Geomega Resources Inc. (“
Geomega” or the
“
Corporation”) (TSX:V.GMA) (OTC: GOMRF), a
developer of clean technologies for the mining, refining and
recycling of rare earths, is pleased to announce that it is
expanding and leveraging its Research & Development expertise.
Geomega is currently evaluating the economic potential to extract
and refine rare earths and other critical metals from a broader
range of mining feeds, including mining and industrial waste
streams (tailings). Geomega has begun to work with companies that
are in production, and through testing at Geomega’s R&D test
centre in Boucherville, the company will be evaluating the
potential to extract value that is otherwise being lost today.
Geomega’s intention is to apply its various technologies, through
collaborative licensing and royalty agreements with several
industrial partners, allowing for the extraction of valuable metals
contained in their waste streams, which may not be economically,
technologically, or environmentally feasible today.
“Geomega’s corporate goal is to develop
innovative technologies for extraction and separation of rare earth
elements and other critical metals essential for a sustainable
future,” said Kiril Mugerman, President & CEO of Geomega. “The
technologies in question will differ from the ISR technology that
was developed for recycling of rare earths from permanent magnets.
Nonetheless, irrespective of the metal or the source, we are
adopting a consistent approach to reduce the environmental impact
and to contribute to lowering greenhouse gases (GHG) emissions
through recycling of the major reagents in the process and reducing
net energy consumption.”
“It’s unfortunate that so many critical metals,
in quite large quantities, are lost in mine tailings and other
waste streams when they could potentially be recovered using
innovative processing technologies,” said Dr. Pouya Hajiani, Chief
Technology Officer of Geomega. “When the majority of these mines
were put into production, the value of some of these metals in the
ore were given very little, if any, consideration. The traditional
extraction technologies were not adequate in addressing
environmental impacts nor were they economic. Furthermore, climate
change requirements are driving a growing demand in critical
metals. As such, we are in discussions with more companies that
have become interested in re-evaluating the economics of extracting
rare earth and other critical metals from their various streams
while reducing waste, if possible, in the most environmentally
conscious way possible,” added Dr. Hajiani.
Geomega is already evaluating several feeds in
the mining industry, e-waste, mining tailings and industrial waste
that have significant value in metals such as cobalt, lithium,
vanadium, nickel, niobium, titanium, tantalum, chromium and other
metals.
“Geomega’s team has steadily grown along with
its expertise in metal extraction, purification and sustainable
processes,” said Mugerman. “Our original objective was to develop
clean and environmentally sustainable metallurgical processes for
rare earth elements but, as we had developed our expertise, we
recognized that more opportunities are appearing for other metals
which are both critical and required for many of the technologies
being adopted today in the renewable energy and vehicle
electrification sectors. Currently, our focus is to continue
working with companies in production with active streams that need
immediate and difficult to address solutions. Our research and
development team needs to be commended for bringing the ISR
technology to the point whereby the rare-earth magnet recycling
project is approaching a gradual hand-off to engineers for
construction. This would create opportunities to evaluate other
metals and other rare earth streams that could ultimately bring
revenues to the Corporation in the form of royalties and licenses.
Geomega is in discussions with several potential industrial
partners which would facilitate funding opportunities from the
various levels of government, who support green innovation
technologies in the metal extractive sector. Ultimately, this will
maximize shareholder value and generate various potential revenue
streams,” adds Mugerman.
About Geomega
(www.geomega.ca)Based in
Boucherville and St-Bruno, Quebec, Canada, Geomega Resources has
developed a proprietary, environmentally friendly “ISR Technology”
that recycles rare earth elements with focus on the permanent
magnet industry and produces four high demand, high price, rare
earth elements (HHREE), specifically Nd, Pr, Tb and Dy.
The Corporation is advancing towards initial
production from its demonstration plant to supply HHREE’s to North
America and other parts of the world.
Geomega also owns the Montviel rare earth
carbonatite deposit and holds over 16.8M shares, representing
approximately 19% of the issued and outstanding shares, of Kintavar
Exploration Inc. (KTR.V), a mineral exploration company that is
advancing the Mitchi stratiform copper project in Quebec.
For further information, please
contact:
Kiril Mugerman |
President and CEO |
Geomega |
450-641-5119 ext.5653 |
kmugerman@geomega.ca Nancy ThompsonVorticom Public
Relations212-532-2208nancyt@vorticom.com Twitter: @Geomega_REE |
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accuracy of this release.
This news release contains statements that may
constitute “forward-looking information” or “forward-looking
statements” within the meaning of applicable Canadian securities
legislation. Forward-looking information and statements may
include, among others, statements regarding future plans, costs,
objectives or performance of the Corporation, or the assumptions
underlying any of the foregoing. In this news release, words such
as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”,
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not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including as regards the
commercialization of any of the technology referred to above, or if
any of them do so, what benefits the Corporation will derive.
Forward-looking statements and information are based on information
available at the time and/or management's good-faith belief with
respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond the Corporation’s control. These risks,
uncertainties and assumptions include, but are not limited to,
those described under “Risk Factors” in the Corporation’s annual
management’s discussion and analysis for the fiscal year ended May
31, 2020, which is available on SEDAR at www.sedar.com; they could
cause actual events or results to differ materially from those
projected in any forward-looking statements. The Corporation does
not intend, nor does the Corporation undertake any obligation, to
update or revise any forward-looking information or statements
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
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