TORONTO, Sept. 10, 2012 /PRNewswire/ -- Noble
Mineral Exploration Inc. (the "Company") (TSX-V: NOB,
FRANKFURT: NB7, OTC.PK: NLPXF) is
pleased to announce that preliminary evaluation of the Carbon
Dioxide (CO2) sequestration (Carbon Dioxide Capture
& Storage) potential on Project 81 is in excess of 500,000
tonnes CO2 per year for more than 30 years initially,
generating a potentially significant revenue stream. Mikro-Tek of
Timmins has been retained by the
Company to complete a 2-part full feasibility study on the Carbon
Sequestration potential on this 100% privately owned 60,701
hectares (149,000 acres) forested land package known as Project 81.
This land package is one of the largest freehold land packages in
the province if not the country to which all rights (surface,
mineral and timber) have been retained by the company.
Project 81 is located within the Northern Ontario Boreal
Biome. Globally, the boreal biome is the world's largest
and most important forest carbon storehouse holding almost twice as
much carbon per unit area as tropical rain forests. Canada's boreal forest stores about 71.4
billion tonnes of carbon in its forest ecosystems and 136.7 billion
tonnes in its peatland ecosystems.
Recent articles in the national media highlight the Shell,
Marathon Oil and Chevron $1.35-
billion Quest Capture and Storage Project to capture one
million tonnes CO2 per year from their Scotford Upgrader
and store it 2 km underground, helping to reduce the carbon
footprint of their Athabasca Oil Sands project in Alberta. This project puts into focus the cost
and importance of Carbon Dioxide capture and storage requirements
in Canada, as we all work toward a
lower carbon future.
Carbon Credits are being sold on the open markets in
Europe at $10 tonne CO2, but recent reports and
analysis by independent observers have this price pegged at between
$14 and $30 per tonne
CO2.
Vance White said that
"at the current market price of US$10.00 per tonne of CO2, and a
sequestration analysis indicating approximately 500,000 tonnes per
year, it is estimated that Noble's gross revenue would be in the
order of $5 million per year for the
next 30 years with an operating cost of approximately $500,000 per year. In other words, the business
model is really a royalty stream – just by managing the trees to
optimise the carbon sequestration potential of the forest. The
pricing used for Shell's Quest Project is $15 per tonne with a proposed CO2
sequestration of one million tonnes annually. Assuming these prices
are attained in Ontario, the sale
of carbon credits would have a significant impact on Noble's free
cash flow available to build the company. This business model would
make Noble a self financing company for years to come and at the
same time allow us to aggressively pursue the multiple mineral
targets on Project 81."
According to Ecosystem Marketplace, the global market for forest
carbon sequestration credits in 2010 was over 30 million tonnes of
CO2 representing over $177
million (US) in value. Since governments across the world
are moving toward increasingly regulated carbon credit markets, the
price and volume of credits transacted both stand to increase over
the next several years. Ontario's
CO2 emission was approximately 180 million tonnes in
2008, with the transportation sector accounting for approximately
60 million tonnes CO2 equivalent. These numbers are
expected to increase substantially with the expansion and
development of the Golden Horseshoe Area in Southern Ontario and the mining and smelting
sectors in Northern Ontario.
ABOUT MIKRO-TEK INC.
Mikro-Tek is a carbon project developer and supplier of
registered carbon offset credits generated in forestry
projects. The company was incorporated in 1983 and was the
first Canadian company to register a forestry carbon project with
the United Nations under the Clean Development Mechanism of the
Kyoto Protocol.
ABOUT PROJECT 81:
Project 81, the Company's flagship project, is a 72,218 hectare
patented and staked land package divided into 2 blocks. The patents
include surface, mineral and timber rights, and host a significant
timber resource plus a number of zones that have historical
exploration identifying nickel and gold mineralization (these
sample results are historical and non 43-101 compliant) from work
carried out in the 1960's and 1970's, which have been
confirmed by recent assay results from the current, ongoing drill
program.
ABOUT NOBLE MINERAL EXPLORATION INC.:
Noble Mineral Exploration Inc. is a Canadian based junior
exploration company holding in excess of 72,000 hectares of
property in the Timmins,
Iroquois Falls and Smooth Rock Falls areas of Northern
Ontario. The Company also holds a portfolio of diversified
exploration projects at various stages of exploration and drilling
for, Gold in the Wawa area of
Northern Ontario, and Uranium in
Northern Saskatchewan.
Randy Singh P.Geo (ON), P.Eng
(ON) VP- Exploration & Project Development a "qualified person"
as such term defined by National Instrument 43-101 has verified the
data disclosed in this news release, and has otherwise reviewed and
approved the technical information in this news release on behalf
of Noble.
More detailed information is available on the website at
www.noblemineralexploration.com
CAUTIONARY STATEMENT:
Neither 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. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
The foregoing information may contain forward-looking statements
relating to the future performance of Noble Mineral Exploration
Inc. Forward-looking statements, specifically those concerning
future performance, are subject to certain risks and uncertainties,
and actual results may differ materially from the Company's plans
and expectations. These plans, expectations, risks and
uncertainties are detailed herein and from time to time in the
filings made by the Company with the TSX Venture Exchange and
securities regulators. Noble Mineral Exploration Inc. does
not assume any obligation to update or revise its forward-looking
statements, whether as a result of new information, future events
or otherwise.
Contacts:
Noble Mineral Exploration Inc.
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
eMail: info@noblemineralexploration.com
Investor Relations
Phone: 416-214-2250
eMail: ir@noblemineralexploration.com
SOURCE Noble Mineral Exploration Inc.