MGX Minerals Reports Maiden N.I. 43-101 Resource Estimate for Driftwood Creek Magnesium Project: 8 Million Tonnes Grading 43% Magnesium Oxide

VANCOUVER, Sept. 6, 2016 /CNW/ - MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG) is pleased to announce a maiden National Instrument (N.I.) 43-101 compliant mineral resource estimate for its Driftwood Creek magnesium project ("Driftwood Creek").

The resource estimate was prepared by Mr. Allan Reeves. Mr. Reeves is a Professional Geologist and independent Qualified Person (QP) as defined by N.I. 43-101 Standards of Disclosure for Mineral Projects. He has over 35 years of industry experience and spent 23 years at BHP Billiton where he held senior-level positions at both the Ekati Diamond Mine and Island Copper Mine.









Class

Tonnes x 1000

MgO%

Al2O3%

CaO%

Fe2O3%

SiO2%

LOI%

Measured

2,828

43.34

1.08

0.90

1.39

5.19

47.16

Indicated

5,200

43.29

1.17

0.80

1.35

6.17

46.40

M + I

8,028

43.31

1.14

0.84

1.36

5.82

46.67









Inferred

846

43.20

1.30

0.47

0.51

6.87

45.09

 

Notes:

  1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all, or any part of the Mineral Resources estimated will be converted into Mineral Reserves.
  2. The LG constrained shell economics used a mining costs of US$6.25, processing costs of US$129.41/tonne and a commodity price of US$400.00/tonne 95%MgO DBM.
  3. Mineral resources are reported within the constrained shell, using a cut-off grade of 42.5% MgO (based on 40 years) to determine 'reasonable prospects for eventual economic extraction'.
  4. Tonnages are reported to the nearest 1,000 tonnes, and grades are rounded to the nearest two decimal places.
  5. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal.

The resource estimate was prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Mineral Reserves as adopted by the CIM Council. An updated technical report will be filed on SEDAR within 30 days.

Qualified Person
The technical portions of this press release have been reviewed by Allan Reeves (P. Geo.) of Tuun Consulting, Inc. and Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals.

About MGX Minerals
MGX Minerals (CSE: XMG) is a diversified Canadian mining company engaged in the development of large-scale industrial mineral portfolios in western Canada that offer near-term production potential, minimal barriers to entry and low initial capital expenditures. The Company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta. For further information, please visit the Company's website at www.mgxminerals.com.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.

SOURCE MGX Minerals Inc.

Image with caption: "MGX Minerals Inc. (CNW Group/MGX Minerals Inc.)". Image available at: http://photos.newswire.ca/images/download/20160906_C4627_PHOTO_EN_765498.jpg

For further information: Jared Lazerson, Chief Executive Officer, Telephone: 1.604.681.7735, Email: jared@mgxminerals.com

RELATED LINKS
www.mgxminerals.com

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