MGX Minerals Mobilizes for Exploration at White Moon Magnesium Deposit
VANCOUVER, BRITISH COLUMBIA / TheNewswire / July 6, 2015 / MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG) is pleased to report that mobilization is underway to conduct a phase one exploration program at its White Moon magnesium deposit ("White Moon") (formerly the Needles deposit). Exploration is scheduled commence July 13th, 2015.
The Company has acquired the right to explore, develop and mine the White Moon magnesium deposit located in San Bernardino County, California (see press release dated June 18, 2015). According to historic exploration conducted by the United States Geological Survey (USGS), White Moon may contain more than 500,000 short tons of magnesite.*
MGX plans to conduct a multi-phase exploration program to expand the historical resource and define mining blocks for the production of magnesite ore. Phase one exploration will consist of geochemical sampling of approximately 40 existing historical trenches as well as geological mapping and outcrop sampling.
The Company will also commence a Scoping Study to determine infrastructure and potential plant locations. MGX has plans to build and operate the only magnesium oxide (MgO) wallboard production plant in the United States.
Consultant Engaged
MGX is also pleased to report that Mr. Jack Bal has been engaged to assist the Company in advancing it's key magnesium assets. Mr. Bal has recent experience with permitting of a new mill in California for CMC Metal's Radcliffe property located in Death Valley, California. Mr. Bal has over 15 years of experience in the public markets. He has been involved in public relations and marketing in the resource sector with contacts throughout Canada, the U.S. and Europe and has raised in excess of $50m for publicly listed junior resource companies. He is currently serves as an Officer / Director for a number of TSX-listed companies including Cardiff Energy, CMC Metals, and Grenville Gold.
Stock Options Granted
The Company reports that it has granted an aggregate of 1,025,000 incentive stock options to certain officers, directors and consultants of MGX, which are each exercisable at $0.35 per common share and expire on June 29, 2018.
*These are historical resource estimates that do not comply with the current CIM Definition Standards on Mineral Resources and Mineral Reserves as required by NI 43-101. A Qualified Person has not done sufficient work to upgrade or classify these historical resources estimates to current mineral resources prepared in accordance with NI 43-101. The issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied on.
Qualified Person
Andris Kikauka, Vice President of Exploration for MGX Minerals, and a non-independent Qualified Person as defined by N.I. 43-101, has reviewed the information contained in this news release and has verified the data.
About MGX Minerals
MGX Minerals is a diversified Canadian mining company listed on the Canadian Securities Exchange (CSE: XMG). MGX is 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. The Company's flagship project is the Driftwood Creek magnesium project in the East Kootenay region of British Columbia. Development plans include construction of a quarry mine and processing plant to produce magnesium oxide. The Driftwood Creek project is currently under permitting review for granting of a mining lease and applications 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.
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