WINSTON-SALEM, N.C., Oct. 18, 2010 (GLOBE NEWSWIRE) -- Plateau Mineral Development, Inc. (Pink Sheets:PMDP) issued a statement today providing an update on the Converter project.
Three-hundred million tires are discarded annually. The average tire weighs 22.5 pounds. In small quantities, the truck tire feed stock cost is about $300/ton "chipped" and each ton produces 1.3 bbl of solvent. The same ton also produces 900 lb of carbon black. Carbon black sells for approximately $0.46 per pound, consequently paying for itself and generating the solvent as a "bonus."
Plateau's converter will also generate solvent and enough natural gas to operate in remote sites without additional power. The proposed unit is capable of processing approximately 6.25 lbs of product per minute. At 6.25 lbs per minute, 3,000 lbs per work day can be generated and transformed into approximately 7 gallons of solvent which sells for approximately $40/gallon, generating $7885.60 in revenue per day, which can lead to $157,712 per month. Solvent can be used to dissolve parrafins and to reduce the viscosity of heavy oils.
A prototype unit was put to the test, showing that the converter yields more than 95% of usable product after it converts the materials put into it. The fully-operational converter is the size of a truck bed. However, the goal is to fabricate and test a portable unit that can be taken to remote sites for conversion and environmental cleanup jobs.
To learn more about Plateau Mineral Development, please visit www.plateaumineral.net.
About Plateau Mineral Development, Inc.: Plateau Mineral Development, Inc. specializes in the exploration and development of energy sources. Its partner, Plateau Mineral Development LLC, has been in existence for over five years with successful new wells and rework wells selling both gas and oil.
Safe Harbor Statement: This information includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives and goals of the Company management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include but are not limited to risks and uncertainties associated with the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Forward-looking statements are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.