• MGXMF:US$0.89
  • 1MG:0.70
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Press Releases


Press Releases

MGX Acquires Driftwood Creek Magnesite Property

VANCOUVER, BRITISH COLUMBIA - July 11, 2014 - MGX Minerals Inc. ("MGX") is pleased to announce that it has entered into a purchase and sale agreement with three individuals to acquire up to a 100% interest in certain mineral claims located 38 km NE of Brisco, British Columbia (the “Driftwood Mineral Claims”). The Driftwood Mineral Claims consist of three mineral tenures covering an area of 326 hectares and are known to host magnesite mineralization. Pursuant to the agreement and in order to complete the acquisition, MGX is required to perform $300,000 in exploration and development work on the Driftwood Mineral Claims by July 1, 2017, pay $50,000 in cash to the vendors by July 1, 2016 and issue 900,000 common shares of MGX to the vendors by July 1, 2016 (including 300,000 upon the execution of the agreement), each according to a specific schedule. 

MGX expects to receive and release a technical report on the Driftwood Mineral Claims that complies with National Instrument 43-101 in the near future.