MGX Minerals Announces Technical Services Agreement with Electra Gold

Press Releases |

VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / January 29, 2015 / MGX Minerals Inc. ("MGX" or the "Company") ($XMG:CNX) is pleased to announce it has signed a technical services agreement with Electra Gold Ltd. ("Electra") ($ELT:CA) to provide engineering support to Electra's Apple Bay Alumina-Silica Quarry mining operation. The Apple Bay quarry is located near Port Hardy on Vancouver Island and has been in operation since 2004.

As part of the Company's strategic alliance with Electra and Zimtu Capital Corp. (TSX.V: ZC) (see press release dated December 1, 2014), MGX will provide its quarry mining operations experience to Electra with the objective of increasing efficiency and growing production at Apple Bay. The scope of work to be provided by a MGX Senior Engineer includes:

  • - Critical analysis of original mine plan

    - Verification of previous geologic mapping and drill assay data

    - Review of mine layout and operational logistics

    - Recommendations for improvement to production plan

Work is planned to commence on February 20, 2015. The purpose of MGX support will be to increase efficiency, profitability and production margin in anticipation of growing sales volumes to the cement industry. The quarry generates year-round cash flow and recorded sales of $1,200,000 in 2014.

MGX benefits from this services agreement by revenue and its equity stake in Electra. MGX Minerals owns, pending TSX approval, 2,000,000 shares of Electra Gold.

About MGX Minerals

MGX Minerals ($XMG:CNX) is a diversified Canadian mining company 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. For more information please visit the Company's website at www.mgxminerals.com.

For further information please contact:

Jared Lazerson
Chief Executive Officer
MGX Minerals Inc.
Telephone: 604.681.7735
Email: jared@mgxminerals.com

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Comments

Emerging Growth

CMX Gold & Silver Corp.

CMX Gold & Silver Corp is an exploration stage company. The Company is engaged in the acquisition, exploration and development of silver and copper/gold properties in the USA.

Private Markets

8tracks

Our mission is to be the best place for people who care about music to create and discover thoughtfully curated playlists. In essence, 8tracks is a platform for online mixtapes.

D-Wave

D-Wave Systems is the first quantum computing company. Its mission is to integrate new discoveries in physics, engineering, manufacturing, and computer science into breakthrough approaches to computation to help solve…