SURREY, British Columbia, April 16, 2020 (GLOBE NEWSWIRE) -- Mineworx Technologies Ltd., (the “Company” or “Mineworx”) (TSXV: MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) is pleased to announce the signing of a Letter of Intent (“LOI”) with Davis Recycling Inc. (“Davis”) of Johnson City, Tennessee to advance the business opportunity in the catalytic converter market.
Davis Recycling Inc. has been in the scrap recycling business for over 20 years, servicing 13 states throughout the U.S. eastern coast. The Company has well established relationships in over 25% of the continental USA allowing it to secure and supply the inventory of catalytic converters required to exceed the Company’s planned U.S. commercial processing plant output of 10 tonnes per day.
This LOI is a key piece of the company’s business development strategy in the U.S. catalytic converter marketplace. Upon completion of the definitive agreement the company will have a partnership that will solidify the Feedstock Procurement, Material Processing and Logistical Planning portions of the business strategy.
The Mineworx/Davis Partnership together will develop, build and operate a commercial pilot plant to recover platinum group metals (“PGM”) from catalytic converters. The plant will be located on the Davis 12-acre property near their recycling facility in Tennessee and will utilize the licensed EnviroLeach technology, which was announced on February 26.
Greg Pendura, President and CEO commented, “We are very pleased to announce this relationship with Davis, who are currently a dominate player in the United States in the processing of spent gasoline and diesel catalytic converters for the recovery of PGMs. The current global market for recovered PGMs from catalytic converters in in excess of $30 billion annually. Establishing a leading North American partner in this space provides a significant opportunity for Mineworx to introduce an eco-friendly and commercially viable alternative to the oversea smelters currently used in the processing of catalytic converters for valuable PGMs.”
“The anticipated partnership with Mineworx offers a tremendous opportunity in the diesel catalytic converter market,” commented Ben Davis, President of Davis Recycling Inc. “The overseas smelters and refiners are imposing increasing restrictions on the costly acceptance of these materials for processing. I look forward to working with Mineworx to establish a primary processing solution here in North America for the environmentally friendly recovery of PGM’s in this industry.”
About Mineworx
Mineworx is positioned for growth with its partnerships in the E-Waste and Catalytic Converter recycling sectors through its collaboration with EnviroLeach Technologies. By utilizing its patented and patent pending environmentally friendly portable extraction technologies in advanced mining projects, Mineworx will increase and enhance its business opportunities by deploying cost effective, extractive metallurgical solutions.
About Davis Recycling Inc.
Davis Recycling, based in Johnson City, Tennessee has been in the recycling business for over 20 years. They are a national purchaser of catalytic converters as well as scrap metal, electronic scrap and non-ferrous metals, serving thirteen states on the U.S Eastern Seaboard.
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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 press release contains certain statements which constitute forward-looking statements or information (“forward looking statements”), including statements regarding Mineworx’s business. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Mineworx’s control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Mineworx believes that the expectations in the forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. As such, readers are cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Mineworx does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.