MGX Minerals, Inc. (OTC Pink: MGXMF) is engaged as a diversified Canadian natural resource company. Shares of the diversified resource producer are rallying 6.46%, through afternoon trading on Thursday, July 6, 2017. Over the past month, MGX Minerals, Inc. saw average daily volume of 33,309 shares. However, volume of 170,699 shares or dollar volume of $124,917, has already exchanged hands on Thursday.
Shares of MGX Minerals, Inc. are gaining today, after the company announced its engineering partner, PurLucid Treatment Solutions, Inc., has filed a provisional patent for the recovery of lithium and metals from oil wastewater. Pre-commercial test pilot plants are being built currently and will be able to produce 1,200-cubic meters per day in mineral extraction. Here is the full press release detailing of the provisional patent:
MGX Minerals, Inc. Press Release:
VANCOUVER, British Columbia, July 06, 2017 (GLOBE NEWSWIRE) — MGX Minerals, Inc. (“MGX” or the “Company”) (CSE:XMG) (FKT:1MG) (OTC:MGXMF) is pleased to report that engineering partner PurLucid Treatment Solutions Inc. (“PurLucid”) has filed a new provisional patent related to the recovery of metals and minerals from produced wastewater brine in the oil and gas industry. Patent rights have been exclusively granted to MGX for the life of the patent and focus on concentrating metals and minerals such as lithium, magnesium and boron from produced oilfield brines.
The new patent directly complements the Company’s other provisional patent, which purifies wastewater brine through an added evaporation cycle. Combined, this Cleantech process positions the Company to provide flexible and fully integrated oilfield solutions to oil and gas operators. Pre-commercial test pilot plants are currently being manufactured and engineering is underway for a 1,200-cubic meter per day commercial plant to target metal and mineral extraction as well as water reuse and re-purpose applications.
The invention relates to recovery of metals and minerals from produced or wastewaters from the hydrocarbon industry. These waters are produced in large volumes annually throughout the hydrocarbon industry, are a considerable logistical and environmental liability for the companies producing them, and according to the claims herein, can be treated making some portion of the water reusable while also extracting metals and minerals during the treatment process.
Aspects of the invention provide systems and methods for the treatment of waters produced by the hydrocarbon industry that allows recovery of water, metals and minerals as practical resources. The system for treatment and metal and minerals recovery may be incorporated into an industrial water treatment system or stand alone as a complete system.
The technical portions of this press release were prepared and reviewed by Andris Kikauka (P. Geo.), 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.
MGX may decide to advance its petrolithium projects into production without first establishing mineral resources supported by an independent technical report or completing a feasibility study. A production decision without the benefit of a technical report independently establishing mineral resources or reserves and any feasibility study demonstrating economic and technical viability creates increased uncertainty and heightens economic and technical risks of failure. Historically, such projects have a much higher risk of economic or technical failure.
About MGX Minerals, Inc.
MGX Minerals, Inc. is a diversified Canadian resource company with interests in petrolithium, magnesium and silicon assets throughout North America. Learn more 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.
This press release contains forward-looking information or forward-looking statements including the completion of the rights offering (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.