MagIndustries Kouilou Potash Project Financing Update

TORONTO, ONTARIO, May 11 (MARKET WIRE) --
MagIndustries Corp. (TSX VENTURE: MAA) ("MagIndustries" or the "Company")
is pleased to announce, together with its financial advisor BNP Paribas,
that substantial progress has been achieved with a group of international
project finance institutions for debt financing of its Kouilou Potash
Project located in the Republic of Congo (the "Project"). BNP Paribas is
in discussions with export credit agencies, international development
agencies and commercial banks (the "Lenders") for the provision of not
less than US$800 million of project debt financing. Following recent
round-table discussions, MagIndustries and the Lenders are proceeding
with ongoing due diligence and negotiations.

Pre-construction activity has been ongoing on the Project site since
October 2008, and following finalization of the debt and equity financing
we expect to commence construction of the production facility. The
facility is scheduled to start production by the end of 2011 and reach
full production by the middle of 2012.

Bill Burton, President and Chief Executive Officer of MagIndustries,
commented following the recent meetings with Lenders in Paris: "Mag is
pleased with the progress it believes has been made with the project
financing, and we greatly appreciate the diligence of the Lenders in
working with us in this process."

The Project is among the largest potash greenfield projects under
development in the world, with an initial annual design capacity of
600,000 tonnes of potash. Cash operating costs per tonne of potash are
expected to be among the lowest in the industry, which will contribute to
attractive returns and significant value generation.

About MagIndustries:

MagIndustries is a Canadian company whose common shares are listed on the
TSX-Venture Exchange and trades in Canadian currency under the symbol
"MAA". The Company has 288,079,962 shares outstanding on an undiluted
basis. MagIndustries' resource subsidiaries are operating and developing
major industrial projects in the Republic of Congo and the Democratic
Republic of Congo. More information on the Company is available at 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, changing market conditions, and other risks
detailed from time-to-time in the Company's ongoing filings. We undertake
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. In light of these risks, uncertainties and assumptions, the
forward-looking events in this press release might not occur.

Cusip: 55917T 102

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

Contacts:
MagIndustries Corp.
Rich Morrow
Vice President
(416) 368-7911
Email: rmorrow@magindustries.com

MagIndustries Corp.
Knut Rodne
Director of Communications & Business Development
(416) 368-7911
Email: krodne@magindustries.com
Website: www.magindustries.com

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