevada. Nevada's favourable tax environment coupled with its expedited licensing and approval process makes it an ideal location for our expansion on the West Coast. Backed by a highly educated workforce and its expanding infrastructure, it will support our economic industrial buildout. Other aspects such as competitive utility rates for commercial operations and an abundance of economic commercial real estate, Nevada is an ideal location to build out our initial 25,000 metric tonne commercial plant. Its idyllic location is a one-day drive to five major US ports serving the Pacific Rim.
Over the next few months, Western Magnesium will also be relocating its West Coast head office to Nevada to manage an expedited timeline for the Research & Development facility and the buildout of our initial 25,000 metric tonne commercial plant.
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.
Investor Relations
John Ulmer | julmer@westmagcorp.com | (604) 423-2709
Forward-Looking Statements
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 several 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 to 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.
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