VANCOUVER, March 2, 2020 - EnviroLeach Technologies Inc. (the "Company "or "EnviroLeach"), (CSE:ETI)(OTCQB:EVLLF)(FSE:7N2) is pleased to announce that it has signed a Letter of Intent (LOI) with enCore Energy Corp. (TSX.V:EU) (enCore) and Golden Predator Mining Corp. (TSX.V:GPR) (Golden Predator) to form a new jointly owned company for the purpose of utilizing EnviroLeach's patented technology for the in-situ recovery (ISR) of gold from underground deposits.
Upon completion of a definitive agreement, EnviroLeach, enCore and Golden Predator will form a new company, Group 11 Technologies Inc. (Group 11), with initial ownership positions of EnviroLeach 40%, enCore 40% and Golden Predator 20%. In consideration for their respective initial ownership positions each company will contribute the following to Group 11:
- EnviroLeach will provide Group 11 a non-exclusive License Agreement to use its patented gold extraction technology.
- enCore will contribute CA $750,000 and ISR expertise.
- Golden Predator will contribute mineral recovery plant operation experience and company management.
Group 11 will fund, in phases, all research and development encompassing the EnviroLeach formula for the recovery of gold from underground deposits using ISR technologies similar those used for the current in-situ mining of Uranium. Group 11 will also have the option to operate commercial ISR production facilities.
Duane Nelson, President, and CEO commented "I am very excited that we continue to advance the application of our formulas with the potential addition of the in-situ recovery of gold. It may unlock the value of deposits in environmentally sensitive areas and may offer a viable solution for thousands of smaller deposits that don't justify the CAPEX of current conventional mining techniques."
William Sheriff, Executive Chairman of EnCore Energy, commented: "We intend to be disruptors in our industry. Mining needs to become less invasive and more sustainable. Group 11 is our response, using a unique combination of proven, proprietary knowledge to lessen the industry's footprint without any sacrifice of efficiency. Dennis Stover, our CEO, is clearly one of the world's leading experts in the field of ISR. I first had the pleasure of working with Dennis Stover as our COO at Energy Metals where we rebuilt an ISR plant to enable using non-invasive in-situ extraction successfully in the uranium sector. ISR for other metals has enormous potential for ESG benefits if cyanide is not required. Combining our team's expertise in ISR with EnviroLeach's environmentally-friendly solutions free of toxic chemicals and cyanide is the key to a very exciting opportunity."
Under the terms of the LOI, EnviroLeach will maintain all intellectual property rights to its existing technology and hold preferred rights on all new technologies developed under the agreement for license to other operators worldwide.
The completion of the transactions proposed under the LOI is subject to several conditions, including negotiation of final terms, execution of definitive agreements including licensing and regulatory approval.
About In-Situ Recovery
ISR refers to the recovery of valuable metals by circulating a fluid containing a leaching agent through an underground mineral deposit and recovering the valuable metals from the fluid after it is pumped to the surface for further processing. ISR has the potential to become a low-impact and selective mining option that could unlock the value of many mineral deposits globally.
ISR provides an opportunity to develop new mining operations by reducing barriers to entry such as high capital costs. For some deposits, ISR combined with a mobile or temporary plant utilizing renewable or intermittent energy sources such as solar power could be established to exploit mineral deposits which may be difficult to permit or uneconomic using traditional mining and processing methods. ISR using a mobile processing plant could potentially be used in remote locations and be moved to high-grade or high-recovery zones in the deposit for processing and rapid recovery of valuable metal to ensure early positive cash flow and to maximize the initial return on investment on new mines.
Compared to traditional mining methods, the economic advantages of ISR include: the reduction or elimination of costs associated with removing overburden and transporting ore; the elimination of surface dumps and most surface disturbances; elimination of comminution costs; elimination of costs associated with waste rock and tailings storage or disposal; the potential to reduce and streamline mine permitting; and potentially reduced mine remediation and closure costs. These advantages could allow for thousands of currently sub-economic deposits to become viable.
About EnviroLeach Technologies Inc.
EnviroLeach Technologies is engaged in the development and commercialization of environmentally-friendly formulas and technologies for the treatment of materials in the mining and recycling sectors. Using its proprietary non-cyanide, water-based, neutral pH treatment process EnviroLeach extracts precious metals from ores, concentrates, and E-Waste using only FDA approved additives and ambient temperature water.
Backed by the momentum of a first-class staff of scientists and engineers, tens of thousands individual assays, independent validations, and strategic partners and over $20 million in research and development, EnviroLeach's technology is emerging as a potential new standard for the provision of eco-friendly methods for the hydrometallurgical extraction of precious metals in both the conventional mining and E-Waste sectors. Further information is available on the EnviroLeach web site:https://enviroleach.com
This News Release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and the United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our Research and Development activities, the accuracy of our capital and operating cost estimates; production and processing estimates; the results, the adequacy of EnviroLeach's financial resources and timing of development of ongoing research and development projects, costs and timing of future revenues or profits and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning future revenue or earnings estimates may also be deemed to constitute forward-looking information. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information. Forward-looking information is based on the expectations and opinions of EnviroLeach's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information. The CSE has not approved or disapproved of the information contained herein.
Contact Information :
CEO & President
EnviroLeach Technologies Inc.
SOURCE: EnviroLeach Technologies Inc.
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