Mineworx To Pursue Catalytic Converter Market
February 26 2020 - 6:00AM
Mineworx Technologies Ltd., (the
"
Company" or "
Mineworx") (TSXV:
MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) is pleased to announce
the signing of a Letter of Intent (“
LOI”) with
EnviroLeach Technologies Inc.(“
EnviroLeach”) (CSE:
ETI) (OTCQB: EVLLF) (7N2: FSE) to develop and utilize
EnviroLeach’s patented technology to recover platinum group metals
(“
PGM”) from catalytic converters. Upon completion
of a definitive agreement Mineworx will fund, in phases, further
development of the EnviroLeach technology to tailor it to the
recovery of PGM including bench and pilot scale test work. Mineworx
will also have the option to finance, construct, own and operate a
proposed commercial production facility to process end of life
catalytic converters utilizing EnviroLeach’s proprietary technology
under license.
Greg Pendura, President and CEO commented, “We
are very pleased to announce this initiative, which has significant
potential within the PGM market in excess of $30 billion annually.
We are confident that with the support of the EnviroLeach team and
their proprietary technology, we will be able to develop an
eco-friendly and commercially viable process to extract and market
platinum group metals for future use.”
The completion of the transactions proposed
under the LOI is subject to a number of conditions including the
negotiation and execution of a definitive agreement and license
agreement.
About Mineworx
Mineworx is positioned for growth through
partnerships with advanced mining projects as well as E-Waste
opportunities through its collaboration with EnviroLeach
Technologies. By utilizing its patented and patent pending
environmentally friendly portable extraction technologies, Mineworx
will increase and enhance business opportunities by deploying cost
effective, extractive metallurgical solutions.
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 Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
For further information, go to www.mineworx.net
For further information
contact:
MINEWORX TECHNOLOGIES
LTD. Rick
Gliege, V.P. Corporate
Development250-751-3661rick@mineworx.net
Forward Looking
Statements:This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. All statements, other than statements of historical
fact, included herein are forward-looking information. Generally,
forward-looking information may be identified by the use of
forward-looking terminology such as "plans", "expects" or "does
not expect", "proposed", "is expected", "budgets", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and
phrases, or by the use of words or phrases which state that
certain actions, events or results may, could, would, or might
occur or be achieved. In particular, this news release contains
forward-looking information regarding the HOA, including the
proposed transactions contemplated by the HOA, the entering into of
a definitive agreement and the License Agreement, and the
construction of the Plant and the Pilot Plant. There can be no
assurance that such forward-looking information will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such forward-looking
information. This forward-looking information reflects Mineworx's
current beliefs and is based on information currently available to
Mineworx and on assumptions Mineworx believes are reasonable.
These assumptions include, but are not limited to: Mineworx's
current and initial understanding and analysis of the proposed
project and the research required for such project; the costs
relating to the proposed project; Mineworx's general and
administrative costs remaining constant; and the market acceptance
of Mineworx's business strategy.
Forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements
of Mineworx to be materially different from those expressed or
implied by such forward-looking information. Such risks and other
factors may include, but are not limited to: the availability of
third party equipment, infrastructure and services; liabilities
inherent in its operations; general business, economic,
competitive, political and social uncertainties; general capital
market conditions and market prices for securities; delay or
failure to receive board or regulatory approvals; the actual
results of future operations; competition; changes in legislation,
including environmental legislation, affecting Mineworx; the
timing and availability of external financing on acceptable terms;
and lack of qualified, skilled labour or loss of key individuals. A
description of additional assumptions used to develop such
forward-looking information and a description of additional risk
factors that may cause actual results to differ materially from
forward-looking information can be found in Mineworx's disclosure
documents on the SEDAR website at www.sedar.com. Although Mineworx
has attempted to identify important factors that could cause
actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. Readers
are cautioned that the foregoing list of factors is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking information as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Forward-looking information contained in this news release
is expressly qualified by this cautionary statement. The
forward-looking information contained in this news release
represents the expectations of Mineworx as of the date of this
news release and, accordingly, is subject to change after such
date. However, Mineworx expressly disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or
otherwise, except as expressly required by applicable securities
law.
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