Manganese X Energy 2017 Year in Review
December 19, 2017 (Source) — Milestones, Solid Growth, Technical Insights, 2018 Strategies and Goals
Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (TRADEGATE: 9SC2) (OTC Pink: SNCGF) (the “Company”) is pleased to announce that 2017 was the year of significant growth for the Company encompassing project advancements at its Battery Hill Woodstock New Brunswick property, as well as strategic corporate financing and the building of a dynamic and experienced team to lead the Company forward.
The Company is continuing with its aggressive pursuit of acquiring assets to yield positive cash flows which will enable Manganese X Energy the opportunity to finance additional projects as well as continue to develop its Battery Hill property in 2018. This will also enable the Company to potentially bring the Battery Hill project closer to fruition with the intent of supplying value added manganese materials to the fast growing North American lithium ion battery market for electric vehicles (EV) and other alternative energy markets.
Martin Kepman, CEO of Manganese X Energy commented, “I am extremely pleased with our progress in 2017 and proud of each member of the Manganese X Energy Team. During the year, we remained focused in on potentially developing Manganese X Energy assets to deliver diversified value added manganese materials to the North American Markets. I would like to thank each and every one of our shareholders and our amazing team for their dedication and support during 2017. We expect 2018 to be the year of significant advancement for Manganese X Energy and an elevated presence amongst our peers.”
Highlights of 2017 Activities
- The formation of a Technical and Marketing Advisory Board focusing on the lithium ion battery market consisting of Ms. Jessica Dahn, Mr. Jay Richardson and Mr. Peter W. Godbehere. The objective of the Technical and Marketing Advisory Board is to guide and assist the Company’s Board of Directors and management with various opportunities related to the use of novel technologies to produce more environmentally friendly products.
- Completed initial tranche of the previously disclosed non-brokered private placement financing (the “Financing”) consisting of 4,387,000 units (“Units”) at a price of $0.15 per Unit for gross proceeds of $658,050.00 and 2,106,667 “flow-through” shares (“FT Shares”) at a price of $0.15 per FT Shares for gross proceeds of $316,000.05.
- Completed the final tranche of the previously disclosed non-brokered private placement financing (the “Financing”). This tranche consisted of 3,000,000 “flow-through” shares (“FT Shares”) at a price of $0.15 per FT Shares for gross proceeds of $450,000.00 and thus has completed the two Company’s recent $1.45 million oversubscribed financing.
- Dr. Luisa Moreno appointed to its Board of Directors.
- Received from Kingston Process Metallurgy (“KPM”) the results of the concept study and final recommendations. The Company retained KPM with the mandate to conduct an electrolytic manganese dioxide (EMD) concept study. The Company reviewed the results of the concept study and investigated a range of technical processing options to enhance and maximize the value added product potential of our manganese ore property located in Houlton, Woodstock, New Brunswick, Canada
- New drill results from the spring drill program on the Battery Hill Deposit at its Houlton Woodstock manganese property located in Carleton County, 5 km NW of Woodstock, New Brunswick. The drill program consisted of 9 holes totalling 1599 meters on the Sharpe Farm and Moody Hill areas of the deposit where previous drilling in 2016 intersected MnO grades such as 16.73% over 32.85m (107.8 feet) and 13.87% over 52.6m (172.5 feet) (news release dated Feb 14, 2017). The Sharpe Farm and Moody Hill areas reference historical occurrences with numerous surface workings. Historical, non-NI-43-101 compliant tonnage and grade calculations (from Sidwell, 1957) for the two occurrences are reported as 7,257,000 tons of 9% Mn and 9,071,847 tons at 9.5% Mn (such figures are quoted historical values are not compliant with CIMM or equivalent guidelines and are not to be relied upon see Historical Occurrences
- Manganese X Energy Corp. received the results from a series of diagnostic leaching tests conducted by two of Canada’s renowned process research laboratories, in its pursuit of developing a value added manganese product to furnish the North American Li-ion battery market. The kinetics of the leaching process appeared very favourable to high levels of manganese extraction of up to 96% with a short contact time, without the need of a reducing agent, while the solubility of iron and other alkali metals remains low which could simplify downstream processing requirements
- The commissioning of a mineral resource estimate and technical report in accordance with National Instrument NI43-101 on its Battery Hill manganese deposit by Mercator Geological Services Limited (Mercator) of Dartmouth Nova Scotia, a geological firm with broad experience in NI-43-101 Technical Reporting and resource estimation. The project consists of two phases, an initial technical study of Battery Hill in particular to examine Manganese’s confirmation drilling programs consisting of 25 holes totalling 5188 meters prior to preparing the Phase II mineral resource estimate and accompanying NI 43-101 report
- Manganese X Energy Corp has entered into a confidentiality agreement with the University of Minnesota ESAF 920 contract #12655 C with the intent to further develop state of the art manganese extraction technologies, methodologies and efficient cost effective innovations
Manganese X Energy 2018 Strategies and Goals
- Finance projects from upcoming (pending) asset/positive cash flow business ventures
- Continue in its endeavours to pursue the development of its manganese property and to develop innovative cost effective competitive value added manganese materials to the fast growing North American lithium ion battery market for electric vehicles (EV) and other alternative energy markets as well as other related industries.
- Pursue potential negotiations with a multi-national worldwide Company to explore future development and sales of our value added manganese materials to the North American Markets
- Continue with OTC application in preparation to become eligible for the depository and book-entry services of The Depository Trust Company (DTC).
- First phase of NI-43-101 project has been completed by Mercator Geological Services Limited (Mercator) of Dartmouth Nova Scotia and anticipate expected results with recommendations in early 2018. At that time commence recommendations on phase two of its mineral resource estimate and technical report in accordance with National Instrument 43-101
- Continue metallurgical research and analysis with the University of Minnesota, as well as international geological companies, labs and the National Research Council of Canada
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About Manganese X Energy
Manganese X Energy’s mission is to acquire and advance high potential manganese prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries as well as the steel industry. In addition our company is striving to achieve new methodologies emanating from environmentally friendly green/zero emissions, while processing manganese at a lower competitive cost.
For more information, visit the website at www.manganesexenergycorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information” including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company’s filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information.
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