Planet Resource Recovery and Franklin Mining Enter Into MOU to Deploy Planet's Green Enhanced Mining Technologies
October 26 2009 - 11:54AM
Marketwired
Planet Resource Recovery, Inc. (PLANET) (PINKSHEETS: PRRY),
developer, manufacturer and marketer of PetroLuxus(TM) and other
"Green" technologies for the remediation and recovery of the
planet's resources, and Franklin Mining, Inc. (FRANKLIN)
(PINKSHEETS: FMNJ) execute a Memorandum of Understanding (MOU). The
proposed venture is for the deployment of Planet's new enhanced
mining technology that can accelerate the recovery and monetization
of precious and semi-precious minerals on an
environmentally-friendly platform.
Planet has been developing a new environmentally-friendly
platform for the harvesting of minerals utilizing proprietary
compounds coupled with unique technologies processes. This new
platform is geared to segregate metals at the mine site rendering
target metals into a more pure concentration resulting in
cost-savings and higher commodity pricing at point of sale.
Franklin is a partner in a three-party joint-venture in Bolivia
known as the Escala Mina I. This 500 hectare concession from the
National Mining Company of Bolivia (COMIBOL) is being prepared for
the mining and recovery of silver and zinc. Franklin also operates
Bolivia's San Antonio de Turiri, a privately owned antimony
mine.
The MOU calls for a three-phase scale up:
Phase I - consists of applying PLANET's metal recovery to
multiple 10 lb samples of FRANKLIN gravity concentrated ore samples
and assay resulting byproducts at commercial labs.
Phase II - Upon successful completion, PLANET and FRANKLIN
address the issues of equipment requirements.
Phase III - Upon successful deployment and completion of the
recovery and joint sale of over 200 tons of metals, FRANKLIN and
PLANET negotiate and enter into a revenue sharing formula from the
sale of metals.
Both companies anticipate the rapid execution of Phases
contained in the MOU and will report as the projects progress.
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc (the "Company") has developed a
proprietary product known as PetroLuxus(TM). The Company
manufactures and markets PetroLuxus(TM) which represents a
disruptive technology for use in petrochemical industries.
PetroLuxus(TM) is comprised of a series of compounds with a wide
array of applications, all of which benefit from its unique ability
to dislodge hydrocarbons from organic and inorganic materials. The
Company's Phase I revenue approach is comprised of three distinct
business units: i) Environmental Remediation ("ER"), ii) Enhanced
Oil Recovery ("EOR") and iii) Strategic Business Combinations.
PetroLuxus(TM) is a "Green Technology." It is a non-toxic,
nonflammable and environmentally friendly method of separating
hydrocarbons from both man-made and naturally occurring materials.
PetroLuxus(TM) truly is a Disruptive Technology. It will disrupt
currently accepted best practices and change the way hydrocarbons
are being managed and harvested throughout the world. Founded in
2005, the Planet corporate offices are located in Houston, Texas.
For more information visit: www.planetresource.com or
www.petroluxus.com.
About Franklin Mining, Inc: Franklin Mining, Inc. has mining
interests in the United States and Bolivia. Additional information
is available at www.FranklinMining.com.
Safe Harbor Statement
Certain statements in this release are "forward-looking"
statements as defined in the Private Securities Litigation Reform
Act of 1995. Such statements are subject to numerous risks and
uncertainties. Actual results may vary significantly from the
results expressed or implied in such statements. Factors that could
cause actual results to materially differ from forward-looking
statements include, but are not limited to, the Company's ability
to meet the terms and conditions required to obtain its project
financing, risks and delays associated with product development,
risk of market acceptance of new products, risk of technology or
product obsolescence, competitive risks, reliance on development
partners and the need for additional capital. Planet takes no
obligation to update or correct forward-looking statements, and
also takes no obligation to update or correct information prepared
by third parties that are not paid for by Planet.
Company Contact: Enrique M. Salinas III 281-996-5315 ext. 3006
Email Contact Media Contact: Rod Mitchell 281-350-5506 Email
Contact
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