SAN JOSE, Calif.--(BUSINESS WIRE)--In its latest bold move to develop stable sources of rare earth elements outside of China, Green Technology Solutions, Inc. (OTCQB:GTSO) announced today that the company signed a letter of intent to acquire the Rio Del Monte Mining properties near Salome, La Paz County, Ariz.
GTSO first declared its interest in the Arizona mining claims last month. According to the letter of intent, the company is entitled to a 60-day due-diligence period to execute a commercial real estate purchase contract.
The Rio Del Monte properties and assets comprise 400 deeded acres and 20 federal patent claims as well as the associated rights needed to operate the mine. Though gold and silver were once mined at Rio Del Monte, the site has most recently been used as a gravel operation. Once the purchase is completed, that will change, said GTSO President and CEO John Shearer.
“The Rio Del Monte properties are to serve as the cornerstone of our efforts to develop domestic sources of rare earth elements within the United States,” Shearer said. “For too long, interests in the U.S. have allowed China to dominate global rare earth production, only to watch export quotas fall while demand rises. We envision Rio Del Monte as a key component of our strategy to help break China’s stranglehold on U.S. access to these critical materials.”
The next step for GTSO will be to conduct field work at Rio Del Monte, including assays and reserve studies. Though the properties have never before been mined for rare earths, Shearer believes strongly in the site’s potential as a profitable operation.
“Our initial analysis confirms that rare earth elements are found in abundance on these properties,” he said. “The manufacturing demands of cutting-edge and future electronics and green-energy technology may well put rare earths at the center of a new 21st Century gold rush, and GTSO will not be left behind.”
GTSO is moving aggressively to the front of that rush. In February, GTSO formed a joint venture with Rare Earth Exporters of Mongolia to develop new rare earth mines inside that developing nation. On Monday, the joint venture announced that its agent company signed a letter of intent to help finance, market and develop a new mining property in Mongolia’s Dornogobi province. It was the companies’ second Mongolian LOI in as many weeks: On March 15, agents for the joint venture signed a letter of intent to develop another mining property in the mineral-rich nation’s Tuv province.
More on the joint venture’s mining and transportation plans in Mongolia can be viewed at http://www.rareearthexporters.com.
“China may produce more than 97 percent of the world’s rare earth supplies today, but there exist considerable reserves of rare earth elements in the U.S., Mongolia and elsewhere,” Shearer said. “When we accomplish our goals, China’s hardball export strategies will no longer threaten the supply of rare earths critical to the technological development of the U.S., Japan, South Korea and our allies.”
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes Molycorp, Inc. (NYSE:MCP), Rare Element Resources Ltd. (AMEX:REE), Avalon Rare Metals, Inc. (AMEX:AVL) and Freeport-McMoRan Copper & Gold (NYSE:FCX).
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.