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MGX Minerals Inc
Symbol C : XMG
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Close 2016-04-13 C$ 0.09
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MGX receives initial study for Alberta Li project

2016-04-14 09:35 ET - News Release

Mr. Jared Lazerson reports

MGX MINERALS RECEIVES INITIAL PROCESS DESIGN AND SCOPING STUDY FOR PRODUCTION OF LITHIUM CARBONATE

MGX Minerals Inc. has received an initial process design and scoping study from engineering consultant Cementation AG in regard to lithium carbonate production at MGX's Alberta lithium project. MGX engaged Cementation (see press release dated Feb. 29, 2016) to analyze extraction of minerals from the heavily mineralized brine of the Fox Creek and Swan Hills areas within the company's portfolio of Alberta lithium properties. The study provides for a positive basis to move forward.

The study includes flow sheet recommendations and operational expenditure (opex) calculations to process lithium-bearing brine of 20,000 barrels per day in a commercial plant. The process proposes to significantly reduce the process time versus traditional solar evaporation, which is up to 18 months. The process is designed to rapidly separate brine minerals to produce various compounds, including lithium carbonate, sodium chloride and calcium chloride. The implementation of multiple product lines is designed to maximize potential revenue and reduce the lithium carbonate equivalent cost of production.

Utilizing significant literature searches, solubility models and in-house brine expertise, a workable process was developed by Cementation. A flow sheet, non-iterative mass balance, evaporator load, pond sizing, equipment list and operating costs were also developed based on water analyses from historical central wells located on MGX's Fox Creek property.

"The proposed process developed by Cementation AG provides for a modern industrial process that would reduce evaporation time and provide for a number of product lines to offset potential costs and increase potential long-term profits," stated MGX president and chief executive officer Jared Lazerson.

Alberta lithium properties

MGX has staked or entered into purchase agreements to acquire a 100-per-cent undivided interest in 24 metallic and industrial mineral permits throughout the province of Alberta encompassing over 1,150 square miles (300,000 hectares). These permits were acquired based on compilation of historical exploration for lithium by the province, as well as oil and gas well data and known geology. The permits are all geological associated with current and past-producing oil fields.

Qualified person

This press release was prepared under the supervision and review of Andris Kikauka, PGeo, vice-president of exploration for MGX Minerals. Mr. Kikauka is a non-independent qualified person within the meaning of National Instrument 43-101 standards.

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