TORONTO, ONTARIO--(Marketwired - Jan 2, 2015) - MagIndustries Corp. (TSX:MAA) (the "Company" or "MagIndustries") announced on November 13, 2013 that it had received a Letter of Commitment (the "LOC") from the China Development Bank ("CDB") related to the majority of the funding required to complete the construction of its proposed 1.2 million tonnes per annum Mengo Potash Project in the Republic of Congo (the "Mengo Project"). The Company's loan application to CDB remains active. The Company understands that delays in approval of the application relate to a more conservative lending environment and tighter fiscal controls in China. MagIndustries continues to work toward approval of the CDB loan but can provide no guidance at this time as to the timeline or outcome of the approval process.

As a part of project financing and for general operations, the Company continues to seek investment in the Company and/or the Mengo Project from potential strategic partners and discussions to this end are ongoing with various interested parties in China. The Company currently has no developments to report in this regard buts looks forward to making timely disclosure on future financings as circumstances warrant.

Current operations of the Company are funded under the Evergreen loan agreements as approved by a majority of MagIndustries' shareholders at a Special Meeting of Shareholders held on May 7, 2014. (See the Company's press releases of May 8, 2014 and May 16, 2014). Evergreen Resources Holding (BVI??ëLtd. holds 86% of the outstanding shares of MagIndustries and expresses continued confidence in the commercial merits of Mengo Project and its eventual completion.

About MagIndustries Corp.

MagIndustries is a Canadian company whose common shares are listed on the TSX and trade in Canadian currency under the symbol "MAA". The Company has 755,942,674 common shares outstanding. MagIndustries is focused on the development of its potash assets in the Republic of Congo. More information on the Company is available on its website, www.magindustries.com.

Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, country policy and political risks, currency exchange risk, changing market conditions, force majeure events, and other risks detailed from time-to-time in the Company's ongoing filings. Specifically with respect to this press release, a project finance loan is necessary for the Mengo Project to proceed and there is a risk the Company and its prospective lender may not agree on final terms and conditions in the definitive loan documentation. Additionally, approval for a project finance facility, when or if finalized, may not be in a timeframe that allows the Mengo Project to proceed on the expected schedule. In the event of a failure to meet the conditions of the LOC, significant changes in the Mengo Project or material adverse events as determined by CDB at its sole discretion which would negatively impact the Borrower's ability to service its loan obligations, CDB has the right to terminate the LOC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under the Company's continuous disclosure obligations. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.

Cusip: 55917T 102