Montreal, March 2, 2015 – Geomega Resources Inc. (“GéoMégA” or the “Company”) (TSX.V: GMA) announces the creation of Innord Inc., a wholly owned private subsidiary, and the subsequent transfer of its separation rights and laboratory equipment. All current and future research and development initiatives of the Company will now go through Innord Inc., starting with the scale-up of its proprietary physical separation process.
“The goal of Innord Inc., the innovation arm of GéoMégA, is to optimize the value of the separation process by facilitating its development through direct investments of key financial partners.” comments Simon Britt, President and CEO of GéoMégA.
Customized reactor calibrated and operational
Pursuant to the January 14, 2015 news release, the Company completed the installation and calibration of its customized reactor. Batch process (up to 1 kg) with Montviel ore has started. The rare earth elements (REE) concentrate produced based on the Montviel flow sheet will solidify the REE recovery numbers and provide sufficient quantities for separation and quality certification testing.
About GéoMégA’s physical separation process
Based on free flow electrophoresis technology, GéoMégA’s physical separation process has the potential to reduce the capital required to build separation facilities compared to conventional techniques (i.e. fractional precipitation, ion exchange and solvent extraction), optimize REE recovery and improve the environmental performance of operations. Electrophoresis is the migration of charged species (ions, proteins, particles) in solution in the presence of an electric field.
About the Montviel rare earth element project (100% interest)
Montviel, located approximately 100 km north of Lebel-sur-Quévillon, Quebec and benefits from permanent access, public infrastructure and skilled labour in the immediate project area. The initial NI 43-101 resource estimate published in September 2011 identified (base case) 445,958 tonnes of neodymium oxide in the indicated category and 160,347 tonnes of neodymium oxide in the inferred category.
About GéoMégA (www.geomega.ca)
GéoMégA is a mineral exploration and evaluation company focused on the discovery and sustainable development of economic deposits of metals in Québec. GéoMégA is committed to meeting the Canadian mining industry standards and distinguishing itself with innovative engineering, stakeholders’ engagement and dedication to local transformation benefits.
56,989,560 common shares of GéoMégA are currently issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
|Simon Britt||Kiril Mugerman|
|President and CEO||Director of Corporate Development|
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding our intentions and plans. The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results may differ materially from results forecasted or suggested in these forward-looking statements and readers should not place undue reliance on forward-looking statements. We caution you that such forward-looking statements involve known and unknown risks and uncertainties, as discussed in the Company’s filings with Canadian securities agencies. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices, success and failure of the exploration and development carried out at various stages of the program, and general business, economic, competitive, political and social conditions. The Company expressly disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.