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 provide shareholders with
the following update relating to the construction of the rare earth
recycling demonstration plant and certain other research and
development (R&D) initiatives of the Corporation.
Demonstration Plant Engineering
WorkDetailed engineering for the demonstration plant is
progressing well by both external and in-house engineers. Since the
completion of the pilot test work for which the results were
published in January 2021, the engineers have been reviewing all
the test work and results in order to complete and / or update
process computational models, stream tables, process flow diagrams
(PFD), heat and mass balance, process design criteria (PDC),
process control logic and diagrams (PCD), operating schedule,
off-gas handling and the associated safety reviews.
Initial quotes for the plant equipment have been
received and are being updated regularly based on any changes
arising from the above work, such as equipment sizing. With
technology selection now complete for the required equipment, the
Corporation will proceed to ordering the equipment as soon as the
aforementioned engineering work is finalized along with equipment
design review. Procurement is now expected to take place in the
fall of 2021.
The work over the last 6 months has demonstrated
that the technology can be scaled up to the demonstration plant. In
addition, during regular operation of the plant, it will not be
producing liquid effluent and will be able to produce a boron and a
cobalt compound as by-products. Finally, an internal study has
demonstrated the low greenhouse gasses (GHG) impact in comparison
to conventional mining.
Work in the lab is continuing on various magnet
feeds from different magnet manufacturers. The objective of this
work is to ensure that the technology can treat the multitude of
chemistries and sources that will need to be processed as the
demonstration plant capacity is ramped up from 1.5 to 4.5 tonnes
per day. The Corporation has been working on 4 different magnet
residue samples (swarf) provided by some of the largest magnet
manufacturers in Japan and western manufacturers operating in
China. With swarf representing one of the largest potential supply
streams in the future, testing the various streams was important to
evaluate the recoveries and economics. Each manufacturer’s stream
has its own peculiarities and the Corporation proposed and tested a
pre-treatment method where needed. Our engineering team’s
conclusion is that It appears that the rare earth recycling
technology is very robust and will be able to treat the various
aforementioned streams.
Research and Development
ActivitiesR&D activities on other streams of critical
and strategic metals is continuing as well. With the technical team
tripling in size over the last 18 months, part of the team is
dedicated to the demonstration plant work while the rest of the
team is working in parallel to leverage the gained expertise and
apply it to other potential feeds along with the Montviel rare
earths project. Following up on the work with bauxite residues,
which continues to advance, the Corporation is now applying its
iron friendly processing technology on streams that could provide
raw materials to other key industries that require critical metals,
such as the Li-ion batteries, in a more sustainable way. The
ability of the Corporation to recycle its main reagents is a key
component in potentially offering an environmentally friendly
solution to the mining industry.
“Creating new sustainable technology to recycle
rare earths is challenging and our team of researchers and
engineers has been successfully completing the required tasks with
the goal of establishing a solid foundation for our demonstration
plant in order for it to become a success. With the engineering
work advancing and as we are nearing procurement, our R&D team
is now constantly testing the potential of our technology and
establishing the foundation to ensure the long-term growth vision
for Geomega and its shareholders. Being fully funded for
construction, we are focused on reaching production from the
demonstration plant which will serve as the backbone of our
technology as we gradually try to apply it to Montviel, bauxite
residues and other materials.” commented Kiril Mugerman, President
and CEO of Geomega.
About Geomega
(www.geomega.ca)Geomega
develops innovative technologies for extraction and separation of
rare earth elements and other critical metals essential for a
sustainable future. With a focus on renewable energies, vehicle
electrification, automation and reduction in energy usage, rare
earth magnets or neo-magnets (NdFeB) are at the center of all these
technologies. Geomega’s strategy revolves around gradually
de-risking its innovative technology and delivering cashflow and
return value to shareholders while working directly with the main
players in these industries to recycle the magnets that power all
those technologies.
As its technologies are demonstrated on larger
scales, Geomega is committed to work with major partners to help
extract value from mining feeds, tailings and other industrial
residues which contain rare earths and other critical metals.
Irrespective of the metal or the source, Geomega adopts a
consistent approach to reduce the environmental impact and to
contribute to lowering greenhouse gases emissions through recycling
the major reagents in the process.
Geomega’s core project is based around the ISR
Technology (Innord’s Separation of Rare Earths), a proprietary,
low-cost, environmentally friendly way to tap into a C$1.5 billion
global market to recycle magnet production waste and end of life
magnets profitably and safely.
Geomega also owns the Montviel rare earth
carbonatite deposit, the largest 43-101 bastnaesite resource
estimate in North America and holds over 16.8M shares, representing
approximately 16% of the issued and outstanding shares, of Kintavar
Exploration Inc. (KTR.V), a mineral exploration company that is
exploring for copper projects in Quebec, Canada.
For further information, please
contact:Kiril MugermanPresident and CEOGeomega450-641-5119
ext.5653kmugerman@geomega.ca
Nancy Thompson Vorticom Public Relations
212-532-2208 nancyt@vorticom.com Twitter: @Geomega_REE
Cautions Regarding Forward-Looking
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Services Provider (as that term is defined in the policies of TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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.
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