Montreal, Quebec--(Newsfile Corp. - February 3, 2017) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (OTC: SNCGF) (the "Company") has recently completed a diamond drill program at its Houlton Woodstock manganese property located in Carleton County, New Brunswick (the "Property"). The drilling program consisted of 16 holes totalling 3,589 meters, and was completed as an initial test of three priority areas on the property: the Iron Ore Hill, Sharpe Farm and Moody Hill manganese occurrences. Drill targets were chosen based upon results derived from gravity and magnetometer surveys completed in October 2016. We anticipate releasing final drill results mid-February.
Update on the Option Agreement
The Company has now completed its final cash payment obligation to Globex Mining Enterprises Inc. (TSX: GMX) (FSE: G1M) (OTCQX: GLBXF) ("Globex") of $100,000. The Company optioned the Property in June 2016 from the Globex. To earn an undivided 100% right, title, and interest in the Property (the "Option"), subject to a 3% Gross Metal Royalty, the Company is required to make cash payments to Globex of $200,000 (now fully paid), issue an aggregate of 4,000,000 common shares (1,000,000 have been issued, 1,000,000 shares are to be issued on April 22, 2017 and 2,000,000 shares are to be issued on April 22,2018), incurring aggregate exploration expenditures of $1,000,000 on the Property ($450,000 has been incurred to date), and delivering a Preliminary Economic Assessment to Globex on or before the fourth anniversary of the Option.
Manganese X Energy's mission is to acquire and advance high potential manganese mining prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries. In addition, our company is striving to achieve new methodologies emanating from environmentally friendly green/zero emissions, while processing manganese at a lower competitive cost. For more information visit the website at www.manganesexenergycorp.com.