MGX Minerals Inc.(CSE:XMG)is pleased to announce formation of the PetroLithium Corporation of America, a 100% owned U.S. subsidiary (the “PetroLithium Corporation”) of the Company.
MGX has mandated PetroLithium Corporation to acquire oil field assets, including brine-bearing lithium resources, oil wells and existing oil and gas (“O&G”) infrastructure. Staking and oil well acquisition activities in lithium brine-bearing areas of Utah have already commenced. Additionally, acquisition and exploration activities are expected to commence shortly in Colorado, Texas and Arkansas. All states are host to significant current and past producing oil production associated with areas of enriched minerals including sodium, calcium, magnesium, potassium, boron, bromine and lithium.