MGX Minerals Acquires Rights to Rapid Lithium Brine Production Process
VANCOUVER, British Columbia, June 06, 2016 (GLOBE NEWSWIRE) — MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG) (FKT:1MG) is pleased to report the Company has acquired intellectual property and design rights (the “Rights”) to a proprietary processing design that proposes to reduce lithium brine evaporation times by >99% over standard solar evaporation pond processes, from approximately 18 months to 1 day.
The design was developed as part of the previously announced Design and Scoping Study. All intellectual property rights have now been acquired from the inventor. The Company has retained Fasken Martineau, an international business law firm, to conduct an intellectual property assessment and prepare documentation for the filing of a patent.
MGX currently controls a land package of approximately 300,000 hectares (1,150 square miles) of lithium brine bearing properties in Alberta. This includes 14 of the 24 highest grade (>=90mg/L) lithium assays throughout the Province as reported by the Alberta Geological Service. The production process was designed specifically for the highly mineralized brine associated with MGX’S lithium properties.
“This proprietary design process, combined with vast existing infrastructure in Alberta, positions MGX at the forefront of the rapidly developing lithium brine industry,” stated MGX President and CEO Jared Lazerson. “The potential advantage of using a new design to reduce lithium brine processing time is significant. Solar evaporation is necessary due to a deficiency of infrastructure that existing lithium brine producers face, particularly in the remote high altitude deserts of South America where options are extremely limited. As well, the cost/revenue model has shifted dramatically due to surging demand for lithium compounds, creating an opportunity to change how lithium is produced moving forward. There are a number of areas for improvement including the elimination of solar evaporation. We believe the Company has solved the issue of very long production times, relatively low recoveries (40-50%) currently associated with lithium brine processing, and real estate requirement of lake size solar evaporation ponds. We are now moving to protect this intellectual property as it may have great value to MGX and the lithium industry moving forward.”
About MGX Minerals
MGX Minerals (CSE:XMG) is a diversified Canadian mining company engaged in the acquisition and development of industrial mineral deposits in western Canada that offer near-term production potential, minimal barriers to entry and low initial capital expenditures. The Company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta, including the Driftwood magnesium project. MGX has recently received approval of a 20-year mining lease for Driftwood and bulk sampling is currently underway. For further information, please visit the Company’s website 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.
CONTACT: Contact Information Jared Lazerson Chief Executive Officer Telephone: 604.681.7735 Email: firstname.lastname@example.org