VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 12, 2014) - MGX Minerals Inc., ("MGX"), is pleased to announce that it has received a permit to drill from the Ministry of Energy and Mines of the Province of British Columbia for its Driftwood Creek Magnesite Property. The property is located in SW British Columbia, 38km NW of Brisco, BC and is known to host magnesite mineralization. MGX has begun mobilization for the purpose of drilling approximately 1200m total in 10 holes as recommended and described in the NI 43-101 compliant property report, dated July 22, 2014. The purpose of the drill program is to provide sufficient data for a NI 43-101 compliant resource estimate on the East Zone at Driftwood.
Magnesite in its purest form is 47.6% 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.
MGX is involved in the acquisition and exploration of industrial mineral properties in Western Canada. MGX has the right to acquire a 100% interest in the Driftwood Creek Magnesite Property by making cash payments, issuing shares, and meeting exploration expenditures, see Press Release dated July 8, 2014. In addition to Driftwood Creek, MGX holds a portfolio of magnesite exploration properties in BC. MGX's wholly owned subsidiary Manto Gold Corp. is engaged in gold exploration and holds a 100% right to acquire the 10,000 ha. Fran Gold Property, located 20km SW of Mt. Milligan in central BC. MGX has made an application to the Canadian Stock Exchange.
The technical portions of this Press Release were reviewed and approved by MGX Vice President of Exploration Andris Kikauka (P.Geo), a Qualfied Person under NI 43-101.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of MGX. Forward-looking information is based on certain key expectations and assumptions made by the management of MGX. Although MGX believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because MGX can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. MGX disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.