Magris acquisition of Niobec Niobium Mine

On January 22, 2015, Magris Resources Inc. (Magris), in partnership with CEF Holdings Ltd (CEF) and Temasek, completed the acquisition of the Niobec mine (Niobec) from IAMGOLD Corporation (IAMGOLD) for a total consideration of US$530 million. On closing IAMGOLD received US$500 million in cash, with an additional US$30 million contingent payment to be made upon commercial production of an adjacent rare earth element deposit (REE).

Niobec, located in Saint-Honoré-de-Chicoutimi in the Saguenay region, Quebec, is one of world's three primary niobium producers.

Further information can be found on Canada Newswire's website.

Magris, headquartered in Toronto, Canada, is an emerging mining company that was formed to build and grow a significant diversified mining platform.

IAMGOLD is a mid-tier mining company with four operating gold mines in Canada, South American and Africa.