Green Technology Solutions, Inc. (OTCQB:GTSO) President and CEO John Shearer said today that the company’s joint venture with Rare Earth Exporters of Mongolia (REE) hired SGS Mongolia Minerals to analyze the mineral content of a new mining property inside the Asian nation that the joint venture hopes to help develop.
The Mongolian agent company for GTSO and REE signed a letter of intent earlier this week to assist in the marketing and development of a new licensed rare earth mine in Mongolia’s Tuv province. According to the letter, the joint venture has the right to have scientists and other experts evaluate the site’s rare earths mining potential.
Shearer said Thursday that SGS will study the property’s mineral content as part of the joint venture’s due diligence.
“We’re employing this laboratory to analyze the new site’s properties and let us know how many parts per million of the soil comprises rare earth elements,” he said. “It is our hope that the results of their analysis will conclude that mining this site for rare earths will be an economically feasible endeavor.”
Mongolian trading and mining company Ar Erkhes owns the rights to mine the property in Tuv. If the mineral analysis reports from SGS are favorable, GTSO and REE could seek a definitive agreement with Ar Erkhes to finance, market and develop the mine.
“If the presence of profitable amounts of rare earths is confirmed at this property, we will want to get shovels in the ground there as quickly as possible,” Shearer said.
Ar Erkhes’ property is the second site inside Mongolia’s Tuv province that the joint venture has explored. Last week, GTSO and REE signed a land lease agreement for a mineral-rich property in Tuv’s Erdenesant district. The joint venture has targeted Tuv as a prime strategic location for mining activities due to its proximity to Mongolia’s capitol, Ulan Bator. The city is Mongolia’s road and rail hub as well as the home of the joint venture’s Mongolian transportation office.
More information on the joint venture’s rare earths transportation strategy in Mongolia can be viewed at http://www.rareearthexporters.com.
Shearer said that efforts to acquire mining claims throughout the Asian nation are ongoing.
“We hope to announce our investment in additional properties in Mongolia very soon,” he said.
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes Rare Element Resources Ltd. (AMEX:REE), Hitachi, Ltd. (NYSE:HIT), Orix Corp. (NYSE:IX) and Ivanhoe Mines Ltd. (NYSE:IVN).
About Green Technology Solutions, Inc.
Green Technology Solutions, Inc. (GTSO) is an OTCQB publicly traded company. OTCQB is the middle tier of the OTC market. OTCQB companies report to the SEC or a U.S. banking regulator, making it easy for investors to identify companies that are current in their reporting obligations. GTSO acquires, develops and implements the newest clean mining technology to enable our partner clients to expand operations throughout the world. Environmental restrictions represent the largest restriction to mining industry growth and operations. GTSO focuses on overcoming these environmental restrictions with brilliant cutting-edge clean mining technology.
For more information, please visit http://www.GreenTech-Solutions.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Contacts:
John Shearer,
408-432-7285
President and CEO
