Alan
Well it's official now, we own J/L.
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Wednesday March 31, 4:25 pm Eastern Time
Company Press Release
MG Completes Acquisition of Johnson-Lett Technology
PHOENIX--(BUSINESS WIRE)--March 31, 1999--MG Natural Resources Corp. (MG)(OTC BB:MGAU) Wednesday announced acquisition of all the Johnson-Lett &
Company (J-L) technology for the assay and recovery of precious metals from refractory ore.
On Dec. 1, 1998, MG announced an agreement with J-L permitting MG management time for a Due Diligence Program to evaluate their technology.
Summary of Due Diligence Program
Press Release of 12/10/98 - 350 samples from the Sinagua Cinder Cone and the Sticklizard Basin were sent to be fire assayed. A 70 pound bench test of Sinagua ore was in the process of testing.
Management began an ''internal chain-of-custody'' on a 500 pound sample of Sinagua ore processed from acquisition through recovery by MG personnel.
Press Release of 1/07/99 - Sticklizard Basin (obtained and processed with an independent chain-of-custody procedure) fire assays returned with an average of 0.469 oz/ton/au. The 70 pound Sinagua bench
test returned fire assays in excess of 1.00 oz/ton/au. The 500 pound Sinagua recovery test produced 35 pounds of concentrate.
Press Release of 1/26/99 - Twenty-three fire assay reports from three drill holes located at the Martins Peak property were released. They produced average results of 0.547 oz/ton/au. A one ton sample of
Martins Peak ore was concentrated with evaluation assays in progress. The concentrates from the 500 pound Sinagua ore began recovery assay procedures.
Press Release of 1/28/99 - Twenty-six fire assay reports from three drill holes located at the Martin Peak property were released. They produced average results of 0.503 oz/ton/au. Results from the 500
pound Sinagua ore had not yet been received.
Press Release of 2/04/99 - Confirmation recovery assays for the 500 pound Sinagua ore sample were released. The fire assay results indicated an average head ore of 0.563 oz/ton/au.
Press Release of 2/16/99 - The concentrates from the 500 pound Sinagua ore sample were refined into a button which was analyzed by a scanning electron microscope indicating a content of 82.87% gold.
Back calculations to head ore indicated a gold recovery of 1.034 oz/ton. This recovery represented 184% of the concentrate assays.
Press Release of 3/03/99 - The process began on a one ton sample of the Sinagua Cinder Cone for the purpose of calculating the costs through obtaining the ore until it reaches recovered precious metals
''in-hand''.
Press Release of 3/15/99 - Progress for the one ton Sinagua sample was through the concentration stage and was being prepared for refining.
MG Natural Resources Corp. has satisfied itself through this extensive due diligence program, that the Johnson-Lett technology, is the most effective technology available for the successful analysis and
commercial extraction of the refractory ores found in MG precious metals properties.
MG Natural Resources Corp. is a diversified, environmentally responsible natural resource company. Its mission is to continue building a natural-resource company by acquiring, developing and operating
resource assets, converting them to significant cash-flow generators and thus enhancing shareholder value.
Forward looking statements in this release are made pursuant to the ''Safe Harbor'' provisions of the Private Securities Litigation Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, commodity prices of precious metals, increased levels of competition for the company,
perfection of extraction technology, the company's dependency upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the company's periodic reports. The company
assumes no obligation to update the information in this release.
All inquiries can be made through the offices of MG Natural Resources Corp. at 1334 E. Chandler Blvd., No. 5, B-72, Phoenix, Arizona 85048 or by calling Mike Amundson, president and chief executive
officer, at 602/460-7842 or Fax at 602/460-6324. MG Natural Resources information can also be obtained through its Web Site, mg-resources.com
Contact:
MG Natural Resources Corp., Phoenix
Mike Amundson, 602/460-7842
Fax: 602/460-6324
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