MGX Minerals, Inc. (CSE: MGX), a diversified Canadian mining company, announced today that their Mining Lease application for its Driftwood Creek magnesium project has been approved and granted by the Chief Gold Commissioner of the Province of British Columbia. The lease carries an initial term of 20 years and can be extended thereafter.
Engaged in the acquisition and development of industrial mineral deposits that offer near-term production potential, minimal barriers to entry and low initial capital expenditures, MGX Minerals’ long-term strategic business objectives include constructing a quarry mine and processing plant to produce magnesium oxide from Driftwood Creek.
“This is a major milestone for the project,” said Jared Lazerson, President and CEO of MGX Minerals. “We would like to take this opportunity to express our appreciation for the support of everyone involved, at all levels of government, community and First Nations. I believe there is now reason for new optimism among the working men and women of the East Kootenay region.”
Last year proved to be an important one for MGX Minerals, as it was, defined by major milestones and strategic partnerships. The company’s recent operational highlights include:
- Entering into Definitive Agreement with Tembec ($TSX: TM) to acquire the Cranbrook mill site in Cranbrook, British Columbia for $3.7 million.
- Receiving the necessary permits from the Archaeology Branch of the British Columbia Ministry of Forests, Lands and Natural Resource Operations to conduct an Archaeological Impact Assessment on their flagship Driftwood Creek magnesium project.
- Reporting 98 meters grading 44% magnesium oxide from phase II drilling at Driftwood Creek.
- Completing Phase II drilling at its flagship Driftwood Creek magnesium project.
- Beginning site evaluation and engineering studies at its proposed mill site located in Cranbrook, British Columbia.
- Receiving final approval of land survey for Driftwood Creek from the British Columbia Surveyor General under Section 42 of the Mineral Tenure Act.
MGX Minerals begins the new year with a strong presence. With steady progress and promising survey reports, the company continues to present a unique investment opportunity.
For more information about MGX Minerals, visit www.mgxminerals.com.
Disclosure: In the purview of Section 17(B) of the Securities Act of
1933 and in the interest of full disclosure, we call the reader's
attention to the fact that Equities.com, Inc. may be compensated by the
companies profiled in the Spotlight Companies section. The purpose of
these profiles is to provide awareness of these companies to investors
in the micro, small-cap and growth equity community and should not in
any way come across as a recommendation to buy, sell or hold these
securities. Equities.com is not a registered broker, broker dealer,
investment advisor, analyst, investment banker or underwriter. All
profiles are based on information that is available to the public. The
information contained herein should not be considered to be
all-inclusive and is not guaranteed by Equities.com to be free from
misstatement or errors. Readers are reminded to do their own due
diligence when researching any companies mentioned on this website.
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