MGX Minerals Inc. is pleased to announce it has entered into a Letter of Intent with DST Co., Ltd. to create a joint venture.
MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG, FKT:1MG, OTCQB:MGXMF) is pleased to announce it has entered into a Letter of Intent (the “LOI”) with DST Co., Ltd. (“DST”) to create a joint venture as part of the formation of a vertically integrated vanadium redox battery supplier. The objective of the partnership is to advance a sedimentary-bearing vanadium deposit located in South Korea and develop a manufacturing facility for vanadium redox flow batteries and energy storage systems.
Additionally, the Company and DST have agreed to identify sites in the state of New York suitable to build a manufacturing facility that will produce vanadium batteries. DST will provide proprietary battery technology and build a manufacturing facility while MGX will manage sales and marketing of end products throughout North America.
Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals, has prepared, reviewed and approved the scientific and technical information in this press release. Mr. Kikauka is a non-independent Qualified Person within the meaning of National Instrument 43-101 Standards.
About DST Co. Ltd.
DST Co., Ltd. is a publicly traded company listed on the KOSDAQ in South Korea. It engages in the development and distribution of mineral resources. It operates through the following businesses: Resource Development, Machines, and Others. Its products and services include molybdenum, foods, conditioning equipment for automobiles, rental services, and others. The company was founded on May 11, 1995 and is headquartered in Changwon-si, South Korea. For more information visit www.ds-t.co.kr.
About MGX Minerals Inc.
MGX Minerals is a diversified Canadian resource and technology company with interests in global advanced material, energy and water assets.
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Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company’s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company’s profile on SEDAR at www.sedar.com