MGX Minerals Enters Partnership with the Industrial Furnace Company for Primary Equipment at Driftwood Magnesium
VANCOUVER, BRITISH COLUMBIA / TheNewswire / June 4, 2015 - MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG) is pleased to announce the Company has entered into a Memorandum of Understanding (the "MOU") with Industrial Furnace Company ("IFCO") in which IFCO will provide engineering services and calcining equipment for MGX's flagship Driftwood Creek magnesium property ("Driftwood Creek").
Terms of the MOU establish a mutual partnership between MGX and IFCO whereby:
-
-IFCO will provide engineering and equipment services for installation of an industrial-sized kiln(s) at Driftwood Creek, outlined as follows:
-
-
1.Engineering services
-
2.Equipment manufacturing
-
3.Laboratory and in-house pilot plant services
-
4.Product and market development consultation
-
5.Energy and operating cost modelling
-
6.Implementation and commissioning
-
7.Service and maintenance programs
-
8.Expansion plan
-
-
-IFCO will act as lead development partner responsible for engineering, construction and installation of necessary industrial kiln(s) for production of market-grade magnesium oxide from magnesite ore mined at Driftwood Creek; and
-
-IFCO and MGX will work together to develop additional industrial mineral projects using a similar business model.
"We are pleased to be working with one of the world's leading manufacturers of industrial kilns," stated MGX President and CEO Jared Lazerson. "The use of advanced proprietary technology developed by IFCO, along with access to low-cost regional energy, further positions MGX to become a significant supplier of magnesium oxide in North America."
MGX's current mine plan suggests annual gross throughput totaling 220,000 tonnes of ore producing approximately 100,000 tonnes of mid-grade (94-96%) dead-burned magnesia (DBM) for refractory use, along with substitution capacity to produce up to 100,000 tonnes of caustic calcined magnesia (CCM) for specialty fertilizer and animal feed supplement.
Picture 1.Iindustrial-sized vertical shaft kiln similar to proposed equipment to be installed at Driftwood Creek mine.
Click Image To View Full Size
About Industrial Furnace Company
Industrial Furnace Company ("IFCO") is a private family owned company, founded in 1948. IFCO is made up of a four divisions allowing the company the diversity and capabilities to be a full service contractor, capable of handling all facets of industrial construction. With over 65 years of experience IFCO has made a strong commitment to bring the latest technology to the Magnesite Industry. IFCO provides the latest technology reducing cost of ownership and operating costs. IFCO has performed projects in 47 American states, Puerto Rico, Canada, Europe, Asia, Africa, and South America.
About MGX Minerals
MGX Minerals is a diversified Canadian mining company that is listed on the Canadian Securities Exchange (CSE: XMG) and engaged in the acquisition and development of industrial mineral deposits in western Canada that offer near-term production potential, minimal barriers to entry and low initial capital expenditures. MGX is developing the Driftwood Creek magnesium property in the East Kootenay region. The development plan includes construction of a quarry and processing plant for the production of magnesium oxide. The Driftwood Creek project is currently under permitting review for granting of a mining lease and application for associated operating permits are in various stages of preparation. MGX owns the majority of significant magnesite properties in the Province of British Columbia as reported by the British Columbia Geological Service.
For more information please visit the Company's website at www.mgxminerals.com.
Contact Information
| Jared Lazerson | Dr. Michael Reimann |
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
Copyright (c) 2015 TheNewswire - All rights reserved.