Planet Resource Recovery and Franklin Mining Enter Into Definitive Joint-Venture Agreement to Develop and Operate Mine in Bolivi
April 08 2010 - 2:59PM
Marketwired
Planet Resource Recovery, Inc. (PLANET) (PINKSHEETS: PRRY),
developer, manufacturer and marketer of PetroLuxus™ and other
"Green" technologies for the remediation and recovery of the
planet's resources, announces today that the company and Franklin
Mining, Inc. have entered into a definite Joint Venture agreement
to develop and operate the San Antonia de Turiri Antimony mine in
Bolivia. The new agreement amends, replaces and supersedes the
Joint Venture Agreement entered into on January 27, 2010.
Under the new Joint Venture agreement, PLANET's wholly owned
subsidiary, Raptor Ventures, LLC will be the sole owner of the
Joint Venture. Raptor Ventures' management will administer all
operations at its sole and absolute reasonable discretion. Franklin
Mining has assigned all its rights and interests in the mine to
Raptor Ventures. Profits from the Joint Venture will be distributed
50% to Franklin Mining and 50% to PLANET after all operational
expenses have been satisfied prior to distribution.
The San Antonio de Turiri Antimony mine is situated on part of
Bolivia's primary antimony belt. It consists of three parallel
antimony vein structures approximately 1.5 kilometers in length and
3 meters in width. The main ore body ranges from 60% to 67% of pure
antimony. The surrounding shale host rock, secondary ore body,
consists of 5% - 10% antimony. To date, according to geological
studies and laboratory analysis, less than 5% of Turiri's reserves
have been mined.
Antimony is a chemical element that has a broad range of
applications in manufacturing of industrial and consumer products.
It is used in numerous industries such as semiconductors, flame
retardants, storage batteries, electronics, pharmaceuticals,
paints, ceramics alloys, rubber and small arms ammunition. Bolivia
is one of the five top producing countries in the world. China
dominates production of antimony and Bolivia produces approximately
3.5% of the annual world demand. Commodity pricing for antimony has
steadily risen from a little over US$ 1,000.00 per ton to present
day (January 2010) pricing of US $6,400.00 per ton.
Mining operations will be divided into two phases: primary ore
mining and secondary enhanced mining recovery. Primary ore recovery
will be the immediate mining of the high grade ore with estimated
initial production of 50 tonnes per month and incremental increases
of 50 additional tonnes per month.
Secondary enhanced mining recovery will commence upon the
deployment and implementation of Planet's enhanced mining
technology. While Planet's technology is being deployed, secondary
recovery ore will accumulate for recovery. The current ore ready to
be processed is estimated at 6,000 tonnes of antimony.
About Planet Resource Recovery, Inc.
Houston, Texas-based Planet Resource Recovery, Inc. is the
developer, manufacturer, and marketer of unique, environmentally
friendly proprietary chemical compounds and processes that will
usher in a new paradigm shift in industry. The company is primarily
focused on three distinct sectors: 1) Oil & Gas Industry with
PetroLuxus™, 2) Remediation of mining toxic byproducts and 3)
mining of base and precious metals. The company has developed
multi-dimensional compounds and their related processes,
technologies and methodologies to provide these sectors enhanced
benefits and revenue opportunities. 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.
Media Contact: Rod Mitchell 281-350-5506 Mediarod@aol.com A.S.
Austin Company 858-537-7439 PRRY@asaustinco.com
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