BURNABY, B.C., Oct. 11, 2017 (GLOBE NEWSWIRE) — Mineworx Technologies Ltd., (the “Company” or “Mineworx“) (TSXV:MWX) (OTCQB:MWXRF) (FSE:YRS WKN: A2DSW3), a leading provider of proprietary, cost-effective, and non-toxic precious metals extraction solutions to the E-Waste and mining industries, today released a Corporate Update from Greg Pendura, its CEO.
Dear Investors and fellow shareholders;
The announcement of the strategic Joint Venture (the “JV”) between Mineworx and EnviroLeach Technologies Inc. (CSE.ETI) (OTCQB:EVLLF) (FSE:7N2 WKN: A2DQUC) solidified the ongoing collaboration between the two companies in the E-Waste sector. As you might imagine, we are all very excited to be working together at what could mark an historic turning point in this industry. After years of development, our environmentally superior technology now presents us with the opportunity to become recognized leaders in the space. That is a big expectation, but verifiable in coming quarters as we roll out commercial versions of our technology. So, we are just months away from gaining a better understanding of the true size of our potential role in this massive market.
E-Waste recycling is already a nearly $20 billion annual business, but is projected to expand very rapidly to as much as $49 billion by 2020. Our companies offer the most ecologically sensitive solution the industry has seen to date, without sacrificing efficiency. We believe that is a winning combination that will generate intense interest in the E-Waste industry as our footprint of operating facilities expands.
Our team has done a tremendous job in a short period of time to make this vision a reality, as we exit the proof-of-concept stage and enter a commercialization phase that we believe will stretch many years into the future. Investors who follow our story carefully saw the first milestone reached with EnviroLeach’s August 31, 2017 global partnership announcement. The following links provide an update for anyone new to our story:
To view the JV news release of June 14, 2017 CLICK HERE
To view the E-Waste processing news release of August 31, 2017 CLICK HERE
After the spin out of EnviroLeach Technologies, the importance of the X-mill grinding technology in the E-Waste recycling process became apparent. The grinding component is an integral part of this process and a key differentiator that increases the effectiveness of the technology. The decision to pursue the JV for the E-Waste sector came about through the realization that by combining both companies’ unique technologies and skill sets, we could provide a turn-key, first-to-market and eco-friendly alternative for the recovery of precious metals in the E-Waste recycling industry. The toxicity of E-Waste recycling is considered one of the world’s leading environmental issues, so finding a green solution has been a high priority for industries and governments in every part of the world where electronic devices are used or built. Once our modular system is installed and fully commissioned, it will be the largest and only environmentally friendly chemistry based E-Waste recycling processing operation in North America.
Not to oversimply our technologies, but a very quick overview on the processing of E-waste using our System involves two primary components- a Dry stage and a Wet Stage.
The Dry Stage
The function of this stage is to prepare the electronic materials through shredding, separation, grinding and classification. The key objective is to grind materials to an optimal size in order to increase metal recovery efficiencies in the Wet Stage. There are various aspects to the dry material preparation, but the most important involves the Mineworx patent pending X-mill fine grinding procedure. We have been able to adapt the X-mill from its original use in traditional mining operations to E-Waste applications and now have a method of producing a “powder” material that significantly enhances the effectiveness of recovering precious metals from E-Waste.
The Wet Stage
This is EnviroLeach’s non-toxic, eco-friendly patent pending chemistry and process stage. The process begins once the “powder” from the Dry Stage is immersed into the solution, which begins the liberation of precious metals. Further along in the circuit the precious metals become suspended in the solution and finally the precious metals are recovered from the solution. After this stage of the recovery, the solution is ready for reuse and the procedure begins again with new material being supplied from the Dry Stage.
It is very important for our shareholders and investors to appreciate the significance of the JV and the subsequent global partnership EnviroLeach has with its Fortune 200 partner. The extensive due diligence and analysis undertaken by all parties throughout the implementation process has been extremely comprehensive. We are currently in the final stage of the project, moving from a lab pilot plant to full scale operations, with a plant design that can easily be replicated at any suitable location. Engineering and design on the full scale modular plant has been completed by Mineworx and fabrication is currently underway in our Vancouver facility. Installation in the Memphis plant is scheduled for December, with full commissioning expected to be completed in early 1st quarter 2018.
As previously mentioned, when the impact of the X-mill became apparent in revolutionizing E-Waste processing, the management of Mineworx made the decision to focus all of its resources on this rapidly growing segment, with the mining application on hold for the near term. Pursuing both markets simultaneously would strain company resources and slow adoption of our technology in both segments. E-Waste presented such an extraordinary and rapid path to commercialization that the decision to push as quickly as possible into this market became an essential focus. To achieve our objectives for rapid and sustainable growth, we reshaped our strategy and created a detailed business plan that maximizes the use of our resources, both human and financial. The positive results of this decision are just now beginning to be realized and will only increase as we continue to move forward.
We would also like to stress to investors that this JV represents multi-stage revenue streams, with separate timelines. Once the initial facility is running per expectations and production has been increased to projected levels, we will begin earning an ongoing recovery royalty stream for material processed at the customer site. The Mineworx/Enviroleach JV will gain a second revenue stream from JV owned facilities processing lower grade materials. “Lower grade” is really a misnomer, since the anticipated average yields will be approximately 4oz. of gold per tonne of feedstock, which is unheard of in traditional mining. Initial plans are for two such facilities, one in Vancouver and the other in the U.S. With a guaranteed feedstock supply already contracted, this becomes a robust and very scalable business opportunity.
While all precious metal recovery is subject to prevailing market prices, the real key here is that both of these revenue streams have a strong recurring supply of E-Waste feedstock that will enable our plants to operate at high capacity. Consistency of supply is a major element in the success of our technology, so locking in feedstock in these large quantities significantly de-risks our operating plan.
This is an exciting time for all us, as our technology finally begins the ultimate test in a commercial operation. We believe that this will mark the very beginning of a revolutionary change in E-Waste processing. Our mining segment will get a later start under our current plan, but investors should remember that this second market represents an opportunity of similar unmet need and size. Any success in E-Waste will enhance our reputation and interest in our technology in this massive second market, so the importance of our first commercial ventures cannot be overstated. Management will provide further information on the economic significance of the various revenues steams associated with the Mineworx/EnviroLeach JV in future updates. We invite investors to monitor our corporate communications for timelines and additional information as our roll-out commences in coming weeks.
Mineworx is positioned for growth through partnerships with advanced mining and e-Waste opportunities utilizing its licensed cyanide-free precious metals extraction formula and patent-pending portable extraction technologies. These three innovations will increase and enhance business opportunities by deploying cost effective, environmentally friendly extractive metallurgy solutions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 Iberian’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.
For further information, go to www.mineworx.net
For further information contact:
MINEWORX TECHNOLOGIES LTD.
Rick Gliege, V.P. Corporate Development