Diversified mining company MGX Minerals, Inc. (OTC: MGXMF) today announced its entry into a joint operating agreement with a private vendor to act as operator and acquire a 75 percent working interest in certain underlying oil and gas leases located contiguous to MGX’s Lisbon Valley petrolithium project. The agreement calls for payments totaling $2 million due on or before September 1, 2018. An accelerated payment schedule reflecting discounted payments is also outlined in the agreement terms. Per the news release, the related leases cover portions of San Juan County, Utah, and San Miguel County, Colorado, including access to the brine-bearing aquifer systems within the Lisbon Valley area of the Paradox Basin. Historic lithium brine content in the area has been reported as high as 730 parts per million lithium. MGX intends to begin preparations to permit the Petrolithium #1 borehole well upon closing of the joint operating agreement.
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About MGX Minerals
MGX Minerals (OTC: MGXMF) is a diversified Canadian mining company engaged in the development of large-scale industrial mineral portfolios in western Canada and the United States. The Company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta as well as petrolithium exploration in Utah. Learn more at www.mgxminerals.com.
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