VANCOUVER, BC / ACCESSWIRE / January 23, 2020 / Blue Lagoon Resources Inc. ('Blue Lagoon' or 'Company') (CSE:BLLG)(FSE:7BL)(OTCPINK:BLAGF) is pleased to announce that Quebec based Mag One Operations ('Mag One'), a company in which Blue Lagoon has the right to acquire a 70% joint venture interest, has received an initial purchase order from India-based Tata Steel, one of the largest steel manufacturers in the world with a presence in 5 continents, to evaluate the feasibility of using the proprietary, game-changing Tech Mag Technology, from a non-serpentinite-based feed source to produce low cost, low carbon-footprint primary magnesium metal.
Mag One has an exclusive Technology Acquisition Agreement with Tech Magnesium and its founder, Dr. Douglas Zuliani, for the exclusive worldwide use of the Tech Mag Technology. Dr. Zuliani has nearly forty years of experience in metals production and processes, including senior management roles at Timminco Ltd for more than fifteen years. Today he is recognized as one of the foremost magnesium experts in the world.
'This purchase order lays the groundwork for an international collaboration with Tata Steel whereby the Tech Mag Technology could be implemented in other jurisdictions around the world,' said Rana Vig, President and CEO of Blue Lagoon Resources.
Blue Lagoon holds an option to acquire a 50% equity interest in Mag One, a wholly owned subsidiary of Mag One Products Inc., for $3.75 million. The equity interest may be increased to 70% for an additional $1.5 million subject to Mag One shareholder approval. Further to its news release of January 7, 2020, the Company has now completed the initial earn-in payment of $100,000.
For further information, please contact:
President and Chief Executive Officer
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein constitutes 'forward-looking information' under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the completion of due diligence and completion of the joint venture with Mag One. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'intends', 'believes', 'plans to', 'expects' or 'it is expected', or variations of such words and phrases or statements that certain actions, events or results 'will' occur. Forward-looking statements are based on information as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, to be different, including due to: the receipt of all necessary regulatory approvals, the ability to complete share purchase, capital expenditures and other costs, and financing and additional capital requirements. Readers should not place undue reliance on forward-looking statements and forward looking information. Blue Lagoon does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE: Blue Lagoon Resources Inc.
View source version on accesswire.com: