MGX Minerals Increases Ownership to 60% in Cleantech and Lithium Extraction Partner PurLucid Treatment Solutions
VANCOUVER, British Columbia, Nov. 15, 2018 (GLOBE NEWSWIRE) — MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTCQB: MGXMF) is pleased to report the Company has increased its ownership stake in engineering partner PurLucid Treatment Solutions Inc. (“PurLucid”) to 60%. This ownership increase was recently approved by PurLucid shareholders under Phase V of the investment agreement through the issuance of 1,001,000 common shares of the Company (see press release dated January 25, 2018).
NFLi-5 Plant Deployment Update
MGX reports that installation and testing of a commercial-scale 5m3 per hour (750 barrel per day) NFLi-5 petrolithium and advanced wastewater treatment system is now complete. Revenue from environmental processing of evaporator blowdown wastewater (“EBD”) will commence next week with lithium extraction of post processed clean water to follow shortly thereafter. Three additional (2 x 10m3 per hour and 1 x 20m3 per hour) systems will be deployed, approximately every other month, during the first half of 2019. Additional systems may be added to this schedule as additional wastewater treatment, petrolithium, geothermal and natural mineral brine projects and customers come online.
Rapid Lithium Brine Extraction Technology
MGX has developed a rapid lithium extraction technology eliminating or greatly reducing the physical footprint and investment in large, multi-phase, lake sized, lined evaporation ponds, as well as enhancing the quality of extraction and recovery across a complex range of brines as compared with traditional solar evaporation. This technology is applicable to petrolithium (oil and gas wastewater), natural brine and other brine sources such as lithium-rich mine and industrial plant wastewater. The technology was recently chosen as winner of the Base and Specialty Metals Industry Leadership Award at the 2018 S&P Global Platts Global Metals Awards.
PurLucid’s exclusively licensed and patented nanoflotation technology was designed specifically for oilfield environments. The technology separates impurities from oil and gas wastewater and produces clean water as a final product. This allows for the recycling or controlled release of oilfield wastewater and reduces or eliminates downhole and associated transportation costs. Water handling costs are one of the largest operating costs in the oilfield and oilsands operations today. Learn more at www.purlucid.com. MGX has the right to acquire up to a 100% interest in PurLucid through successive investments.
About MGX Minerals
MGX Minerals is a diversified Canadian resource and technology company with interests in global advanced material, energy and water assets. Learn more at www.mgxminerals.com.
President and CEO
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 (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.