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MGX Minerals secures definitive Chilean Lithium Salars deal

MGX Minerals Inc. secured a definitive option deal to acquire a 50% stake in Chilean Lithium Salars SpA, after signing a memorandum of understanding in early August.

Chilean Lithium Salars, a subsidiary of Chilean Lithium Salars Pty. Ltd., holds a 100% interest in three lithium-prospective projects in Chile including Francisco Basin, Laguna Brava and Laguna Escondida.

MGX Minerals must pay US$1.5 million in cash and shares, with the first US$100,000 payable in cash at Chilean Lithium Salars' discretion, and will spend US$2 million on exploration and complete a resource estimate for one of the projects within 20 months of the MOU.

The company said Oct. 9 that contractors are scheduled to be on site shortly to prepare for a drill program targeting a resource estimate for the Francisco Basin project.

In addition, MGX Minerals maintains the right to participate as a service provider of the engineering, construction and/or procurement of a brine processing plant using its rapid lithium extraction technology.