MGX MINERALS AND EUREKA RESOURCES ANNOUNCE JOINT VENTURE TO RECOVER LITHIUM FROM PRODUCED WATER IN EASTERN UNITED STATES
05 Marzo 2019 - 2:24PM
InvestorsHub NewsWire
VANCOUVER, BRITISH COLUMBIA --
InvestorsHub NewsWire -- March 5, 2019
-- MGX Minerals Inc. (“MGX” or the
“Company”) (CSE: XMG / FKT: 1MG / OTCQB: MGXMF) and Eureka
Resources, LLC have signed a Letter of Intent to form an exclusive
joint venture to recover lithium from water produced at
non-conventional oil and gas sites across the Marcellus and Utica
shale formations in the eastern United States.
Deep natural gas reserves located in the Marcellus and Utica
shale account for approximately 40% of all natural gas produced in
the United States. The oil and gas operations in this region also
generate large volumes of produced water.
Eureka uses advanced treatment technology to convert 10,000
barrels per day of this produced water into valuable co-products,
including fresh water, high-purity sodium chloride and calcium
chloride. Through this joint venture, Eureka will begin extracting
lithium as well.
MGX has developed a rapid lithium extraction technology that
eliminates or greatly reduces the physical footprint and investment
needed for large, multi-phase, lake-sized, lined evaporation ponds.
Its technology also enhances the quality of lithium extraction and
recovery across a complex range of brines as compared with
traditional solar evaporation. This technology can be used on oil
and gas produced water, natural brine, lithium-rich mine brine and
industrial plant wastewater.
“We are extremely pleased to partner with Eureka,” stated
MGX president and CEO Jared Lazerson. “The joint venture will look
not only to install an initial rapid recovery system immediately,
but views this as the first step in executing the strategic vision
of Petrolithium. The extraction of lithium from oil and gas well
sources is a broad paradigm shift for the energy sector. There may
be a lot of lithium in the eastern U.S. Our clean technology
unlocks this potential. Our joint venture plans to install multiple
lithium rapid recovery systems at wastewater treatment facilities
across the Marcellus and Utica shale formations.”
“This agreement marks a significant step forward in keeping
Eureka in the forefront of advanced produced-water treatment.
Through this joint venture, we can help meet the growing need for
lithium while simultaneously making a positive environmental
impact,” said Dan Ertel, president and CEO of Eureka Resources. “We
are pleased to partner with MGX, which brings proven technical and
commercial lithium extraction expertise to our business
model.”
About Eureka Resources
Eureka Resources provides industry-leading advanced treatment
technology in oil and gas produced water management. Since 2008,
Eureka’s patented and permitted services have expanded to meet the
growing need for produced water solutions and critical mineral
production. Eureka’s three conveniently located facilities provide
regional environmental and economic solutions to oil and gas
producers and the community. Learn more at
www.eureka-resouces.com.
About MGX Minerals
MGX Minerals is a diversified Canadian resource and technology
company with interests in global advanced material, energy and
water assets.
Forward-Looking Statements
This press release contains forward-looking information or
forward-looking statements (collectively "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information is typically identified by words such
as: "believe", "expect", "anticipate", "intend", "estimate",
"potentially" and similar expressions, or are those, which, by
their nature, refer to future events. The Company cautions
investors that any forward-looking information provided by the
Company is not a guarantee of future results or performance, and
that actual results may differ materially from those in
forward-looking information as a result of various factors. The
reader is referred to the Company's public filings for a more
complete discussion of such risk factors and their potential
effects which may be accessed through the Company's profile on
SEDAR at www.sedar.com.
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