MGX Minerals Provides Clarification on Acquisition of Heino-Money Gold Deposit and Tillicum Claims

VANCOUVER, May 7, 2020 - MGX Minerals Inc. ("MGX" or the "Company") (CSE:XMG)(FKT:1MG)(OTC:MGXMF) is pleased to provide additional disclosure regarding its acquisition of the Heino-Money gold deposit and Tillicum claims. The Vendors, on a 50/50 basis, are 1240056 B.C. Ltd. and Gustafson Holdings Ltd and are non-related parties. The Company has entered an agreement to purchase a 100% interest in the Heino-Money gold deposit and Tillicum Claims (MINFILE 082FNW234 including Grizzley, Annie Flats, and Silver Queen occurrences, located approximately 12 kilometres east of Burton (110 km east of Kelowna), in the West Kootenay region of British Columbia. By issuing shares and cash totaling $5,000,000 CDN and completing a work program of $1,050,000 CDN over a three year term, MGX will acquire a 100% interest in the property with a Net Smelter Return to the Vendors of 5%, which may be bought back for $1,000,000 CDN. For further details see MGX Press Release dated May 7, 2020.

About MGX Minerals Inc.

MGX Minerals invests in commodity and technology companies and projects focusing on battery and energy mass storage technology, extraction of minerals from fluids, and exploration for battery metals, industrial minerals, and precious metals.

Contact Information

Patrick Power
Chief Executive Officer
ppower@mgxminerals.com
Web: 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.

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.

SOURCE: MGX Minerals Inc.