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FOR IMMEDIATE RELEASE: April 2, 2002 Contact: Nevada Chemicals, Inc. Announces 2001 Results SALT LAKE CITY: UTAH - John T. Day, President and Chief Executive Officer of Nevada Chemicals, Inc. (NASDAQ/NMS:NCEM), formerly known as Mining Services International Corporation (MSIX), today announced that for the year ending December 31, 2001, the company had net income of $186,000 or $0.03 a share compared to a loss in 2000 of ($4.03) million or ($0.55) per share. On November 15, 2001 Nevada Chemicals sold its explosives business to a U.S. subsidiary of Union Española de Explosivos (UEE). As a result of that sale the company name was changed as well as the trading symbol (NCEM). The financial statements include continuing operations for the present business activities of Nevada Chemicals and report the activities of the sold explosives business as discontinued operations. The change in income from 2000 to 2001is significant due to $4.8 million in write downs of assets in 2000 in preparation for the pending UEE transaction in 2001. In 2001 Nevada Chemicals experienced an additional loss of $821,000 from the discontinued operations, including a $456,000 loss on the sale. The remaining business activities of Nevada Chemicals include a 50% ownership in Cyanco through a wholly owned subsidiary, Winnemucca Chemicals; 50% of a joint venture providing explosives to Ghana and the rental of an office building in Sandy, Utah. At December 31, 2001, the balance sheet was strong with no long term debt and with cash on hand of $7million or $0.97 per share at year end. Nevada Chemicals and its 50/50 partner in Cyanco, Degussa Corporation, announced on March 14, 2002, that Cyanco purchased the sodium cyanide business of FMC Corporation. This additional business will translate into higher operational rates for Cyanco's manufacturing plant and it is expected to be accretive to Nevada Chemicals' earnings. An additional 25,000 tons of sodium cyanide sales are expected from these contracts. Day said that he is very encouraged by the recent increase in the price of gold and he is hopeful that a stronger demand for gold will translate into greater mining activity and greater usage of sodium cyanide by the customers of Cyanco. He also mentioned that the addition of the FMC business should result in long-term positive strategic advantage for Cyanco and Nevada Chemicals.
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