VANCOUVER, BRITISH COLUMBIA / September 20, 2019 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTCQB: MGXMF) is pleased to announce it has entered into a Letter of Intent (the “LOI”) with DST Co., Ltd. (“DST”) to create a joint venture as part of the formation of a vertically integrated vanadium redox battery supplier. The objective of the partnership is to advance a sedimentary-bearing vanadium deposit located in South Korea and develop a manufacturing facility for vanadium redox flow batteries and energy storage systems.
Additionally, the Company and DST have agreed to identify sites in the state of New York suitable to build a manufacturing facility that will produce vanadium batteries. DST will provide proprietary battery technology and build a manufacturing facility while MGX will manage sales and marketing of end products throughout North America.
Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals, has prepared, reviewed and approved the scientific and technical information in this press release. Mr. Kikauka is a non-independent Qualified Person within the meaning of National Instrument 43-101 Standards.
About DST Co. Ltd.
DST Co., Ltd. is a publicly traded company listed on the KOSDAQ in South Korea. It engages in the development and distribution of mineral resources. It operates through the following businesses: Resource Development, Machines, and Others. Its products and services include molybdenum, foods, conditioning equipment for automobiles, rental services, and others. The company was founded on May 11, 1995 and is headquartered in Changwon-si, South Korea. For more information visit www.ds-t.co.kr.