LINDON, Feb. 26, 2014 (GLOBE NEWSWIRE) -- MineralRite Corporation ("MineralRite") (OTCQB: RITE) and its wholly owned subsidiary, Goldfield International ("Goldfield") are pleased to announce the recently formed strategic partnership with GPX Gold Royalty Corp. ("GPX") has produced its first purchase order in excess of $215,000 and was accompanied with customary deposit. The purpose of this mutually beneficial partnership is to collaboratively unlock revenue from gold and mineral production. Through its expertise, Goldfield will complement the royalties secured by GPX by providing proven custom engineered equipment packaging, mine-site consulting and mineral processing knowledge.
GPX, (http://www.gpxroyalty.com/Current-Offerings.html), a private Canadian company building a portfolio of metals recovery royalties, will bring production projects and capital to the partnership, thereby delivering revenue opportunities in collaboration with qualified gold and mineral asset owners. The GPX metals recovery royalty (MRR) goes beyond a source of funding for these asset owners by additionally delivering engineering, equipment and other key industry relationships.
GPX President and CEO Raymond Pecoskie, P.Eng previously had commented, "Evolving this relationship with Kent Harmon and his team significantly bolsters GPX's already strong network of execution partners by delivering to our asset partners a perfectly suited US based equipment manufacturer with a proven track record of job success. Having spent time at the Goldfield facility in Lindon, I am very confident in our joint ability to create a win/win for our collective firms and Shareholders."
Also announced following considerable asset due-diligence, GPX reached an agreement on MRR terms with a well qualified asset partner in Arizona, which will act as the first project jointly executed by GPX, MineralRite and Goldfields. This Arizona project, high grade gold, will be developed in multiple phases as per the mine development plan commencing early in 2014 with Phase 1A.
This strategic partnership between MineralRite, Goldfield and GPX will first and foremost deliver the equipment required for Phase 1A gold production in Arizona, while at the same time collaborative consideration will be given to undertaking future phases and additional mineral production projects in the US and other mine friendly locations.
"Our equipment is in very high demand due to the current international gold rush. Used and available equipment is highly sought after because they can receive it immediately and avoid new build out times. This makes it very attractive during the opening of the winter trails in Alaska, as well as during the heavy rain patterns in the southern hemisphere that allow prime opportunities for the transportation of equipment to mine sites while operations are down," stated Kent Harmon President of Goldfield International.
About MineralRite Corporation:
MineralRite Corporation is engaged in the processing, certification and sales metals including copper, gold, silver, and the platinum group metals. Using various proprietary and ecologically friendly processes and technologies, the Company extracts precious metals from mining operations ore, reclaimed mine tailings and high value concentrate material. Visit us at: http://www.mineralrite.com/
About Goldfield International:
Goldfield International machinery is professionally engineered and built to withstand years of the most rugged conditions and heavy use. All equipment is built in our Lindon, Utah plant -- from the engineering draft to final coat of paint. With a proven track record for efficient, quality machinery, fast response time and reasonable pricing, Goldfield International has supplied recovery equipment for a number of the largest placer mining projects in the world.
Media Services by: S.T.A.T. and Vitello Capital LTD
Safe Harbor Statement:
Under the Private Securities Litigation Reform Act of 1995: MineralRite Corporation encourages those interested in our Company to rely only on information included in our filings with the United States Securities and Exchange Commission which can be found at www.sec.gov. Statements released by MineralRite Corporation that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions, and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.