VANCOUVER, BRITISH COLUMBIA - May 26, 2015 - 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.