BROSSARD, QC, March 4, 2016 /CNW Telbec/ - Alliance Magnesium Inc. ("AMI") is pleased to announce the signing of the final contract for a $ 3 million non-repayable grant. This investment is directly injected into the deployment of AMI's novel environmentally friendly technology for the production of magnesium metal being deployed in the region of Asbestos / Danville in the Eastern Townships of Quebec. Concurrently with the signing of the agreement with Sustainable Development Technology Canada (SDTC), the Corporation has received the first installment of $1.27M.
It is an important part of the overall funding provided by the members of the consortium set up by AMI and other private and government (Quebec) funding partners.
The AMI green technology is aimed at remediating tailings from the extraction of asbestos to produce high value minerals and metals including high quality magnesium destined to reduce weight in applications such as automobiles and aircrafts.
Sustainable Development Technology Canada (SDTC) is incredibly proud to Support Alliance Magnesium said Leah Lawrence, President and CEO. "Our task is to help Canadian cleantech entrepreneurs move their ground-breaking technologies to commercialization by bridging the funding gap between technology development and market entry. Alliance's process is the kind of technology that has the potential to generate jobs, growth and export opportunities, and to bring lasting economic, environmental and health benefits to Canadians and the world. "
"We are very pleased with this financial contribution, that beyond the essential monetary contribution to the continuation of the project, is an important recognition of the advanced technology offered by AMI in the reduction of Greenhouse Gas related to metallurgical production and transportation industry" has stated Dr. Joel Fournier, President and CEO of AMI. "We welcome as much SDTC support in the AMI project and are delighted to count them amongst our partners," said Dr. Fournier.
Alliance Magnesium is a privately-owned Canadian company dedicated to the production of Magnesium metal and other high value minerals from serpentine rock. Alliance has developed a game changing technology and process giving it a cheaper and cleaner approach from current methods used worldwide by magnesium producers. Serpentine rock contains an average of 25% magnesium metal, a highly valuable opportunity for metal extraction. The new Alliance's process is the alternative in replacing the Chinese Pidgeon Process, one of the main CO2 and sulfuric pollution emission source in the world due to its massive utilization of coal. Alliance has elaborated a three-step development program in order to reach a 50 000 tm production of magnesium metal by 2018.
Sustainable Development Technology Canada (SDTC) acts as a primary catalyst in building a sustainable development technology industry in Canada, funding and supporting Canadian cleantech projects across a number of sectors. SDTC invests in Canadian companies that through their innovative technologies bring positive contributions to Canada: creating quality jobs, driving economic growth, and preserving our environment. SDTC is a foundation funded by the Government of Canada. For more information, please visit sdtc.ca
SOURCE Alliance Magnésium
For further information: Pierre Saint-Aubin, Senior Vice-President, Corporate Affairs, Alliance Magnesium Inc., [email protected], 450.618.1658