GTSO JV Signs Another New LOI to Develop Rare Earth Mine in Northern Mongolia
Less than a week after announcing a letter of intent to help develop a third new rare earth mining property in Mongolia, the joint venture formed by Green Technology Solutions Inc. (OTCQB:GTSO) and Rare Earth Exporters of Mongolia (REE) today disclosed a fourth site.
The joint venture's agent company signed a letter of intent to help finance, market and develop a new mineral-rich site in the Bulgan province, located in northern Mongolia. The property is part of the province's Dashinchilen district, home to a population of about 2,300. The letter was co-signed by the executive director of Bouo LLC, the company that owns the property's mining rights. GTSO and REE now have the right to scientifically evaluate the site's mining potential in performing due diligence toward a definitive agreement. Bouo LLC will retain authority to mine the location with the joint venture entitled to a share of the profits.
The Bulgan site is the fourth Mongolian property being evaluated currently by GTSO and REE. The joint venture is also analyzing two sites in the country's Tuv province and another in Dornogobi.
"This will likely be our last letter of intent signed in Mongolia until we're able to review the mineral contents of each site," said GTSO President and CEO John Shearer. "We will continue, however, to seek out promising rare earth mining properties throughout the country and elsewhere. Mongolia is key to our plans to help break China's stranglehold on the world's supply of rare earth elements."
A minerals lab will analyze the Bulgan site's properties and report to the joint venture how many grams per ton of the soil comprise rare earth elements, Shearer said.
GTSO and REE plan to ship their first batch of rare earth ore from Mongolia to the international seaport of Vladivostok, Russia, in April. More on the joint venture's mining and transportation plans in Mongolia can be viewed at http://www.rareearthexporters.com.
March has been a busy month for Green Technology Solutions as the company works to help ensure a more secure and stable supply line of rare earths to the U.S. and its allies independent of China, the world's dominant producer of the critical elements. On Tuesday, GTSO announced a letter of intent to acquire the Rio Del Monte Mining properties near Salome, La Paz County, Ariz.
"As the usage of green energy technology and electronics continues to grow across the globe, the demand for rare earth elements is set to rise exponentially," Shearer said. "Moving forward, it will not be feasible for the U.S. and its allies to allow China to continue to control 97 percent of global rare earth production and still expect to remain competitive technologically. The development of profitable rare earth mines in Mongolia will play a large role in ushering in a new clean energy economy around the world."
Rare earth elements are crucial to the manufacture of cutting-edge technology including high-temperature magnetic materials, low-cost LED lighting systems, high-efficiency solar panels, large-scale wind turbines and more. China has strategically slashed its rare earth export quotas in recent years in the face of rising demand. GTSO and REE formed their joint venture in February in order to capitalize on these market conditions.
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes Molycorp Inc. (NYSE:MCP), Panasonic Corporation (NYSE:PC), Northrop Grumman Corporation (NYSE: NOC) and Avalon Rare Metals, Inc. (AMEX:AVL).
About Green Technology Solutions, Inc.
Green Technology Solutions, Inc. (GTSO) is an OTCQB publicly traded company. OTCQB is the middle tier of the OTC market. OTCQB companies report to the SEC or a U.S. banking regulator, making it easy for investors to identify companies that are current in their reporting obligations. GTSO acquires, develops and implements the newest clean mining technology to enable our partner clients to expand operations throughout the world. Environmental restrictions represent the largest restriction to mining industry growth and operations. GTSO focuses on overcoming these environmental restrictions with brilliant cutting-edge clean mining technology.
For more information, please visit http://www.GreenTech-Solutions.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Green Technology Solutions, Inc.
John Shearer, 408-432-7285
President and CEO
© Business Wire 2011
The joint venture's agent company signed a letter of intent to help finance, market and develop a new mineral-rich site in the Bulgan province, located in northern Mongolia. The property is part of the province's Dashinchilen district, home to a population of about 2,300. The letter was co-signed by the executive director of Bouo LLC, the company that owns the property's mining rights. GTSO and REE now have the right to scientifically evaluate the site's mining potential in performing due diligence toward a definitive agreement. Bouo LLC will retain authority to mine the location with the joint venture entitled to a share of the profits.
The Bulgan site is the fourth Mongolian property being evaluated currently by GTSO and REE. The joint venture is also analyzing two sites in the country's Tuv province and another in Dornogobi.
"This will likely be our last letter of intent signed in Mongolia until we're able to review the mineral contents of each site," said GTSO President and CEO John Shearer. "We will continue, however, to seek out promising rare earth mining properties throughout the country and elsewhere. Mongolia is key to our plans to help break China's stranglehold on the world's supply of rare earth elements."
A minerals lab will analyze the Bulgan site's properties and report to the joint venture how many grams per ton of the soil comprise rare earth elements, Shearer said.
GTSO and REE plan to ship their first batch of rare earth ore from Mongolia to the international seaport of Vladivostok, Russia, in April. More on the joint venture's mining and transportation plans in Mongolia can be viewed at http://www.rareearthexporters.com.
March has been a busy month for Green Technology Solutions as the company works to help ensure a more secure and stable supply line of rare earths to the U.S. and its allies independent of China, the world's dominant producer of the critical elements. On Tuesday, GTSO announced a letter of intent to acquire the Rio Del Monte Mining properties near Salome, La Paz County, Ariz.
"As the usage of green energy technology and electronics continues to grow across the globe, the demand for rare earth elements is set to rise exponentially," Shearer said. "Moving forward, it will not be feasible for the U.S. and its allies to allow China to continue to control 97 percent of global rare earth production and still expect to remain competitive technologically. The development of profitable rare earth mines in Mongolia will play a large role in ushering in a new clean energy economy around the world."
Rare earth elements are crucial to the manufacture of cutting-edge technology including high-temperature magnetic materials, low-cost LED lighting systems, high-efficiency solar panels, large-scale wind turbines and more. China has strategically slashed its rare earth export quotas in recent years in the face of rising demand. GTSO and REE formed their joint venture in February in order to capitalize on these market conditions.
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes Molycorp Inc. (NYSE:MCP), Panasonic Corporation (NYSE:PC), Northrop Grumman Corporation (NYSE: NOC) and Avalon Rare Metals, Inc. (AMEX:AVL).
About Green Technology Solutions, Inc.
Green Technology Solutions, Inc. (GTSO) is an OTCQB publicly traded company. OTCQB is the middle tier of the OTC market. OTCQB companies report to the SEC or a U.S. banking regulator, making it easy for investors to identify companies that are current in their reporting obligations. GTSO acquires, develops and implements the newest clean mining technology to enable our partner clients to expand operations throughout the world. Environmental restrictions represent the largest restriction to mining industry growth and operations. GTSO focuses on overcoming these environmental restrictions with brilliant cutting-edge clean mining technology.
For more information, please visit http://www.GreenTech-Solutions.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Green Technology Solutions, Inc.
John Shearer, 408-432-7285
President and CEO
© Business Wire 2011
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