MGX Minerals Provides Clarification on Acquisition of Lisbon Valley Petro Lithium Project in Utah

CSE:XMG, MGX Minerals, lithium

MGX Minerals Inc.(CSE:XMG) provides further details on the previously announced acquisition of the Lisbon Valley petro lithium project (see press release dated February 2, 2017).

Per terms of the Agreement, the Company has the right to purchase a 100% interest in 888 placer mineral claims for US$75,000 upon execution (paid), $25,000 within 90 days, and the issuance of 200,000 common shares of the Company. Additionally, the Agreement provides the Vendor with a 2% underlying net smelter royalty (NSR), which the Company may buy back at any time for $1 million.

The Company also wishes to clarify that placer claims in the state of Utah include certain subsurface minerals and are not limited only to surface rights.
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