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Press Releases


Press Releases

MGX Minerals Enters into Definitive Agreement to acquire Cranbrook Mill Site for Magnesium Oxide Processing

VANCOUVER, BRITISH COLUMBIA / September 29, 2015 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG) is pleased to announce the Company has entered into Definitive Agreement (the “Agreement”) with Tembec (“Tembec”) (TSX: TMB) to acquire the Cranbrook mill site in Cranbrook, British Columbia for $3.7 million. The Cranbrook mill complex spans 38-hectares (98 acres) located within the Cranbrook industrial park. Major infrastructure including buildings and a wood processing plant remain on site. The site is a large fully serviced industrial location with natural gas, water, power and rail access. The Company plans to use the location for the processing of industrial minerals including ore from the Company’s Driftwood Creek magnesium deposit.

"This is exciting news for the city and surrounding region," commented Cranbrook Mayor Lee Pratt. "MGX Minerals will be a great fit in Cranbrook helping diversify our industrial sector, one of our key economic priorities, and creating new employment opportunities. There are strong synergies between MGX and the community, and I look forward to working with MGX as they advance their development."

The Company is in discussions regarding mortgage and equity financing of the land purchase as well as leasing of unused portions of land and sale of unused equipment. MGX anticipates closing of the transaction will occur on or before December 15, 2015. Closing of the transaction is subject to obtaining adequate financing, satisfactory completion of environmental review and other customary conditions. There can be no assurance that the transaction will be consummated in whole or in part.