VANCOUVER, Sept. 12, 2016 /PRNewswire/ - MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG) is pleased to report the Company has engaged the Saskatchewan Research Council ("SRC") to conduct lithium-enriched formation water testing. SRC will utilize the Company's rapid brine production process (see press release dated June 6, 2016) to extract lithium and evaluate key aspects of the proprietary extraction method, which aims to reduce brine evaporation times by more than 99% versus standard solar evaporation. MGX will provide SRC with 200 liters of lithium-enriched brine from the Company's Alberta lithium project to conduct the study with.
"MGX's proprietary processing technology would be the first of its kind for extraction of lithium from producing and past producing oil wells. The immense scale of historical and current oilfield brine production in Alberta is well understood. If our process design performs as predicted we will help solve two critical problems, the lack of saleable lithium in the world, which has caused prices to increase tenfold in the past few years, and how to increase revenue per oil well for low oil, high brine production wells," stated MGX President and CEO Mr. Jared Lazerson. Adding, "Any significant increase in revenue at the wellhead would have a major impact on the economics of the oil industry, that it may come from supplying the new energy industry with lithium is ideal."
MGX controls 45 Metallic and Industrial Mineral Permits throughout the Province of Alberta that encompass over 376,000 hectares, including 14 of the highest reported levels of lithium-bearing brine (1). The Company also recently acquired the Sturgeon Lake lithium brine project, which is located in the Fox Creek area of west-central Alberta.
(1) All assays referenced are as reported by Alberta Geological Service.
The Saskatchewan Research Council (SRC) is one of Canada's leading providers of applied research, development and demonstration (RD&D) and technology commercialization. With more than 375 employees, $70 million in annual revenue and over 69 years of RD&D experience, SRC provides products and services to its 1,500 clients in 20 countries around the world.
MGX Minerals is actively working on bringing its Alberta Lithium Portfolio into production. However, readers are cautioned that the Company has not completed a pre-feasibility or feasibility study which establishes mineral reserves with demonstrated economic and technical viability. Further, the Company cautions readers that any potential production may not be economically feasible and historically projects taken to production without establishing reserves through a feasibility study have a much higher risk of economic or technical failure.
The technical portions of this press release have been reviewed by Allan Reeves (P. Geo.) of Tuun Consulting, Inc. and Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals.
About MGX Minerals
MGX Minerals (CSE: XMG) is a diversified Canadian mining company engaged in the development of large-scale industrial mineral portfolios in western Canada that offer near-term production potential, minimal barriers to entry and low initial capital expenditures. The Company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta. For further 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.
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.
SOURCE MGX Minerals Inc.