Diversified mining company MGX Minerals, Inc. (OTC: MGXMF) this morning offered a project development update for its Paradox Basin petrolithium project. Notably, the company has begun unitization of designated oil and gas leases and the staking of overlying mineral claims located contiguous to its Lisbon Valley mineral claims. The purpose of these efforts is to eliminate existing property boundaries and pool mineral interests in order to establish MGX’s private partner as unit operator. Per the news release, consolidation of the oil and gas leases represents the most efficient timelines and cost-effective means of developing the area’s underlying resources. In total, the company currently controls more than 94,000 acres of combined oil and gas leases in the State of Utah, with MGX’s North American Lithium Brine claims now exceeding 1.7 million acres.
To view the full press release, visit http://nnw.fm/MmJ2e
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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