Manganese X Energy Provides Update on Assay Results Timeline and Option Agreement Payments
Manganese X Energy Provides Update on Assay Results Timeline and Option Agreement Payments
February 3, 2017: Montreal, Quebec, Canada. Manganese X Energy Corp. (the “Company”) (TSXV:MN,
FRA:9SC2, OTCMKTS:SNCGF) 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 H ill manganese occurrences.
Drill targets were chosen based upon results derive d 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.
(“Globex”) (GMX-TSX, G1M-Frankfurt, GLBXF-OTCQX International) 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 Roya lty, the Company is required to make
cash payments to Globex of $200,000 (now fully pa id), 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), an d 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 advan ce 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Martin Kepman
Interim CEO and Director
1-514-802-1814
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Se rvices 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 whic h may cause the actual results, performance or
achievements of the Company to be materially di fferent 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 securiti es 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 inform ation will prove to be accurate and the reader is
cautioned not to place undue reliance on such forward-looking information.