Globe Newswire 17-Apr-2018 3:45 PM
MONTREAL, April 17, 2018 (GLOBE NEWSWIRE) -- Dundee Sustainable Technologies Inc. ("DST or the Corporation") (CSE:DST) is pleased to announce that it has signed a letter of intent ("LOI") with GMR Inc. ("GMR") for the sale of a license to utilize DST's proprietary gold recovery and arsenic vitrification technology ("DST Technologies") on the Snow Lake tailings project (the "Project").
Through this agreement, DST received a $20,000 cash payment as an advance on right to utilise the DST Technologies on the Project. In addition, DST will earn 5% equity interest in the net income of the project. All metallurgical test work associated to the evaluation of the Project will be conducted under service contract agreements with GMR by DST at its technical facilities in Thetford Mines.
Mr. Brian Howlett stated, "This provides the Corporation with an additional project in its pipeline of future users of its pyrolysis and arsenic vitrification process. DST is looking forward to working with GMR to first sample and then complete a several tonne bulk sample. DST's goal is to prove that it can extract and vitrify the arsenic to ultimately create a clean concentrate that can be sold to the market."
Mr. David LeClaire, the CEO of GMR Inc. stated, "GMR believes that significant value can be extracted from these tailing which contain significant amounts of gold associated with a very high arsenic content."
The Project is located in Snow Lake, Manitoba and consists of arsenopyrite tailings known to contain residual gold and silver contents. The tailings pile is currently controlled by the Government of Manitoba. The Project is proposing a "no cost to the taxpayer" deal in return for the removal and stabilization of the arsenic, GMR could keep the recovered metals for its own account. Historic resource estimates were generated in 2012 estimating the Snow Lake tailings to contain 264,596 tonnes grading 9.76 g/t of gold and 2.17 g/t of silver. (All historical resources are categorized as Inferred resources using the meaning ascribed to that term by the Canadian Institute of Mining (CIM), due to the uncertainty which may attach to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resources will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and DST is not treating the historical resources as current mineral resources. Confidence in the historical estimates is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability.)
About Dundee Sustainable Technologies, a corporation controlled by Dundee Corporation
The Corporation is engaged in the development and commercialization of environment-friendly technologies for the treatment of materials in the mining industry. Through the development of patented, proprietary processes, DST extracts precious and base metals from mineralized material, concentrates and tailings, while stabilizing contaminants such as arsenic, which could not otherwise be extracted or stabilized with conventional processes because of metallurgical issues or environmental considerations.
DST has filed, published and was granted patents for these processes in numerous countries.
FOR FURTHER INFORMATION PLEASE CONTACT:
President and CEO
Dundee Sustainable Technologies
Tel: (514) 866-6001 # 239
Cell: (647) 227-3035
President and CEO
Cell: (647) 262-1579
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Corporation's control. These factors include: general market and industry conditions, risks related to continuous operations and to commercialization of new technologies and other risks disclosed in the Corporation's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Corporation's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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