VANCOUVER, BRITISH COLUMBIA / February 8, 2017 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTC: MGXMF) announces, that at the request of IIROC, the Company wishes to retract the potentially misleading statements disseminated in the February 2, 2017 press release:
- The Company retracts the statement that its patent pending lithium extraction process may “potentially reduce recovery times of lithium and other valuable minerals from 18 months to one day” as the statement is not supported by an independent technical report. The Company also retracts any previous representation or inference of production or extreme reduction in recovery times previously made.
- The Company retracts the statement of “8.3 million tonnes grading 43.41% magnesium oxide” as it did not disclose applicable mineral resource categories as outlined in National Instrument 43-101 Standards of Disclosure, Section 2.2. The Company wishes to clarify and properly disclose mineral resources as 2.828 million tonnes grading 43.24% magnesium oxide in the Measured category and 5.2 million tonnes grading 43.29% magnesium oxide in the Indicated category.
- The Company retracts the statement “representing over one million barrels of brine production per day” as it is not supported by a preliminary economic assessment or mining study outlining the economic viability of the project.
This press release was prepared under the supervision and review of Andris Kikauka, P. Geo. and Vice President of Exploration for MGX Minerals. Mr. Kikauka is a non-independent Qualified Person within the meaning of National Instrument (N.I.) 43-101 Standards.