MGX Minerals Increases Ownership in Lithium and Cleantech Partner PurLucid Treatment Solutions; Provides First Plant Deploym...
August 07 2018 - 8:20AM
InvestorsHub NewsWire
MGX Minerals
Increases Ownership in Lithium and Cleantech Partner PurLucid
Treatment Solutions; Provides First Plant Deployment
Update
Vancouver, BC -- August 7,
2018 -- InvestorsHub NewsWire -- MGX Minerals Inc.
(“MGX” or the “Company”) (CSE:
XMG /
OTCQB:
MGXMF / FKT:
1MG) is pleased to report the Company has
increased its ownership in engineering partner PurLucid
Treatment Solutions (“PurLucid”) to 55% with the
investment of $2.6M.
NFLi-5 Plant Deployment
Update
MGX and PurLucid are pleased to report
that site preparation and integration engineering of the first
wastewater and lithium extraction system is near completion. The
system is being installed at a steam-assisted gravity drainage
(“SAGD”) operation in the Alberta oilsands to treat heavy oil
evaporator blowdown wastewater. The system will take highly
concentrated evaporator brine and treat it to a level suitable for
lithium extraction and reinjection on site. Mineral levels
are elevated as a result of the evaporator brine concentration
process. The plant eliminates high cost water disposal, vastly
decreases trucking volumes, and provides diversification into
renewable energy commodities.
The system utilizes a highly charged
Replaceable Skin Layer (RSL™) membrane related to the
Nanofiltration and High Intensity Froth Flotation (HiFF) system,
known as Nanoflotation, which collectively have demonstrated
performance superiority over other processes typically used to
remove contaminants. The technology allows ultra-high temperature
water treatment (up to 500oC) at 10-30 times the
efficiency of existing ultrafiltration systems and offers numerous
environmental benefits, including contaminant removal, mineral
recovery, reduced energy demand, smaller footprints and lower
capital costs.
Government
Grants
PurLucid has been awarded a
non-repayable contribution totaling up to C$8.2 million in
government funding to support the commercialization of a low energy
water treatment system for the oil and gas industry (see press release dated November 6,
2017). The first plant for this project has recently
arrived at the PurLucid manufacturing facility in Calgary, AB and
is currently being commissioned. This plant will be deployed to a
second and separate oilsands facility from the current deployment
underway representing a second oilsands partner and project.
Purlucid will fabricate and deploy additional commercial-scale
units within an operating steam-assisted gravity drainage (SAGD)
facility as part of a three unit staged scale-up. The units have
respective capacities of 10m3, 5m3 high
pressure and 35 m3 for total combined capacity of
50m3 per hour or 1,200 m3 per day (~7,500
barrels per day) of processing.
The contracted operation will generate
revenue based on a per cubic meter environmental processing fee
that is approximately 50% lower cost than current disposal costs
(deep salt cavern or equivalent). One of these systems is part of a
larger study involving an industry-wide consortium that will
evaluate the success of the technology and provide expedited access
to heavy oil facilities and shale oil projects throughout Alberta.
Combined with substantive cash and technical support from both the
governments of Alberta and Canada, these installations provide the
next stage in accelerating adoption throughout Canada and globally
in oil and gas, mining and other industrial
applications.
About
PurLucid
PurLucid’s exclusively licensed and
patented nanoflotation technology was designed specifically for
oilfield environments. The technology separates impurities from oil
and gas wastewater and produces clean water as a final product.
This allows for the recycling or controlled release of oilfield
wastewater and reduces or eliminates downhole and associated
transportation costs. Water handling costs are one of the largest
operating costs in the oilfield and oilsands operations today.
Learn more at www.purlucid.com.
MGX has the right to acquire up to a 100%
interest In Purlucid through successive investments. As previously
announced, an additional and subsequent 5% increase in ownership is
currently underway through a direct exchange of shares with
PurLucid shareholders and is pending shareholder
approval.
About MGX
Minerals
MGX Minerals is a diversified Canadian
resource company with interests in advanced material and energy
assets throughout North America. Learn more at www.mgxminerals.com.
Contact
Information
Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: www.mgxminerals.com
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.
Forward-Looking
Statements
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.
MGX Minerals (CE) (USOTC:MGXMF)
Historical Stock Chart
From May 2024 to Jun 2024
MGX Minerals (CE) (USOTC:MGXMF)
Historical Stock Chart
From Jun 2023 to Jun 2024