Strategic partnership between a subsidiary of Asbestos Corporation Limited and ECO2 Magnesia Inc.

THETFORD MINES, QC, Aug. 30, 2021 /CNW Telbec/ - Mazarin Inc. (TSXV: MAZ.H) and its subsidiary, Asbestos Corporation Limited (TSXV: AB.H), announce that 3R Minéral Inc., a wholly-owned subsidiary of the latter, has concluded a partnership agreement with ECO2 Magnesia Inc. towards the production of magnesium oxide in the Chaudière-Appalaches region.

A translation of the press release issued by ECO2 Magnesia Inc., the promoter of the project, is attached.

Mazarin Inc. and Asbestos Corporation Limited are two natural resource companies whose focus in on the development of industrial minerals in order to provide value-added products that meet the criteria of customers worldwide with regard to performance and economic and ecological concerns. Mazarin's shares trade on the NEX Board of TSX Venture Exchange under the stock symbol MAZ.H. Asbestos Corporation Limited's shares trade on the NEX Board of TSX Venture Exchange under the stock symbol AB.H.

FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Corporation's control. These factors include: general market and industry conditions, risks related to commissioning, to continuous operations and to commercialization of new technologies and other risks disclosed in the Corporation's filings with Canadian Securities Administrators.

Forward-looking statements are based on the expectations and opinions of the Corporation's management as of the date of this press release. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

APPENDIX

Translation of the press release issued by ECO2 Magnesia Inc.

Circular economy: an innovative and ecological project in the Chaudière-Appalaches region

ECO2 Magnesia and 3R Minéral announce their strategic partnership
for the production of the world's first environmentally friendly magnesium oxide

Tring-Jonction, August 26, 2021 – Quebec-based ECO2 Magnesia Inc. today announced a partnership agreement with 3R Minéral Inc. to produce in the Chaudière-Appalaches region, the world's first ecological magnesium oxide. The two companies are joining forces to carry out this major economic project that will have direct socio-economic and environmental benefits for the region. Ultimately, ECO2 Magnesia will represent an investment of nearly $250 million to produce 60,000 tons of magnesium oxide per year.

3R Minéral, an ore processing company known for its ability to safely decontaminate and market tailings, will supply the raw material to ECO2 Magnesia. ECO2 Magnesia, specialized in the ecological manufacturing of magnesium oxide, will make it possible to transform, revalorize and market these mine tailings, pretreated by 3R, into a magnesium oxide of the highest purity.

Invented in Quebec, ECO2 Magnesia's innovative technology is to include the capture of CO2 within its process. In this way, ECO2 Magnesia produces an ultrapure MgO while at the same time reducing CO2 emissions, a first for the industry. Aligned with the principles of the circular economy, the ECO2 project will decontaminate up to 480,000 tons of mine tailings annually to transform it into MgO, a critical and strategic ore identified in the Plan québécois pour la valorisation des minéraux critiques et stratégiques 2020-2025.

Quotes:

"At ECO2 Magnesia, the principles of sustainability are part of our DNA. All project collaborators and partners share a passion for creating a world-class magnesium oxide that respects the environment. We are therefore delighted to finalize this partnership agreement with 3R Minéral, a company that subscribes to these same values. The ECO2 project is a winner on all fronts: it will offer a new economic breath to the Chaudière-Appalaches region, give a second life to mine tailings and decontaminate the environment using a 100% ecological process.

The ECO2 project is the embodiment of a new era of ecological industrialization and will create a new green economic hub in the region. »  

Paul Boudreault, Director of ECO2 Magnesia and President of SIGMA Devtech

"Realizing a partnership agreement with an innovative and environmentally friendly company like ECO2 Magnesia, where each partner brings unique and complementary expertise, is at the heart of our business strategy. In addition to participating in a project that promotes circular economy and is structuring for the region, we will be able to develop the resources already extracted from our mines in an ecological and safe way while ECO2 Magnesia will manufacture value-added products that meet the criteria of customers around the world in terms of performance, value and ecological issues. »

Guy Bérard, President of 3R Minéral

"Today, we celebrate the beginning of a new economic era for our region. The ECO2 project offers a real, concrete and viable solution to an ecological challenge that has persisted for decades in the region. We are proud to support the ECO2 project as it represents an exemplary reconciliation of the principles of sustainable development and the circular economy. I therefore warmly welcome this new partnership and I am delighted with this new economic breath that will further energize the entire Chaudière-Appalaches region. »

Mario Groleau, President of the Régie intermunicipale du parc industriel Beauce-Amiante and Mayor of Tring-Jonction

Highlights:

• In March 2021, as part of the unveiling of the 25 initiatives selected at the end of the call for innovation projects and clean technology showcases launched by the Government of Quebec in 2019, the ECO2 Magnesia project received $2M in financial assistance for the final demonstration phase of its mining revalorization project.
• In 2020, the ECO2 Magnesia project was presented by CRITM at the 30^th Innovation Awards Gala of the Association pour le développement de la recherche et de l'innovation du Québec (ADRIQ). The excellence of the ECO2 Magnesia technology was recognized by the jury's "coup de coeur" award in the category Industrial Research Sectoral Groupings.
• In 2018, CRITM awarded a $1.5M grant for the development of the ECO2 project by the three partners ECO2 Magnesia, SIGMA Devtech and the Institut national de la recherche scientifique (INRS).

Regarding:

ECO2 Magnesia

The ECO2 Magnesia plant will be in the Chaudière-Appalaches region on the former Carey mine site. The project will be deployed in modular phases, with the first operational phase to produce 20,000 tons of MgO per year scheduled for 2024. Ultimately, the commissioning of the full-scale plant (producing 60,000 tons of MgO per year) will create 100 high-tech jobs, revalorize more than 480,000 tons of mine tailings and reduce the emission of 160,000 tons per year of CO2. These socio-economic and environmental benefits distinguish the ECO2 Magnesia project from other conventional magnesium oxide production technologies.

ECO2 Magnesia is part of the new generation of companies determined to decarbonize the technological and industrial processes in order to minimize their ecological footprint.

For more information: https://www.eco2-magnesia.com/index.html

3R Minéral Inc.

3R Minéral inc.'s mission is to manage all the mining assets of its parent company, according to three main strategic axes: To promote partnerships in order to develop its mineral resources rich in strategic minerals, safely and responsibly, in accordance with the principles of the circular economy; Restore all of its buildings and land to increase their value; Support innovation and the implementation of renewable energies on the many sites it manages.

SOURCE Mazarin Inc.

Guy Bérard, President, Tel. (office): [phone], Email: [email protected]

Related Links

http://www.asbestoscorporation.com/