VANCOUVER, BRITISH COLUMBIA / October 9, 2015 / MGX Minerals Inc. (“MGX” or the “Company”) ($XMG:CNX) (FKT: 1MG) announces the Company has begun site evaluation and engineering studies at its proposed mill site located in Cranbrook, British Columbia (see press release dated September 29, 2015.
MGX’s Senior Engineer has completed an initial site visit and begun reviewing proposed logistic and infrastructure strategies with the purpose of completing a preliminary plant design. Personnel from energy partner Eaton Industries (Canada) Corporation (NYSE: ETN) (“Eaton”) are expected to arrive on site shortly. Eaton personnel have also begun preliminary evaluation of the property and available services. Additionally, the Company is in joint discussions with strategic partners Eaton and Highbury Energy Inc. (“Highbury”) (see press release dated May 26, 2015), as well as coordinating with the city of Cranbrook, in regards to existing infrastructure and potential service upgrades.
As reported in June (see press release dated June 4, 2015), MGX has entered into a partnership with Industrial Furnace Company (“IFCO”) of Rochester, New York to install and operate industrial-sized kilns at Driftwood Creek. The kilns are currently being evaluated to determine cost-effective energy options, including both natural gas and synthetic gas.
The Company is also evaluating existing forestry equipment that remains on site, including a fully operational sawmill that produces finger jointed lumbar. The specialized mill was originally installed in 2008 at a price of approximately CA$8 million.
About MGX Minerals
MGX Minerals ($XMG:CNX) is a diversified Canadian mining company listed on the Canadian Securities Exchange. 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. The long-term strategic business objectives of the Company include constructing a quarry mine and processing plant to produce magnesium oxide from Driftwood Creek. 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 (British Columbia Mineral Titles Branch).
For more information please visit the Company’s website at www.mgxminerals.com.
Chief Executive Officer
Dr. Michael Reimann
Chief Financial Officer
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.
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", "potentially" 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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