MGX has a successful history of aquiring profitable projects.
MGX has a $3 million interest spread over 5 small cap miners. MGX has stated that they are closely monitoring these 5 juniors because MGX can see possible potential.
MGX also has a sizeable interest in FEX, being FEX's largest shareholder. FEX has a market cap of $166 million of which MGX holds a little less than 10% with a long term option to acquire an addittional 25 million shares. MGX devoted a reasonable size section to FEX in today's announcement.
MGX is also actively resource drilling Butchers Track near MGX's old Tallering Peak mine. The area has been fruitful for base metals for others exploring in the area.
Peter Kerr has already mentioned blending ore from the satellites. The ore at Acacia has alteady been accessed and several shiploads of ore from Acacia have been sold. Former CEO, Jim Beyer, had an alternative approach, he would process ore from Acacia and sell it unblended when the price was right. Jim Beyer also conducted studies of "mini underground" for accessing ore from deep in main pit.
Near by Cockatoo Island bares many similarities with Koolan Island . . . for which MGX is geared up for with plant and an experienced work force.
MGX have a large tennament of several hundred square kilometres, called Koolan South, which is right opposite Koolan Island, across the water, on the mainland. Several premliminary surveys have already be done.
MGX Price at posting:
56.5¢ Sentiment: Buy Disclosure: Held
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