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Gold/Mining/Energy : YBM Magnex Intl Sees Revenue Growth 30-35%/Yr In MagnetOp
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To: Adrian du Plessis who wrote (189)6/22/1998 7:54:00 AM
From: Mr Metals   of 314
 
YBM Magnex International Inc -

Times says world's experts dispute claims

YBM Magnex International Inc YBMShares issued 442229011998-05-13 close $14.35Monday Jun 22 1998The Financial Times of London says in its Friday June 19 edition that questions were raised about the legitimacy of claims made by YBM prior to Ontario regulators approving a $53 million financing last fall. Reporter Ted Alden writes that Ontario regulators were warned by industry experts that the company's assertion it had earned US$20 million in 1996 from using neodymium powder to remove sulphur from Ukrainian crude oil could not be substantiated. No commercial use of neodymium to desulphurise oil has ever been developed, says Fred Jones, a 35-year consultant to the permanent magnet industry; John Creighton, development specialist with Grace-Davidson, a large US commercial supplier of rare earth materials to the oil industry; Tom Halford, director of process and technology for Petro-Canada's refining division; John Giesman, gas project manager for Universal Oil Products, the world's largest seller of licensed technology to oil refineries; and Barry Kilborn, formerly of the rare earth producer Molycorp, who is regarded as the world's foremost expert on uses for rare earth materials. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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