SURREY, British Columbia, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Mineworx Technologies Ltd., (the "Company" or "Mineworx") MWX MWXRF YRS is pleased to announce the signing of a Letter of Intent ("LOI") with EnviroLeach Technologies Inc.("EnviroLeach") ETI (OTCQB: EVLLF) (7N2: FSE) to develop and utilize EnviroLeach's patented technology to recover platinum group metals ("PGM") from catalytic converters. Upon completion of a definitive agreement Mineworx will fund, in phases, further development of the EnviroLeach technology to tailor it to the recovery of PGM including bench and pilot scale test work. Mineworx will also have the option to finance, construct, own and operate a proposed commercial production facility to process end of life catalytic converters utilizing EnviroLeach's proprietary technology under license.
Greg Pendura, President and CEO commented, "We are very pleased to announce this initiative, which has significant potential within the PGM market in excess of $30 billion annually. We are confident that with the support of the EnviroLeach team and their proprietary technology, we will be able to develop an eco-friendly and commercially viable process to extract and market platinum group metals for future use."
The completion of the transactions proposed under the LOI is subject to a number of conditions including the negotiation and execution of a definitive agreement and license agreement.
About Mineworx
Mineworx is positioned for growth through partnerships with advanced mining projects as well as E-Waste opportunities through its collaboration with EnviroLeach Technologies. By utilizing its patented and patent pending environmentally friendly portable extraction technologies, Mineworx will increase and enhance business opportunities by deploying cost effective, extractive metallurgical solutions.
About EnviroLeach Technologies Inc.
EnviroLeach Technologies is engaged in the development and commercialization of environmentally friendly formulas and technologies for the treatment of materials in the mining and recycling sectors. Using its proprietary non-cyanide, water-based, neutral pH treatment process EnviroLeach extracts precious metals from ores, concentrates, and E-Waste using only FDA approved additives and ambient temperature water.
Backed by the momentum of a first-class staff of scientists and engineers, tens of thousands individual assays, independent validations, and strategic partners and over $20 million in research and development, EnviroLeach's technology is emerging as a potential new standard for the provision of eco-friendly methods for the hydrometallurgical extraction of precious metals in both the conventional mining and E-Waste sectors. Further information is available on the EnviroLeach web site: https://enviroleach.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, go to www.mineworx.net
For further information contact:
MINEWORX TECHNOLOGIES LTD.
Rick Gliege, V.P. Corporate Development
250-751-3661
rick@mineworx.net
Forward Looking Statements:
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this news release contains forward-looking information regarding the HOA, including the proposed transactions contemplated by the HOA, the entering into of a definitive agreement and the License Agreement, and the construction of the Plant and the Pilot Plant. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Mineworx's current beliefs and is based on information currently available to Mineworx and on assumptions Mineworx believes are reasonable. These assumptions include, but are not limited to: Mineworx's current and initial understanding and analysis of the proposed project and the research required for such project; the costs relating to the proposed project; Mineworx's general and administrative costs remaining constant; and the market acceptance of Mineworx's business strategy.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Mineworx to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the availability of third party equipment, infrastructure and services; liabilities inherent in its operations; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Mineworx; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Mineworx's disclosure documents on the SEDAR website at www.sedar.com. Although Mineworx has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Mineworx as of the date of this news release and, accordingly, is subject to change after such date. However, Mineworx expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
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