Planet Resource Recovery Enters Into Joint-Venture Agreement to Develop and Operate Mine in Bolivia With Franklin Mining
February 01 2010 - 6:30AM
Marketwired
Planet Resource Recovery, Inc. (PLANET) (PINKSHEETS: PRRY),
developer, manufacturer and marketer of PetroLuxus™ and other
"Green" technologies for the remediation and recovery of the
planet's resources, is pleased to announce that the company has
entered into a Joint-Venture agreement with Franklin Mining to
develop and operate the San Antonio de Turiri antimony mine in
Bolivia. The parties have an equal share of the JV of 50% each.
Allocation of revenues will be disbursed equally after expenses.
The San Antonio de Turiri Antimony mine is situated on part of
Bolivia's primary antimony belt. It consists of three parallel
antimony vein structures approximately 1.5 kilometers in length and
3 meters in width. The main ore body ranges from 60% to 67% of pure
antimony. The surrounding shale host rock, secondary ore body,
consists of 5% - 10% antimony. To date, according to geological
studies and laboratory analysis, less than 5% of Turiri's reserves
have been mined.
Antimony is a chemical element that has a broad range of
applications in manufacturing of industrial and consumer products.
It is used in numerous industries such as semiconductors, flame
retardants, storage batteries, electronics, pharmaceuticals,
paints, ceramics alloys, rubber and the ammunitions. Bolivia is one
of the five top producing countries in the world. China dominates
production of antimony and Bolivia produces approximately 3.5% of
the annual world demand. Commodity pricing for antimony has
steadily risen from a little over US$ 1,000.00 per ton to present
day (January 2010) pricing of US$ 6,400.00 per ton.
Mining operations will be divided into two phases: primary ore
mining and secondary enhanced mining recovery. Primary ore recovery
will be the immediate mining of the high grade ore with estimated
initial production of 50 tonnes per month and incremental increases
of 50 additional tonnes per month.
Secondary enhanced mining recovery will commence upon the
deployment and implementation of Planet's enhanced mining
technology. While Planet's technology is being deployed, secondary
recovery ore will accumulate for recovery. The current ore ready to
be processed is estimated at 6,000 tonnes of antimony.
About Planet Resource Recovery, Inc.
Houston, Texas-based Planet Resource Recovery, Inc. is the
developer, manufacturer, and marketer of unique, environmentally
friendly proprietary chemical compounds and processes that will
usher in a new paradigm shift in industry. The company is primarily
focused on three distinct sectors: 1) Oil & Gas Industry with
PetroLuxus™, 2) Remediation of mining toxic byproducts and 3)
mining of base and precious metals. The company has developed
multi-dimensional compounds and their related processes,
technologies and methodologies to provide these sectors enhanced
benefits and revenue opportunities. For more information visit:
www.planetresource.com or www.petroluxus.com.
Safe Harbor Statement
Certain statements in this release are "forward-looking"
statements as defined in the Private Securities Litigation Reform
Act of 1995. Such statements are subject to numerous risks and
uncertainties. Actual results may vary significantly from the
results expressed or implied in such statements. Factors that could
cause actual results to materially differ from forward-looking
statements include, but are not limited to, the Company's ability
to meet the terms and conditions required to obtain its project
financing, risks and delays associated with product development,
risk of market acceptance of new products, risk of technology or
product obsolescence, competitive risks, reliance on development
partners and the need for additional capital. Planet takes no
obligation to update or correct forward-looking statements, and
also takes no obligation to update or correct information prepared
by third parties that are not paid for by Planet.
Media Contact: Rod Mitchell 281-350-5506 Mediarod@aol.com A.S.
Austin Company 858-537-7439 PRRY@asaustinco.com
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