Diversified resource and technology company MGX Minerals Inc. (CSE: XMG) (FKT: 1MG) (OTCQB: MGXMF) this morning released the results of a maiden Preliminary Economic Assessment (“PEA”) on its wholly-owned Driftwood Creek Magnesium Project in British Columbia, Canada. Among other highlights, the results include a pre-tax net present value (“NPV”) of C$529.8 million and a 24.5% internal rate of return (“IRR”). The PEA study was prepared by AKF Mining Services Inc., Tuun Consulting Inc., Samuel Engineering Inc. and will be available on the company’s website within 45 days. “We are extremely pleased with results of the PEA, which display Driftwood’s ability to become a high-margin, low-cost producer of magnesium oxide in a politically secure jurisdiction. We believe this significant milestone outlines a clear path forward and provides numerous opportunities to further enhance the economics of the project with a pre-feasibility study,” MGX president and CEO Jared Lazerson stated in the news release.
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About MGX Minerals
MGX Minerals is a diversified Canadian resource and technology company with interests in lithium, magnesium and silicon assets throughout North America. MGX currently owns 34% of PurLucid and has the exclusive right to acquire a 100% interest as well as owning the global rights to recently developed lithium and mineral extraction technologies co-operatively developed by PurLucid and MGX. Learn more at www.MGXMinerals.com.
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