MGX Minerals Enters Comprehensive Agreement with Eaton Corp. and Highbury Energy to Develop Driftwood Creek Magnesium Property

Press Releases |

VANCOUVER, May 26, 2015 - MGX Minerals Inc. ("MGX" or the "Company") (XMG:CNX) (FKT: 1MG) is pleased to announce the Company has entered into a Partnering Agreement (the "Agreement") with Eaton Industries (Canada) Corporation ("Eaton") (ETN) and Highbury Energy Inc. ("Highbury") to develop MGX's flagship Driftwood Creek magnesium property ("Driftwood Creek" or the "Project").

Terms of the Agreement establish a comprehensive working business relationship between MGX, Eaton and Highbury covering development and project financing options specifically as follows:

1.

Design build engineering and construction services

2.

Mining, processing, and energy equipment

3.

Financing options for primary equipment and engineering

4.

Budgetary costing

5.

Energy modelling

6.

Energy rate modelling

7.

Energy contract

 
  • Biomass feedstock analysis + procurement details

8.

Project methodology

9.

Implementation and construction plan

10.

Service and maintenance programs

 

  • Eaton and Highbury will work with MGX to develop 7-10 additional industrial mineral projects using a similar business model.

 

Eaton will immediately commence a Scoping Study at Driftwood Creek to establish initial engineering parameters and logistics with results in approximately 30 days. The envisioned processing plant will include industrial kilns and ancillary processing equipment for calcining magnesite ore. The kiln(s) will be powered in part by Highbury's proprietary biomass gasification technology, which would convert organic matter into bio-gas to provide a clean, low-cost energy source for continued operations at Driftwood Creek.

Mining and processing operations at Driftwood Creek forecast production capacity of 100,000 tonnes per annum combined caustic calcined (CCM) and dead burned magnesia (DBM) products.

About Eaton Corporation
Eaton is a wholly owned subsidiary of Eaton Corporation plc, an international power management company that is listed on the New York Stock exchange (ETN) . Eaton Corporation plc is a global energy company providing energy-efficient solutions to effectively manage electrical, hydraulic and mechanical power more efficiently, safely and sustainably. Through its global mining and engineering services groups Eaton has the expertise in new mine and mill design and build solutions. Eaton generated US$22.6 billion in revenue during the 2014 fiscal year and has approximately 120,000 employees worldwide across 175 countries.

About Highbury Energy
Highbury Energy Inc. is an innovative energy company dedicated to the development and utilization of renewable energy resources through the procurement and conversion of biomass. Highbury has developed a patent pending dual-bed steam gasification technology that converts biomass into high-grade synthesis or fuel gas. This robust process produces a medium calorific value gas from most types of organic matter, such as wood or agricultural wastes, without need of tonnage oxygen.  The cleaned synthesis gas can readily replace natural gas in industrial kilns and furnaces in the mineral, pulp & paper, glass, and cement industries.  Alternately, the syngas can fuel an internal combustion engine to make electricity, with waste heat used for refrigeration, or district heating.  Syngas can also be converted to high value liquid fuels such as diesel or jet fuel, or into chemicals such as methanol or ethanol. 

About MGX Minerals
MGX Minerals is a diversified Canadian mining company that is listed on the Canadian Securities Exchange (XMG:CNX) 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, and the 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.

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.

For further information: Jared Lazerson, Chief Executive Officer, Telephone: 604.681.7735, Email: jared@mgxminerals.com; Dr. Michael Reimann, Chief Financial Officer, Telephone: 604.681.7735, Email: michael@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

Companies

Symbol Name Price Change % Volume
ETN Eaton Corporation PLC 69.53 0.55 0.80 1,988,048

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