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MGX Minerals Strengthens Property Portfolio through Acquisition of New Magnesite Prospects in British Columbia

VANCOUVER, BRITISH COLUMBIA – November 6, 2014 - MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG) is pleased to report the Company has acquired mineral claims covering seven known magnesite occurrences (the “Prospects”) throughout British Columbia.

Field reconnaissance and claim staking have now been completed on the following Prospects: Red Mountain (MINFILE No. 082KNE034), Topaz Lake (MINFILE No. 082KNE015), Dunbar Creek (MINFILE No. 082KNE036), Bott's Lake (MINFILE No. 082KNE035), Cleland Lake (MINFILE No. 082KNE038), Mt. Assiniboine (MINFILE No. 082JNW014) and Mt. Eon (MINFILE No. 082JNW001). Additionally, the Company has staked the Anzac claim (MINFILE No. 093J 008) located near the Mt. Emmett project formerly explored by Norsk Hydro, the last producer of magnesium alloy in Canada. MGX now controls the majority of known magnesite occurrences in British Columbia as reported by the British Columbia Geological Survey (Simandl, 2014).

Stated MGX President and CEO Jared Lazerson: “We are now implementing our broader strategy of acquiring strategic land positions over known industrial mineral occurrences. We are particularly excited about the Red Mountain and Topaz Lake Prospects as they are located in close proximity to our flagship Driftwood Creek magnesite property and preliminary field results show similar magnesite grades.”

Field reconnaissance on each Prospect was conducted by the Company’s N.I. 43-101 Qualified Person Andris Kikauka. Rock chip samples were collected and submitted to ALS Minerals in North Vancouver, British Columbia for chemical analysis using XRF whole rock analysis for oxides. Geochemical analysis results were as follows:

Sample

Prospect

Al2O3 (%)

CaO (%)

Fe2O3 (%)

MgO (%)

SiO2 (%)

14RED-1

Red Mountain

0.29

1.06

1.43

40.0

10.4

14RED-2

Red Mountain

0.16

1.35

1.57

39.2

12.0

14RED-3

Red Mountain

0.63

0.6

0.84

40.5

10.7

14RED-4

Red Mountain

0.19

0.49

1.01

38.0

17.4

14RED-5

Red Mountain

0.78

0.77

1.12

41.0

8.89

14TOP-1

Topaz Lake

0.74

2.86

1.27

42.2

2.26

14TOP-2

Topaz Lake

0.73

1.98

1.73

40.1

7.44

14TOP-3

Topaz Lake

1.30

0.92

1.39

44.0

2.78

14TOP-4

Topaz Lake

0.81

0.51

1.13

42.8

10.35

14TOP-5

Topaz Lake

0.14

3.9

1.58

40.9

3.12

14TOP-6

Topaz Lake

0.30

0.54

1.46

42.5

5.63

14CLE-1

Cleland Lake

0.09

29.5

1.59

19.65

2.78

14CLE-2

Cleland Lake

0.11

29.5

1.88

19.6

2.63

14CLE-3

Cleland Lake

0.05

28.0

1.91

18.7

7.52

14CLE-4

Cleland Lake

0.38

23.8

1.43

15.8

21.3

14CLE-5

Cleland Lake

<0.01

29.2

0.85

20.1

4.26

14EON-1

Mt. Eon

0.02

29.5

0.32

22.5

0.05

14EON-2

Mt. Eon

0.03

19.45

0.43

30.8

0.05

14EON-3

Mt. Eon

0.05

9.04

0.53

39.2

0.05

14EON-4

Mt. Eon

0.03

30.5

0.32

21.7

0.08

14ASS-1

Mt. Assiniboine

<0.01

30.5

0.25

21.5

0.04

14ASS-2

Mt. Assiniboine

0.03

28.3

0.45

23.3

0.08

14ASS-3

Mt. Assiniboine

0.01

24.2

0.5

26.3

0.04

14ASS-4

Mt. Assiniboine

0.02

28.6

0.21

23.4

0.03

14ASS-5

Mt. Assiniboine

0.02

29.6

0.26

22.9

0.04

14ASS-6

Mt. Assiniboine

<0.01

28.9

0.22

23.6

0.02

14DUN-1

Dunbar Creek

0.65

29.0

2.31

19.1

3.26

14DUN-2

Dunbar Creek

0.12

28.8

2.02

19.2

4.46

14DUN-3

Dunbar Creek

0.03

4.44

2.03

39.7

4.16

14DUN-4

Dunbar Creek

0.58

1.0

1.56

43.4

2.27

14DUN-5

Dunbar Creek

0.21

10.8

2.49

34.9

2.56

 

Qualified Person
Andris Kikauka, Vice President of Exploration for MGX Minerals and a non-independent Qualified Person as defined by N.I. 43-101, has reviewed the information contained in this news release and has verified the data.

Quality Assurance/Quality Control
Analytical work for soil geochemical and rock chip samples were carried out at the ALS Minerals laboratory in North Vancouver, British Columbia using XRF whole rock analysis for oxides. The sampling program was carried out by the Company's Vice President of Exploration and Qualified Person Andris Kikauka (P.Geo).