Manganese X nears deal for 15% of Mountain Springs

Sep 13, 2018

2018-09-13 05:54 ET – News Release

Mr. Martin Kepman reports

MANGANESE X PROCEEDING WITH DEFINITIVE 15% AGREEMENT WITH MOUNTAIN SPRINGS OIL AND GAS LIMITED

Mountain Springs Oil and Gas Ltd. (MSOG) has completed its first oil and gas acquisition at the cost of $13-million located in Western Canada that currently yields approximately $235,000 per month or $2.8-million per year preimplementation of the Schlumberger heal systems technology. MSOG is near completion of a second larger acquisition details to follow. Manganese X Energy Corp. anticipates having the definitive agreement to purchase 15% of MSOG completed shortly.

The Peter Lake Property:

The Company is pleased to announce that the fall exploration program has commenced at its Peter Lake Property, located near the town of Sainte-Anne du Lac, Quebec. The exploration program totalling approximately $150,000 will consist of line cutting, soil geochemical and ground geophysical surveys (induced polarization and magnetics) a regional airborne magnetic survey, geology/prospecting, blast pit sampling, stripping and trenching. The results of the exploration work will be released in a timely manner. Special attention during the exploration program will be directed towards the cobalt and possible gold-platinum-palladium potential of the property. The above mentioned exploration program is to identify and prioritize potential targets for a follow-up diamond drill program.

Manganese X Energy Corp. is also pleased to announce that its previously announced metallurgical research project – Potential to Ore Upgrading and Purification Techniques Study to Produce Battery Grade material – in conjunction with the National Research Council of Canada has been initiated and the first of twelve test work tasks has been completed. The aim of the project, expected to be completed in early 2Q, 2019, is to determine to what extent ore from the Battery Hill deposit in New Brunswick can be upgraded from the 12% Mn content using a variety of mineral dressing techniques and also to explore with recent hydrometallurgical advances the potential to generate a high purity manganese sulphate commercial product suitable for precursor manufacturing for the burgeoning Li-ion battery industry, with emphasis on North American supply. To date mineralogical results from X-Ray Diffraction and Qemscan (scanning electron microscopy) have been received which will assist in determining and calibrating various processing routes. Together with previous metallurgical, hydrometallurgical and marketing studies undertaken by Manganese X over the past 18 months and involving total past and future expenditures approaching $300K, the company has been able to target a specific ore type within the deposit that demonstrates exceptional manganese leaching results in whole ore laboratory tests, where 96% extraction levels were rapidly achieved, despite the complex mineralogical composition.

About Manganese X Energy

Manganese X Energy’s mission is to acquire and advance high potential manganese as well as additional mineral 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 with environmentally friendly green/zero emissions processes and producing manganese at a lower competitive cost.

We seek Safe Harbor.

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