MGX Minerals Issues Clarification of Previously Issued Technical Disclosure
VANCOUVER, BRITISH COLUMBIA / TheNewswire / September 20, 2016 / MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG / OTC: MGXMF) ), as a result of a review by the British Columbia Securities Commission, is issuing this news release to clarify its disclosure regarding the Company's Alberta lithium properties (the "Lithium Properties") and Driftwood Creek Property (the "Driftwood Property") in an interview published in the September 15, 2016 edition of the Financial Post's Midas Letter (the "Midas Letter").
The Company wishes to retract any potentially misleading statements in the Midas Letter concerning the Lithium Properties indicating there is a resource that can be used for an economic analysis for the Lithium Properties. The Company confirms there has been no resource estimate completed on the Lithium Properties, historical or current. Additionally, the Company has not tested its extraction process on the Lithium Properties.
Concerning comments on the Driftwood Property in the Midas Letter, the Company also retracts its statements concerning economic analyses of its magnesium resource. 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 Company also retracts its use of in-situ metal value at its Driftwood Property. Gross in-situ is potentially misleading as it fails to take into consideration operating and capital costs, recoveries, smelter costs and other factors relating to the potential mining, extraction and recovery of metals.
The Company's NI 43-101 compliant technical reports for the Driftwood Property and Lithium Property that may be found on its SEDAR profile at www.sedar.com.
Qualified Person
Andris Kikauka, Vice President of Exploration for MGX Minerals, and a non-independent Qualified Person as defined by N.I. 43-101, has approved the information contained in this news release.
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.
Contact Information
Jared Lazerson
Chief Executive Officer
Telephone: 1.604.681.7735
Email: jared@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.
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", "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.
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