VANCOUVER, May 26, 2015 /CNW/ - MGX Minerals Inc.
("MGX" or the "Company") (CSE: XMG / FKT: 1MG) is pleased to
announce the Company has entered into a Partnering Agreement (the
"Agreement") with Eaton Industries (Canada) Corporation ("Eaton") (NYSE: ETN)
and Highbury Energy Inc. ("Highbury") to develop MGX's
flagship Driftwood Creek magnesium property ("Driftwood Creek" or
the "Project").
Terms of the Agreement establish a comprehensive working
business relationship between MGX, Eaton and Highbury covering development and
project financing options specifically as follows:
1.
|
Design build
engineering and construction services
|
2.
|
Mining, processing,
and energy equipment
|
3.
|
Financing options for
primary equipment and engineering
|
4.
|
Budgetary
costing
|
5.
|
Energy
modelling
|
6.
|
Energy rate
modelling
|
7.
|
Energy
contract
|
|
- Biomass feedstock analysis + procurement
details
|
8.
|
Project
methodology
|
9.
|
Implementation and
construction plan
|
10.
|
Service and
maintenance programs
|
- Eaton and Highbury will work
with MGX to develop 7-10 additional industrial mineral projects
using a similar business model.
Eaton will immediately commence
a Scoping Study at Driftwood Creek to establish initial engineering
parameters and logistics with results in approximately 30 days. The
envisioned processing plant will include industrial kilns and
ancillary processing equipment for calcining magnesite ore. The
kiln(s) will be powered in part by Highbury's proprietary biomass
gasification technology, which would convert organic matter into
bio-gas to provide a clean, low-cost energy source for continued
operations at Driftwood Creek.
Mining and processing operations at Driftwood Creek forecast
production capacity of 100,000 tonnes per annum combined caustic
calcined (CCM) and dead burned magnesia (DBM) products.
About Eaton Corporation
Eaton is a wholly owned subsidiary of Eaton
Corporation plc, an international power management company that is
listed on the New York Stock exchange (NYSE: ETN). Eaton
Corporation plc is a global energy company providing
energy-efficient solutions to effectively manage electrical,
hydraulic and mechanical power more efficiently, safely and
sustainably. Through its global mining and engineering services
groups Eaton has the expertise in
new mine and mill design and build solutions. Eaton generated US$22.6
billion in revenue during the 2014 fiscal year and has
approximately 120,000 employees worldwide across 175 countries.
About Highbury Energy
Highbury Energy Inc. is an
innovative energy company dedicated to the development and
utilization of renewable energy resources through the procurement
and conversion of biomass. Highbury has developed a patent pending
dual-bed steam gasification technology that converts biomass into
high-grade synthesis or fuel gas. This robust process produces a
medium calorific value gas from most types of organic matter, such
as wood or agricultural wastes, without need of tonnage
oxygen. The cleaned synthesis gas can readily replace natural
gas in industrial kilns and furnaces in the mineral, pulp &
paper, glass, and cement industries. Alternately, the syngas
can fuel an internal combustion engine to make electricity, with
waste heat used for refrigeration, or district heating.
Syngas can also be converted to high value liquid fuels such as
diesel or jet fuel, or into chemicals such as methanol or
ethanol.
About MGX Minerals
MGX Minerals is a diversified
Canadian mining company that is listed on the Canadian Securities
Exchange (CSE: XMG) and 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. MGX is developing the Driftwood Creek magnesium
property in the East Kootenay region. The development plan includes
construction of a quarry and processing plant for the production of
magnesium oxide. The Driftwood Creek project is currently under
permitting review for granting of a mining lease and application
for associated operating, and the 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.
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", "postulate" 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.