Manganese X to acquire 500K shares of Mountain Spring

Oct 19, 2018

2018-10-18 16:37 ET – News Release

Mr. Martin Kepman reports

MANGANESE X TO ACQUIRE AN ADDITIONAL 500,000 MOUNTAIN SPRING OIL AND GAS SHARES TO INCREASE INTEREST TO 25%

Manganese X Energy Corp. has agreed in principal to purchase an additional 500,000 shares by way of a private placement at $1 a share. This will represent an additional ownership of 10 per cent of Mountain Spring Oil and Gas Ltd. by Manganese X amounting to a grand total of 1.25 million shares or 25-per-cent ownership of MSOG.

Peter Lake copper-nickel-cobalt project update

Line cutting and soil geochemical sampling of the newly established grid covering the prospective Peter Lake property has been completed. Line cutting totalling approximately 30 kilometres and 861 B-horizon soil samples have been submitted for laboratory analysis. The results of the soil geochemical survey are expected by the end of October and will be released in a timely manner. The North and South copper-nickel occurrences have been traced intermittently on surface for approximately two kilometres. Results from nine blast pit samples collected from the Peter Lake North and South occurrences during September, 2018, returned assays of 5.38 per cent copper, 0.96 per cent nickel and 922 parts per million cobalt; as well as other anomalous samples (Manganese X news release dated Sept. 27, 2018). The fall exploration program at Peter Lake continues with planned ground geophysical surveys (induced polarization and magnetics), a regional airborne magnetic survey and geology/prospecting to identify and prioritize potential targets for a follow-up diamond drill program.

Update on metallurgical project — to upgrade ore and purification techniques study to produce battery-grade material

Manganese X Energy is pleased to announce that several more stages in its research project on the Battery Hill deposit in west-central New Brunswick have been completed. The project is supported through an agreement with the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP). Further upgrading technologies and product purification methodologies will be evaluated in the coming weeks and months including application of new flotation reagent schemes. Manganese X Energy anticipates that there should be a substantial increase in demand for high-purity manganese sulphate within the various industries including the lithium-ion battery business, thus possibly resulting in higher prices in the future due to supply and demand. Manganese X Energy mission is to become the first North American supplier of value-added materials to the lithium-ion battery and other alternative energy industries as well as the steel industry.

TSX Venture Exchange has conditionally accepted the proposed private placement, pursuant to the specific terms for a non-brokered non-commissioned private placement financing to raise up to $400,000. The offering consists of two million flow-through shares at a price of 20 cents per share to raise aggregate proceeds of up to $400,000. Deadline for filing final materials: Nov. 26, 2018.

The preparation of the technical information in this news release of Peter Lake Cu-Ni-Co project update and the National Research Council (NRC/CNRC) metallurgical project update has been reviewed and approved by Roger Dahn, PGeo. Mr. Dahn is a qualified person as defined by National Instrument 43-101.

About Manganese X Energy Corp.

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, the company is striving to achieve new methodologies emanating with environmentally friendly green/zero-emission processes and producing manganese at a lower competitive cost.

We seek Safe Harbor.

http://www.manganesexenergycorp.com/pressreleases