VANCOUVER, BRITISH COLUMBIA / February 19, 2016 - MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG) is pleased to report the Company has engaged The Lamar Corporation of Calgary, Alberta to lead the development strategy of its recently acquired Lithium Properties (see press release dated February 1, 2016).
The Lamar Corporation is led by Dr. Larry Marks, a 35-year industry veteran of the oil and gas sector. Dr. Marks spent 30 years in various executive roles for Shell Canada Ltd. and various Shell Group companies, including General Manager and Vice President of Marketing and Transportation for Shell Canada. He has experience in all facets of the oil and gas business, having worked extensively throughout Canada, Asia, Africa and the Middle East in his career. While at Shell Canada, Dr. Marks implemented strategies for marketing, sales and transportation of energy and co-products in excess of more than $3 billion in annual revenue.
MGX's lithium properties contain dozens of deep oil wells with significant previous production of brine from hundreds to thousands of barrels per well per day. Past production indicates very low oil production of generally less than 3% resulting in very high brine production. The project has many synergies with the oil and gas industry. MGX is focused on leveraging the massive existing infrastructure including wells, roads, power and fluids handling expertise.
“We are excited to have retained The Lamar Corporation to spearhead the development strategy for our Lithium Properties,” stated MGX President and CEO Jared Lazerson. “We believe the expertise, experience and successful track record of Dr. Marks and his team positions MGX as a near team producer of lithium brine and the potential to make Canada a global competitor in this area of the new energy sector.”
About MGX Minerals
MGX Minerals (CSE: XMG) 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. The Company operates the Driftwood Creek magnesium project located in the East Kootenay Region of British Columbia. MGX has recently received approval of a 20 year mining lease for Driftwood and bulk sampling is currently underway. For further information, please visit the Company’s website at www.mgxminerals.com.
Chief Executive Officer
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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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