MONTREAL, Sept. 02, 2020 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“Geomega” or the “Corporation”) (TSX:V.GMA) (OTC: GOMRF), a developer of clean technologies for the mining, refining and recycling of rare earths, is pleased to announce that it is expanding and leveraging its Research & Development expertise. Geomega is currently evaluating the economic potential to extract and refine rare earths and other critical metals from a broader range of mining feeds, including mining and industrial waste streams (tailings). Geomega has begun to work with companies that are in production, and through testing at Geomega’s R&D test centre in Boucherville, the company will be evaluating the potential to extract value that is otherwise being lost today. Geomega’s intention is to apply its various technologies, through collaborative licensing and royalty agreements with several industrial partners, allowing for the extraction of valuable metals contained in their waste streams, which may not be economically, technologically, or environmentally feasible today.
“Geomega’s corporate goal is to develop innovative technologies for extraction and separation of rare earth elements and other critical metals essential for a sustainable future,” said Kiril Mugerman, President & CEO of Geomega. “The technologies in question will differ from the ISR technology that was developed for recycling of rare earths from permanent magnets. Nonetheless, irrespective of the metal or the source, we are adopting a consistent approach to reduce the environmental impact and to contribute to lowering greenhouse gases (GHG) emissions through recycling of the major reagents in the process and reducing net energy consumption.”
“It’s unfortunate that so many critical metals, in quite large quantities, are lost in mine tailings and other waste streams when they could potentially be recovered using innovative processing technologies,” said Dr. Pouya Hajiani, Chief Technology Officer of Geomega. “When the majority of these mines were put into production, the value of some of these metals in the ore were given very little, if any, consideration. The traditional extraction technologies were not adequate in addressing environmental impacts nor were they economic. Furthermore, climate change requirements are driving a growing demand in critical metals. As such, we are in discussions with more companies that have become interested in re-evaluating the economics of extracting rare earth and other critical metals from their various streams while reducing waste, if possible, in the most environmentally conscious way possible,” added Dr. Hajiani.
Geomega is already evaluating several feeds in the mining industry, e-waste, mining tailings and industrial waste that have significant value in metals such as cobalt, lithium, vanadium, nickel, niobium, titanium, tantalum, chromium and other metals.
“Geomega’s team has steadily grown along with its expertise in metal extraction, purification and sustainable processes,” said Mugerman. “Our original objective was to develop clean and environmentally sustainable metallurgical processes for rare earth elements but, as we had developed our expertise, we recognized that more opportunities are appearing for other metals which are both critical and required for many of the technologies being adopted today in the renewable energy and vehicle electrification sectors. Currently, our focus is to continue working with companies in production with active streams that need immediate and difficult to address solutions. Our research and development team needs to be commended for bringing the ISR technology to the point whereby the rare-earth magnet recycling project is approaching a gradual hand-off to engineers for construction. This would create opportunities to evaluate other metals and other rare earth streams that could ultimately bring revenues to the Corporation in the form of royalties and licenses. Geomega is in discussions with several potential industrial partners which would facilitate funding opportunities from the various levels of government, who support green innovation technologies in the metal extractive sector. Ultimately, this will maximize shareholder value and generate various potential revenue streams,” adds Mugerman.
About Geomega (www.geomega.ca)
Based in Boucherville and St-Bruno, Quebec, Canada, Geomega Resources has developed a proprietary, environmentally friendly “ISR Technology” that recycles rare earth elements with focus on the permanent magnet industry and produces four high demand, high price, rare earth elements (HHREE), specifically Nd, Pr, Tb and Dy.
The Corporation is advancing towards initial production from its demonstration plant to supply HHREE’s to North America and other parts of the world.
Geomega also owns the Montviel rare earth carbonatite deposit and holds over 16.8M shares, representing approximately 19% of the issued and outstanding shares, of Kintavar Exploration Inc. (KTR.V), a mineral exploration company that is advancing the Mitchi stratiform copper project in Quebec.
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This news release contains statements that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of the Corporation, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including as regards the commercialization of any of the technology referred to above, or if any of them do so, what benefits the Corporation will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Corporation’s annual management’s discussion and analysis for the fiscal year ended May 31, 2020, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. The Corporation does not intend, nor does the Corporation undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.