VANCOUVER, Aug. 2, 2017 /CNW/ - American Potash Corporation (the "Company") (AMP:CSE) is pleased to announce it has entered into a strategic partnership agreement with MGX Minerals Inc. ("MGX") whereby MGX may acquire certain interests held by the Company via an agreement to acquire Power Metals Corp. Paradox Basin JV rights with AMP.
"We are extremely excited to now be working with MGX to move the Company's petrolithium project forward. We believe that MGX is not only a well-capitalized company but also the unquestionable leader in the petrolithium space. This partnership will allow us to maximize shareholder value by partnering with a company like MGX that possesses a talent pool with deep experience in successful oil and gas drilling, discoveries and extraction," stated Rudy de Jonge, CEO of American Potash Corp.
The partnership will be using the latest in drilling and extraction technologies to explore and develop the Company's lithium brines totaling 13,520 acres of prime ground in the Paradox basin Utah.
