Montréal, Québec--(Newsfile Corp. - May 17, 2022) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC) (OTCQB: MNXXF) ("Manganese X", "MN" or the "Company") is pleased to provide an update after announcing the Battery Hill Manganese Project PEA (Preliminary Economic Assessment) results.
In view of the positive PEA (press release dated May 12, 2022) that demonstrated robust economics and a long mine life, the company confirms a number of ongoing discussions with potential strategic partners looking to source high purity manganese products.
As the next step to fast track the development of our Battery Hill project, the company has started the development of the pilot plant program. The CEO of Manganese X Energy already made a personal visit with Kemetco in Vancouver to discuss various options to advance the program.
The Company intends to engage an engineering firm to design the work for its field pilot plant, which will utilize the company's innovative solution to produce high purity manganese sulphate without the use of selenium. The goal of the field pilot plant will be to demonstrate the company's proprietary process under near commercial scale operating conditions, using a modular design.
Martin Kepman, CEO of Manganese X Energy, comments: "We have received great feedback after publishing our strong PEA. Currently, there is zero manganese mining in Canada and the US. We aim to change this, and we are working diligently to facilitate a new North American production. At the current rate of EV production, a significant manganese deficit is being forecasted. Our Battery Hill manganese property and its corresponding long economic life cycle will help to mitigate this deficit down the road."
The company also confirms it has applied to uplist to the OTCQX® Best Market, the highest quality tier of OTC markets in the US and will continue to trade under the symbol MNXXF.
About the OTCQX® Best Market
The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.
About Manganese X Energy
Manganese X's mission is to advance its Battery Hill project into production, with the intent of supplying value-added materials to the lithium-ion battery and other alternative energy industries. The Company is also striving to achieve new environment-friendly more efficient methodologies, while processing manganese at a lower competitive cost. The company is the only publicly traded manganese company in North America moving rapidly toward commercialization of a manganese deposit.
Subsidiary Disruptive Battery Corp.'s mission is to develop an HVAC (heating, ventilation and air conditioning) air purification delivery system for cleaner and healthier air, aiming to mitigate COVID-19 and other contaminants on surfaces and in the air. For more information, visit the website at www.manganesexenergycorp.com.
On behalf of the Board of Directors of
MANGANESE X ENERGY CORP.
CEO and Director
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information. We seek safe harbor.
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