NEW CANADIAN-DEVELOPED MINERAL PROCESSES TO SHARPLY IMPROVE PRODUCTION
OF PLATINUM AND GOLD.
michelle, i've been following this co. for a year or so and i do
own a very small #of shares. (so much for the disclaimer)ima,t trades
very ,very lightly. recntly st. genevieve sold about 4,000,000shares@
2.50$or so. difficult to get in or out for large # of shares.if you
or anyone has any idea of how this process works,please let me know .
thanx scott
i find their tech to be interesting. and i wonder whether it
goes better as an 'enviro' or 'newrefining process' angle.
anyway here goes.
MONTREAL, Oct. 24 /CNW/ - ITEC-Mineral Inc. today announced that it has
signed a licensing agreement which provides effective control of mineral
extraction processes that will dramatically improve the efficiency of
extraction of platinum from chromite and refractory gold from arsenopyritic
ore.
Under the agreement, ITEC has acquired the rights to utilize both
processes worldwide--excluding platinum production in South Africa which will
be licensed separately. In addition, ITEC has also acquired rights to access
other innovative extraction processes under development by UG Plus.
For each site which utilizes the technologies, ITEC will pay UG Plus
International Inc.--the privately-held Quebec-based company which developed
the processes-- $500,000 in cash and 250,000 common shares of ITEC, plus a
small ongoing royalty.
In a 20,000 tonne pilot project currently underway in partnership with a
major South African platinum producer, the UG Plus hydrometallurgical mining
process for platinum has increased average recuperation of chromite ores
from 65% to more than 90%.
Similarly, the UG Plus Volatilization Process has provided markedly
better yields of gold from arsenopyritic ores--bench testing has established
recuperation rates to more than 90%, versus single digits from traditional
methods. In addition, it reduces costs by eliminating the need for pressure
reactor oxidation--and makes recovery far more environmentally friendly. A
larger scale pilot operation will be completed within the next six months.
The processes are different, but share a common denominator in a unique
furnace technology providing a controlled atmosphere while ores are pre-heated
prior to dry chlorination or sulfur oxidation. In both cases worldwide
patents are pending.
``Based on the test results,it is clear that both technologies represent
significant breakthroughs for the precious metals mining industry,''said
Jean Lariv‚e, ITEC President and CEO. ``Our extensive research
into the world's best available sites for application of the processes shows
that the potential is enormous.
``It is our intention to use the platinum and gold technologies as a
means of leveraging our participation in joint venture developments,'' he
added. ``We anticipate revenue beginning to flow before the end of 1998.''
The transaction is subject to receipt of all necessary regulatory and
Stock Exchange approvals.
With full-scale commercial projects pending in Canada, the United States
and Bolivia, ITEC-Mineral Inc. develops and markets proprietary technologies
which assist with profitable mineral extraction through primary mining and
mine tailings reclamation. ITEC-Mineral common shares and common share
purchase warrants are listed on The Toronto Stock Exchange and the Montreal
Exchange under the symbols IMA and IMA.wt respectively.
For further information: Jean Lariv‚e, President & Chief Executive Officer, ITEC-Mineral Inc.; Guy
Pelletier, Chairman & Chief Financial Officer, ITEC-Mineral Inc. - Telephone: (514) 281-8434; or
Kevin Huestis Investor Relations - Telephone: (416) 362-8000
14:20e 24-OCT-96 |
