VANCOUVER, March 29, 2019 /CNW/ - MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG / OTCQB: MGXMF) and engineering partner PurLucid Treatment Solutions ("PurLucid") are pleased to provide the following update on commercial-scale deployment of its first two contracted wastewater treatment systems.
The first contracted system is now fully manufactured and being commissioned at an oilsands SAGD operation in Alberta to process evaporator blowdown water (EBD) and is expected to be operational shortly. Fabrication and deployment of the second contracted wastewater treatment system is scheduled for June and will also be deployed to an oilsands SAGD operator in Alberta. Both systems are capable of processing 10m3 per hour and upon completion of test and optimization phase, the customers will pay a fixed processing fee. The Company and PurLucid anticipate generating revenue of C$2.0 million in 2019 during the ramp up period from the first two contracted operations. Contracts are currently being negotiated for additional wastewater treatment systems and are expected to be finalized shortly.
The Company has issued a total of 520,000 common shares as consideration for services rendered to consultants of the Company. The shares are subject to a four-month hold period. Additionally, the Company has granted an aggregate of 3,825,000 options to certain consultants, directors and officers. The options are exercisable at a price of $0.39 per share for a period of two years from the date of grant.
Rapid Lithium Brine Extraction Technology
MGX and PurLucid developed a rapid lithium extraction technology eliminating or greatly reducing the physical footprint and investment in large, multi-phase, lake sized, lined evaporation ponds, as well as enhancing the quality of extraction and recovery across a complex range of brines as compared with traditional solar evaporation. This technology is applicable to petrolithium (oil and gas wastewater), natural brine and other brine sources such as lithium-rich mine and industrial plant wastewater.
PurLucid's exclusively licensed and patented nanoflotation technology was designed specifically for oilfield environments. The technology separates impurities from oil and gas wastewater and produces clean water as a final product. This allows for the recycling or controlled release of oilfield wastewater and reduces or eliminates downhole and associated transportation costs. Water handling costs are one of the largest operating costs in the oilfield and oilsands operations today. Learn more at www.purlucid.com. MGX has the right to acquire up to a 100% interest in PurLucid through successive investments.
About MGX Minerals
MGX Minerals is a diversified Canadian resource and technology company with interests in global advanced material, energy and water assets. Learn more at 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.
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.
View original content: http://www.newswire.ca/en/releases/archive/March2019/29/c5929.html
Jared Lazerson, President and CEO, Telephone: 1.604.681.7735, Web: www.mgxminerals.com