UC Resources Enters Into Strategic Relationship Negotiations With Sunvault Energy for Power Generation & Storage
November 13 2013 - 2:00PM
Marketwired Canada
UC Resources Ltd. ("UC" or the "Company") (TSX VENTURE:UC) has entered into
negotiations to define a strategic relationship with Sunvault Energy Inc.
(OTCBB:SVLT) for the provision of power and energy storage at their La Yesca
facility. The Company has experienced continual seasonal power interruptions
that have caused mill operations at La Yesca to be intermittent. Ensuring power
stability will better enable consistency in mill flow operation.
The two companies have agreed to prepare and enter into an initial letter of
intent and then a 90 day due diligence period to be followed by a final
agreement. Upon a successful conclusion to that agreement, installation of
Sunvault Power generation and storage products will commence at the mining site.
Sunvault Energy will be the operator and UC Resources Ltd. will be the
beneficial owner of the project. Sunvault Energy has selected Daystar
Technologies Inc. to construct the project.
SunVault Energy Inc. (OTCBB:SVLT) (www.sunvaultenergy.com) delivers cost
effective generation and energy storage through a seamless, novel and
simultaneous integration of energy generation and storage.
SunVault has developed an ALL-In-One (TM) approach that is a first and has the
potential to enable one of the lowest overall system cost structures while
operating at maximum efficiency. "Sunvault Energy may very well solve what has
been an ongoing challenge for our consistent mill production and may prove to be
the answer for many other miners in Mexico as well" stated UC Resources CEO,
Gary Monaghan. "Diesel Power Generation in mining is expensive and often the
power supplied through traditional means can't be relied upon, or is simply not
available in certain areas" Monaghan commented.
The Mexican mining environment is one where mining operators commonly use
combinations of diesel generators to produce power to enable the operation of
processing facilities, where access to traditional power sources are not readily
available.
Part of the due diligence process will be for Sunvault Energy and UC Resources
to explore a distribution relationship whereby UC Resources will be able to
demonstrate, represent and distribute the Sunvault Energy systems in the mining
environment of Mexico. Compensation for the power project to be provided by
Sunvault will be determined by the agreement, the amount of power to be supplied
and may be subject to TSX approval.
UC Resources Ltd. is an active explorer and producer of precious metals in Mexico.
On behalf of the Board of Directors,
Gary Monaghan, Chief Executive Officer
We seek safe harbour.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Investors or interested parties are invited to visit the UC Resources Website at
http://www.ucresources.net - where they can choose to join the opt-in e-mail
list to receive all future press releases and updates in real time.
This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this
release, including, without limitation, statements relating to the potential
mineralization and geological merits of the La Yesca properties and other future
plans, objectives or expectations of the Company are forward-looking statements
that involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the Company's
plans or expectations include risks relating to the actual results of current
exploration activities, fluctuating gold prices, possibility of equipment
breakdowns and delays, exploration cost overruns, availability of capital and
financing, general economic, market or business conditions, regulatory changes,
timeliness of government or regulatory approvals and other risks detailed herein
and from time to time in the filings made by the Company with securities
regulators. The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise required by
applicable securities legislation.
FOR FURTHER INFORMATION PLEASE CONTACT:
UC Resources Ltd.
Gary Monaghan
mailto:monaghan@ucresources.net
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