MONTREAL, June 11, 2018 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“GéoMégA” or the “Corporation”) (TSX.V:GMA) is pleased to announce that Innord Inc. (“Innord”), a private subsidiary controlled by GéoMégA, will begin offering some limited amounts of neodymium oxide and cobalt compounds that are currently being produced at its facilities as larger volume tests are being completed. Innord is currently focused on separation process development and scaling and not commercial production. The sellable oxides are produced during daily operation while the process is being tested with different feeds from several magnet recyclers or producers. The main objective of this operation is to prove process scalability and robustness. On the other hand, having our product in the hand of end-users and receiving feedback from them will help us modify and optimize the process if necessary.
A new section on our website is now available for potential clients and research institutions to request additional information regarding purchasing neodymium oxide, cobalt sulphate, cobalt oxide and cobalt hydroxide of various purities. This page can be accessed here: https://ressourcesgeomega.ca/order-ree-oxide/
“This is another major step in our development of the ISR technology. As we advance our scale up testing, we are producing more and more material that we can now start offering to various groups who need the material for research or product testing purposes. Furthermore, we are proud to say that this neodymium oxide is produced in Canada through recycling, a major step in diversifying supply of rare earth elements and making it more environmentally sustainable. We are proud of our achievements and believe that we are on the right track to bring commercial production of rare earth elements to Canada in the future.” commented Kiril Mugerman, President and CEO of GéoMégA and Innord.
About GéoMégA (www.geomega.ca)
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.
About Innord Inc.
Innord is a private subsidiary of GéoMégA of which GéoMégA owns 96.1%. The goal of Innord Inc. is to develop and optimize the proprietary separation process of rare earth elements based on electrophoresis, for which it holds all the rights. 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.
| For further information, please contact: | ||
| Kiril Mugerman | ||
| President and CEO | ||
| GéoMégA | ||
| 450-641-5119 ext.5653 | ||
| kmugerman@geomega.ca |
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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 additional closings of the private placement 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, 2017, 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.