Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (TRADEGATE: 9SC2) (OTC Pink: SNCGF) (“Manganese X”) Michael Duggan, President of Mountain Springs Oil and Gas Ltd (“Mountain Springs”), on Tuesday, June 12th, has informed Manganese X that Mountain Springs are in the final stages of their due diligence to acquire an oil and gas property located in Central Alberta yielding net approximately $3.5 million per year. Due Diligence and, if successful, possession of the property are expected to be completed in 30 – 45 days. Upon completion and possession of the property Mountain Springs has also indicated that a definitive agreement will be executed to sell Manganese X 15% interest in Mountain Springs as previously indicated in non-binding letter of intent.
“We are very optimistic that Mountain Springs will close this deal as financing is already secured. Upon completion, we look forward directly to acquiring a 15% interest in Mountain Springs with its existing business association with Schumberger. We anticipate this acquisition will be the first of many such asset acquisitions,” stated Martin Kepman, CEO of Manganese X.
Manganese X has also completed its National Research Council IRAP (“NRC/IRAP”) portal application and is awaiting acceptance into the NRC/IRAP Programme technological manganese project. Estimated costs will be up to $160,000. Anticipated funding by the NRC/IRAP will be approximately 50% of the project costs.
About Manganese X Energy
Manganese X Energy’s mission is to acquire and advance high potential manganese prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries as well as the steel industry. In addition, our company is striving to achieve new methodologies emanating with environmentally friendly green/zero emissions processes and producing manganese at a lower competitive cost.
For more information, visit the website at www.manganesexenergycorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
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.