Manganese X Energy Provides Update on Assay Results Timeline and Option Agreement Payments
February 3, 2017 (Source) — Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (OTC: SNCGF) (the “Company“) has recently completed a diamond drill program at its Houlton Woodstock manganese property located in Carleton County, New Brunswick (the “Property“). The drilling program consisted of 16 holes totalling 3,589 meters, and was completed as an initial test of three priority areas on the property: the Iron Ore Hill, Sharpe Farm and Moody Hill manganese occurrences. Drill targets were chosen based upon results derived from gravity and magnetometer surveys completed in October 2016. We anticipate releasing final drill results mid-February.
Update on the Option Agreement
The Company has now completed its final cash payment obligation to Globex Mining Enterprises Inc. (TSX: GMX) (FSE: G1M) (OTCQX: GLBXF) (“Globex“) of $100,000. The Company optioned the Property in June 2016 from the Globex. To earn an undivided 100% right, title, and interest in the Property (the “Option“), subject to a 3% Gross Metal Royalty, the Company is required to make cash payments to Globex of $200,000 (now fully paid), issue an aggregate of 4,000,000 common shares (1,000,000 have been issued, 1,000,000 shares are to be issued on April 22, 2017 and 2,000,000 shares are to be issued on April 22,2018), incurring aggregate exploration expenditures of $1,000,000 on the Property ($450,000 has been incurred to date), and delivering a Preliminary Economic Assessment to Globex on or before the fourth anniversary of the Option.
Manganese X Energy’s mission is to acquire and advance high potential manganese mining prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries. 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
Interim CEO and Director
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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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