Geomega Resources Inc.: Development of Separation Process to Receive Financial Support
August 13, 2015 (Source: Marketwired) — Geomega Resources Inc. (“GéoMégA” or the “Company“) (TSX VENTURE:GMA) announces support for the development of its proprietary separation process of rare earth elements (“REE“) to maximise the value from its Montviel REE / niobium project. To this end, the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) is providing up to $200,000 to Innord Inc. over a period of 2 years to develop a process to separate the mixed REE concentrate into pure individual rare earth oxides. The separation process is the final stage in producing pure individual rare earth oxides that follows a metallurgical process to extract the REE and niobium from the ore and produce a mixed REE concentrate and niobium oxide that was already developed by GéoMégA (see May 20, 2015 news release).
Based on electrophoresis technology, Innord’s proprietary separation process has the potential to significantly reduce the capital required to build REE separation facilities compared to conventional techniques (i.e. fractional precipitation, ion exchange and solvent extraction), optimize REE recovery and improve the environmental performance of operations. As pure individual rare earth oxides are essential to REE downstream processors and end users, a sustainable and competitive separation process is fundamental to developing a value added REE industry in Canada and Quebec.
“Demonstrating credibility in process innovation through a junior exploration vehicle required multiple meetings, laboratory installations visits and a thorough review of our 2014 separation results and proposed prototype development program. This non-dilutive financial support will help Innord develop its proprietary separation process through the advisory services and technological expertise provided by NRC-IRAP. After years of relentless hard work culminating in Montviel’s hydrometallurgical leap as announced in May 2015, we are excited to be able to refocus again on the separation business.” comments Pouya Hajiani, Chief Technology Officer of GéoMégA and the inventor of the physical separation process. Additional funding from other key financial partners for the prototype, estimated at $1M, is expected in the coming months.
About Innord Inc.
GéoMégA transferred its proprietary separation process rights and laboratory equipment into Innord Inc., a wholly owned private subsidiary (see March 2, 2015 news release). The goal of Innord Inc. is to optimize the value of the proprietary separation process by facilitating its development through direct investments of key financial partners. Innord inc. holds all rights in the physical REE separation process based on electrophoresis. Electrophoresis is the migration of charged species (ions, proteins, particles) in solution in the presence of an electric field. Innord has filed patents in Canada and the United States to protect its novel separation process and is looking to file in other jurisdictions.
About GéoMégA (www.geomega.ca)
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GéoMégA is a mineral exploration and evaluation company focused on the discovery and sustainable development of economic deposits of metals in Québec. GéoMégA is committed to meeting the Canadian mining industry standards and distinguishing itself with innovative engineering, stakeholders’ engagement and dedication to local transformation benefits.
62,203,116 common shares of GéoMégA are currently issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding our intentions and plans. The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results may differ materially from results forecasted or suggested in these forward-looking statements and readers should not place undue reliance on forward-looking statements. We caution you that such forward-looking statements involve known and unknown risks and uncertainties, as discussed in the Company’s filings with Canadian securities agencies. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices, success and failure of the exploration and development carried out at various stages of the program, and general business, economic, competitive, political and social conditions. The Company expressly disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.
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