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Enter Symbol
or Name
USA
CA



MGX Minerals Inc
Symbol XMG
Shares Issued 27,665,692
Close 2015-07-03 C$ 0.42
Market Cap C$ 11,619,591
Recent Sedar Documents

MGX to begin phase 1 exploration at White Moon

2015-07-06 09:38 ET - News Release

Mr. Jared Lazerson reports

MGX MINERALS MOBILIZES FOR EXPLORATION AT WHITE MOON MAGNESIUM DEPOSIT

Mobilization is under way to conduct a phase 1 exploration program at MGX Minerals Inc.'s White Moon magnesium deposit (formerly the Needles deposit). Exploration is scheduled commence on July 13, 2015.

The company has acquired the right to explore, develop and mine the White Moon magnesium deposit located in San Bernardino county, California (see press release dated June 18, 2015). According to historical exploration conducted by the United States Geological Survey, White Moon may contain more than 500,000 short tons of magnesite.*

MGX plans to conduct a multiphase exploration program to expand the historical resource and define mining blocks for the production of magnesite ore. Phase 1 exploration will consist of geochemical sampling of approximately 40 existing historical trenches, as well as geological mapping and outcrop sampling.

The company will also commence a scoping study to determine infrastructure and potential plant locations. MGX has plans to build and operate the only magnesium oxide wallboard production plant in the United States.

Consultant engaged

MGX is also pleased to report that Jack Bal has been engaged to assist the company in advancing its key magnesium assets. Mr. Bal has recent experience with permitting of a new mill in California for CMC Metals' Radcliffe property located in Death Valley, California. Mr. Bal has over 15 years of experience in the public markets. He has been involved in public relations and marketing in the resource sector, with contacts throughout Canada, the U.S. and Europe, and has raised in excess of $50-million for publicly listed junior resource companies. He currently serves as an officer/director for a number of Toronto Stock Exchange-listed companies, including Cardiff Energy, CMC Metals and Grenville Gold.

Stock options granted

The company reports that it has granted an aggregate of 1,025,000 incentive stock options to certain officers, directors and consultants of MGX, which are each exercisable at 35 cents per common share and expire on June 29, 2018.

*These are historical resource estimates that do not comply with the current the Canadian Institute of Mining, Metallurgy and Petroleum's CIM Definition Standards on Mineral Resources and Mineral Reserves as required by National Instrument 43-101. A qualified person has not done sufficient work to upgrade or classify these historical resource estimates to current mineral resources prepared in accordance with NI 43-101. The issuer is not treating the historical estimate as current mineral resources, and the historical estimate should not be relied on.

Qualified person

Andris Kikauka, vice-president of exploration for MGX Minerals and a non-independent qualified person as defined by NI 43-101, has reviewed the information contained in this news release and has verified the data.

We seek Safe Harbor.

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