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Manganese X Energy Corp
Symbol MN
Shares Issued 67,564,845
Close 2019-10-04 C$ 0.11
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Manganese X presents quarterly update on projects

2019-10-04 03:06 ET - News Release

Mr. Martin Kepman reports

MANGANESE X ENERGY CORP. QUARTERLY UPDATE

Manganese X Energy Corp. has presented the quarterly updated review of its projects, accomplishments and goals. It is very encouraged and looks forward to advancing each of the company's projects listed herein during the fourth quarter.

  • Kemetco Research Inc: On Aug. 30, 2019, Manganese X signed a contract with Kemetco Research to continue with the ultrapure metallurgical project to produce high-grade battery-eligible material for the North American lithium-ion and other alternative energy markets. The company, together with Kemetco, will now continue to develop a commercializable flow sheet to produce ultrahigh-purity (greater than 99.9 per cent) battery-grade manganese product for the growing electric vehicle and energy storage sectors, using the safe and sustainable North American mineralization at Battery Hill. Manganese X last week received an encouraging updated progress report from Kemetco. The time frame is on schedule with the estimated completion of the project in six to 10 weeks.

Martin Kepman, chief executive officer of Manganese X, stated: "We are very pleased by the progress of the project and look forward to more positive updates. We seem to be getting close to the goal line."

  • Disruptive Battery Corp.: The company's stand-alone subsidiary, Disruptive Battery Corp., created for the purposes of accelerating a manganese thesis as it relates to fuel cells, is pleased to announce that it has been approached by and is in discussions with a Quebec entity to assist to develop and supply battery-grade manganese materials for the North American lithium-ion-battery (lib) market. Driven by the expected market penetration of electric vehicles, the number of lithium-ion batteries produced annually is expected to increase within the next decade by a factor of 10 at a minimum. This production surge will require the securing of stable supply chains for the key elements used in lib, such as lithium, iron, manganese and phosphorous. These elements are available in certain Canadian provinces, including Quebec, and establishing local supply chains represents a unique opportunity for the Canadian industry to assume an important role in the rapidly developing lib market. The Quebec entity seeks to establish a national supply chain for lib cathode materials from the mine to the battery. To do so, it will develop partnerships with various battery-themed companies, and Manganese X has been selected to participate in the development and supply of lithium-ion batteries. Further updates will follow.
  • Mountain Springs Oil and Gas Ltd. (MSOG): The company has been advised by MSOG that it is in negotiations to finalize its initial letter of intent for a specific oil and gas property package, which is located in Western Canada. There was a slight delay due to the fact that the vendors have expressed an interest to include an additional oil and gas property, which is also located in Western Canada. The parties have now agreed in both principle and terms to these oil and gas property packages. They are in final negotiations for royalties, as well as more minor details. MSOG has committed to expediting the completion of this transaction. Manganese X currently owns 15 per cent of MSOG and has an option of increasing ownership with an additional 10-per-cent interest, upon MSOG completing its current acquisition and with Manganese X board approval. The company's strategy is to utilize the potential cash flow from dividends generated by its interest in MSOG's oil and gas production wells, to advance the Battery Hill manganese, Peter Lake copper, nickel and cobalt, and Lac Aux Bouleaux (LAB) graphite projects, as well as other potential opportunities.
  • Peter Lake copper-nickel-cobalt project (Quebec): The company is pleased to announce the completion of a MaxMin II-5 electromagnetic survey, which started on Sept. 15, 2019. The survey covered both the north and south occurrences, and was completed under contract by Geosig Inc. of Quebec City. Upon receipt of the final survey report, which is expected in the coming weeks, the results will be analyzed in conjunction with previously completed induced polarization (IP) and soil geochemical surveys to prioritize targets for follow-up trenching and diamond drilling programs, if warranted.
  • Lac Aux Bouleaux (LAB) graphite property (Quebec): The company has initiated a fall exploration program at the LAB graphite property, located contiguous to the south of TIMCAL's Lac des Iles graphite mine. The program will consist of grid establishment, ground electromagnetic (EM) survey, drone surveys to collect elevation data and aerial imagery, and a detailed compilation of all previous work, including historical geophysics and diamond drilling (from over 80 diamond drill holes). The fall exploration program is a strategic step toward updating the property's historical resource estimates and in preparation for future trenching and diamond drill programs. Further updates will follow.

The preparation of the technical information in this news release of the Battery Hill, the Peter Lake Cu-Ni-Co and the Lac Aux Bouleaux (LAB) graphite properties and an update of the Kemetco Research metallurgical project has been reviewed and approved by Roger Dahn, PGeo. Mr. Dahn is a qualified person as defined by National Instrument 43-101.

Manganese's X mission is to acquire and advance high-potential manganese mining prospects, located in North America, with the intent of supplying value-added materials to the lithium-ion-battery and other alternative energy industries. In addition, the company is striving to achieve new methodologies emanating from environmentally and geographically ethical and friendly green/zero-emission technologies, while processing manganes at a lower competitive cost.

We seek Safe Harbor.

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