NanoStruck Signs Letter of Intent with Zimbabwe’s Purple Grid Trading for NanoMet Technology
May 27 2014 - 8:39AM
Business Wire
Highlights:
- Employing NanoMet Technology to Extract
Gold and Precious Metals
- Tests of the Nanomet Technology have
shown 96% Recovery grading up to 9.1 GMS/Ton Gold from tailing
sample
- (Press release dated February, 7,
2014)
- NanoStruck Will Receive 50% of all
Revenue
- Large Win for NanoStruck’s NanoMet
Division
- Potential for Significant Recovery of
Precious Metals from Tailings
NanoStruck Technologies Inc. (the “Company” or “NanoStruck”)
(CSE:NSK) (OTCQX:NSKTF) (Frankfurt:8NSK) announces a non-binding
Letter of Intent (LOI) signed with Purple Grid Trading Pvt Ltd
(“Purple Grid”), a Zimbabwean company offering financed solutions
for infrastructure development in the energy, mining and
construction industries in Zimbabwe and the 15 states of the South
African Development Community (SADC region) whereby Purple Grid is
focused on using NanoStruck’s technology for extracting gold from
refractory gold tailings. NanoStruck will receive 50% of all
revenue realized from the Projects in US dollars.
The LOI describes that Purple Grid Trading agrees to cooperate
with NanoStruck for the purpose of utilizing the Company’s NanoMet
technology to extract gold and other precious metals from the
tailings that arise from mining projects accessed or owned by
Purple Grid Trading in Zimbabwe (the “Projects”).
John Mapondera, Executive Chairman of Purple Grid Trading Pvt
Ltd said: “The preliminary NanoMet test results show the potential
for significant recovery of precious metals from tailings which
will give us a novel nano-technology solution with a strong
competitive edge.”
Bundeep Singh Rangar, interim CEO and Chairman of the Board
said: "This is a great opportunity for NanoStruck to demonstrate
its unique technology and expertise in one of Africa’s important
mining economies. This large win for us really demonstrates the
immense opportunity present for the NanoMet division.”
The LOI also provides that the formal agreement shall contain
mutually acceptable licensing fees and technology cost provisions.
Additionally, execution for a formal agreement is subject to
satisfaction of the parties as to the feasibility of the technology
to be used in relation to the first Project and the availability of
financing for the first Project.
According to Zimbabwe’s Ministry of Mines and Mining
Development, mining contributed about 20% of the country’s US$11
billion Gross Domestic Product and nearly 60% of its US$3.3 billion
worth of exports.
About the Company
NanoStruck Technologies Inc. is a Canadian Company with a suite
of technologies that remove molecular sized particles using
patented absorptive organic polymers. These versatile biomaterials
are derived from crustacean shells or plant fibers, depending on
requirements of their usage. Acting as molecular sponges, the
nanometer-sized polymers are custom programmed to absorb specific
particles for remediation or retrieval purposes. These could be to
clean out acids, hydrocarbons, pathogens, oils and toxins in water
via its NanoPure solutions or to recover precious metal particles
in mine tailings, such as gold, silver, platinum, palladium and
rhodium using the Company’s NanoMet solutions.
By using patented modifications to conventional technologies and
adding polymer-based nano-filtration, the Company’s offers
environmentally safe NanoPure solutions for water purification. The
Company uses Environmental Protection Agency (EPA) and World Health
Organization (WHO) guidelines as a benchmark for water quality and
safety to conform to acceptable agricultural or drinking water
standards in jurisdictions where the technology is used.
Additionally, the Company’s technology can be used to recover
precious and base metals from mine tailings, which are the residual
material from earlier mining activities. By retrieving valuable
metals from old tailing dumps, the Company’s NanoMet solutions
boosts the value of existing mining assets and reduces the need for
new, costly and potentially environmentally harmful exploration and
mining.
The Company’s current business model is based on either selling
water remediation plants or leasing out units and charging
customers on a price per liter basis with a negotiated minimum
payment per annum. For processing mine tailings, the value of
precious metal recovered is shared with tailing
site owners on a pre-agreed basis.
NEITHER THE CANADIAN NATIONAL STOCK EXCHANGE NOR ITS
REGULATORY SERVICE PROVIDER HAS REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS
NEWS RELEASE.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements. The use
of any of the words "anticipate", "continue", "estimate", "expect",
"may", "will", "project", "should", "believe" and similar
expressions are intended to identify forward-looking statements.
Statements relating to "reserves" or "resources" are deemed to be
forward-looking statements because they involve the implied
assessment, based on certain estimates and assumptions that the
resources and reserves described can be profitably produced in the
future.
Although the Company believes that the expectations and
assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because the Company can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. These
statements speak only as of the date of this press release. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks including various risk factors
discussed in the Company’s Management’s Discussion and Analysis for
the three months ended December 31, 2013, filed on March 3, 2014,
and for the year ended September 30, 2013, filed on January 28,
2014, under the Company’s profile on www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS
NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE
TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
NanoStruck Technologies Inc.On behalf of the Board of
Directors:Raj Kurichh, 905-813-0900Chief Marketing
Officerinfo@nanostruck.comwww.nanostruck.com
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