MGX Minerals’ Mining Lease for Driftwood Creek Magnesium Project Approved

Spotlight Companies |

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.

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