MGX Minerals receives approval of mining lease for Driftwood Creek magnesium project

MGX Minerals has announced that the company's mining lease application for the Driftwood Creek project has been approved. — Photo courtesy MGX Minerals

VANCOUVER, BRITISH COLUMBIA / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG) has announced that the Company’s Mining Lease application for its flagship Driftwood Creek magnesium project (“Driftwood Creek”) near Brisco, has been approved and granted by the Chief Gold Commissioner of the Province of British Columbia. The lease carries an initial term of 20 years and can be extended thereafter.

“This is a major milestone for the project,” said MGX President and CEO Jared Lazerson. “We would like to take this opportunity to express our appreciation for the support of everyone involved, at all levels of government, community and First Nations. I believe there is now reason for new optimism among the working men and women of the East Kootenay region.”

MGX Minerals has also entered into an agreement with Tembec to purchase the forestry company's former millsite in Cranbrook, with plans to process the Driftwood magnesium at this location. Previous press reports stated that MGX could employ up to 40 or 50 people at the Cranbrook processing plant.

MGX Minerals (CSE: XMG) is a diversified Canadian mining company listed on the Canadian Securities Exchange. MGX is engaged in the acquisition and development of industrial mineral deposits in western Canada that offer near-term production potential, minimal barriers to entry and low initial capital expenditures.