Electrometals in high-purity metals project in Canada
Sydney, May 15, 2007 (RWE via COMTEX) --
(RWE Aust Business News) Electrometals Technologies (ASX:EMM) and NeoFerric Technologies Inc, a privately-owned Canadian company, have entered into a Heads of Agreement to establish a high-purity metals project in Canada.
The objective is to establish a business to produce premium metals from readily available feedstock by combining the patented EMEW electrowinning technology, EMEW operational know-how, as well as the management and financial skills and resources of Electrometals.
High-purity metals have application in the electronics and computer chip industries.
Subject to legal and commercial advice in Canada, Electrometals and NeoFerric will form an entity, either a joint venture or a company, where the initial equity will be 50:50.
Electrometals will have the right to earn a 75pc equity in the entity by the expenditure of $C1 million, subject to a stage 1 commitment of $C100,000, to conduct a feasibility study.
Electrometals may withdraw after expenditure of this.
Electrometals will be the manager of the entity.
The particular experience brought to the project by NeoFerric include specialise leaching of metal=bearing solids for the selected dissolution of metals into solution, purification of metal-rich solutions to produce high-purity electrolyte and process flowsheet development.
Electrometals shares were steady at 10.5c.
EMM Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
