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Gold/Mining/Energy : Rare Earth Elements and Exotic Metals

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To: LoneClone who wrote (87)	2/15/2007 10:46:59 AM
From: LoneClone	Read Replies (1) of 24720

Magnesium Intl to put EMAG project on maintenance, still in strategic investment talks Source: AFX metalsplace.com Magnesium International Ltd said it will place its Egyptian Magnesium Company ("EMAG") project on maintenance and close the Egypt office as it has still not found a potential strategic investor. The company said it is still in discussion with the potential investor, but has not been able to make progress in announcing a financing transaction or receiving assurances on the due diligence matters. Magnesium last month flagged it will be forced to close the Egyptian office of its EMAG unit if it cannot reach an investment deal with the last remaining party in its search for a strategic partner for either the parent company or EMAG. Magnesium added Nabarro Wells has resigned as its nominated adviser resulting in the immediate suspension of its shares on the AIM, which are likely to be cancelled in a month as it does not intend to seek an alternative nominated adviser. The company said it will pursue investment opportunities whilst maintaining its listing on the Australian Stock Exchange.

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