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MGX Minerals increases stake in engineering partner PurLucid Treatment to 60%

Last updated: 04:50 16 Nov 2018 AEDT, First published: 23:15 15 Nov 2018 AEDT

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The technology can extract minerals from waste water at oil fields

MGX Minerals Inc. (CSE:XMG, OTCQB:MGXMF) told investors Thursday that it had increased its stake in engineering partner PurLucid Treatment Solutions to 60% from 50% previously.

The increase was recently approved by PurLucid shareholders under phase 5 of the investment agreement through MGX issuing around 1 million shares.

WATCH: MGX Minerals is a diversified company that is about to turn revenue positive

Last week, the Vancouver-based company updated on progress being made on the building of its third petrolithium and advanced waste-water treatment system.

The first of these systems had been deployed by MGX partner PurLucid in Alberta, Canada, as revealed on October 30.

MGX today reported that the installation and testing of a commercial-scale five-cubic-metre-per-hour (750 barrels per day) NFLi-5 petrolithium and advanced wastewater treatment system were now complete.

Significantly, revenue from the environmental processing of evaporator blowdown wastewater (EBD) will begin next week with lithium extraction of post-processed clean water to follow shortly

thereafter.

Three additional (two at 10 cubic metres per hour and one at 20 cubic metres per hour) systems will be deployed, around every other month, during the first half of 2019.

Additional systems may be added to the schedule as additional wastewater treatment, petrolithium, geothermal and natural mineral brine projects and customers come online.

MGX has developed a rapid lithium extraction technology, which eliminates or reduces the physical footprint and investment in large, lake-sized, lined evaporation ponds.

It also enhances the quality of recovery across a complex range of brines compared to solar evaporation.

 

Contact Giles Gwinnett at giles@proactiveinvestors.com

Follow Giles on Twitter @Gile74

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on 16/12/17