(via Thenewswire.ca)
VANCOUVER, BRITISH COLUMBIA / TheNewswire / October 2, 2015 - MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG) reports that the necessary permits have been received from the Archaeology Branch of the British Columbia Ministry of Forests, Lands and Natural Resource Operations to conduct an Archaeological Impact Assessment (AIA) on the Company's flagship Driftwood Creek magnesium project ("Driftwood Creek").
As announced by MGX in late July (see press release dated July 28, 2015), the Company engaged Tipi Mountain Eco-Cultural Services Ltd. ("Tipi") to complete an Archaeological Overview Assessment (AOA) on Driftwood Creek. Based on results of the AOA, The British Columbia Ministry of Forests, Lands and Natural Resource Operations has granted Tipi with Heritage Conservation Act Permit 2015-0269, which allows Tipi to move forward with additional field assessments to complete a detailed AIA report. The finished AIA report will be submitted to the Archaeology Branch of the British Columbia Ministry of Forests, Land and Natural Resource Operations for review and approval.
Options Issuance
The Company reports that in accordance with its consulting agreement with Palisade Capital, MGX has granted Palisade 300,000 stock options exercisable at a price of CA$0.60 for a period of two years.
About MGX Minerals
MGX Minerals (CSE: XMG) is a diversified Canadian mining company listed on the Canadian Securities Exchange. MGX is 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's flagship project is the Driftwood Creek magnesium project in the East Kootenay region of British Columbia. The long-term strategic business objectives of the Company include constructing a quarry mine and processing plant to produce magnesium oxide from Driftwood Creek. The Driftwood Creek project is currently under permitting review for granting of a mining lease and applications for associated operating permits are in various stages of preparation. MGX owns the majority of significant magnesite properties in the Province of British Columbia as reported by the British Columbia Geological Service (British Columbia Mineral Titles Branch).
For more 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.
Forward-Looking Statements
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.
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