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MGX Minerals Announces Non-Brokered Private Placement

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VANCOUVER, BC / ACCESSWIRE / October 30, 2014 / MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG) wishes to announce that it has approved a non-brokered private placement offering of up to 1,000,000 common shares at a price of $0.25 per share. All securities issued under the private placement will be subject to a four-month hold period.

Driftwood Creek Magnesite Update

A close spaced eight hole diamond drill program and land survey were recently completed at the East Zone of Driftwood Creek for the purpose of delineating an initial mining block and NI 43-101 Resource Estimate, which is currently underway. The Company plans to dovetail the Resource Estimate into a result dependent Mine Plan for the purpose of applying for a Mining and Reclamation Permit for an Industrial Mineral (Magnesite) under the British Columbia Mines Act.

About Magnesite

Magnesite in its purest form is 47.6% Magnesia aka Magnesium Oxide ("MgO"). Magnesite generally serves as an excellent feedstock for the production of MgO. MgO in turn is a valuable and widely used industrial mineral. Uses of MgO include abrasives, animal feed supplements, chemicals, coatings, construction, electrical, fertilizers, foundries, glass manufacture, insulation, lubricating oils, pharmaceuticals, plastics manufacture, refractory and ceramics, rubber compounding, steel industry, sugar refining, sulfite wood pulping, and wastewater treatment. At this time MGX is focused on the refractory and steel industries.

For further information on MGX, please contact:
Jared Lazerson
Chief Executive Officer
MGX Minerals Inc.
Telephone: 604.681.7735
Email: jared@mgxminerals.com

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.


SOURCE: MGX Minerals Inc. 

 

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