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UPDATE: MagIndustries to Construct Potash Plant in the Congo; Gains 20% Late Morning

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MagIndustries Corp. (MAA.TO) reports that its controlling shareholder Evergreen Resource Holdings (BVI) through its Ningbo, China based parent, Evergreen Holding Group has received approval from the National Development and Reform Commission of the People's Republic of China to invest in and construct the Company's 1.2 million tonnes per annum Mengo Potash Project in the Republic of Congo.

The NDRC approval is valid for two years from the date of issue, which was 18 March, 2013.

MagIndustries has gained 3 cents (20%), to 18 cents late morning.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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