MGX Minerals Receives Permit to Conduct Archaeological Impact Assessment on Driftwood Creek Magnesium Project
VANCOUVER, BRITISH COLUMBIA / TheNewswire / October 2, 2015 - MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG) reports that the necessary permits have been received from the Archaeology Branch of the British Columbia Ministry of Forests, Lands and Natural Resource Operations to conduct an Archaeological Impact Assessment (AIA) on the Company's flagship Driftwood Creek magnesium project ("Driftwood Creek").
As announced by MGX in late July (see press release dated July 28, 2015), the Company engaged Tipi Mountain Eco-Cultural Services Ltd. ("Tipi") to complete an Archaeological Overview Assessment (AOA) on Driftwood Creek. Based on results of the AOA, The British Columbia Ministry of Forests, Lands and Natural Resource Operations has granted Tipi with Heritage Conservation Act Permit 2015-0269, which allows Tipi to move forward with additional field assessments to complete a detailed AIA report. The finished AIA report will be submitted to the Archaeology Branch of the British Columbia Ministry of Forests, Land and Natural Resource Operations for review and approval.
Options Issuance
The Company reports that in accordance with its consulting agreement with Palisade Capital, MGX has granted Palisade 300,000 stock options exercisable at a price of CA$0.60 for a period of two years.
About MGX Minerals
MGX Minerals (CSE: XMG) is a diversified Canadian mining company listed on the Canadian Securities Exchange. MGX is engaged in the acquisition and development of industrial mineral deposits in western Canada that offer near-term production potential, minimal barriers to entry and low initial capital expenditures.
The Company's flagship project is the Driftwood Creek magnesium project in the East Kootenay region of British Columbia. The long-term strategic business objectives of the Company include constructing a quarry mine and processing plant to produce magnesium oxide from Driftwood Creek. The Driftwood Creek project is currently under permitting review for granting of a mining lease and applications for associated operating permits are in various stages of preparation. MGX owns the majority of significant magnesite properties in the Province of British Columbia as reported by the British Columbia Geological Service (British Columbia Mineral Titles Branch).
For more information please visit the Company's website at www.mgxminerals.com.
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| Jared Lazerson | Dr. Michael Reimann |
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Forward-Looking Statements
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