SAN JOSE, Calif.--(BUSINESS WIRE)--Second graph, fourth sentence should read: According to the letter of intent, REE’s final purchase price will be agreed upon pending independent evaluations of these sites’ mineral deposits currently underway (sted According to the letter of intent, REE’s final purchase price will be agreed upon pending independent evaluations of the sites currently underway).
The corrected release reads:
GTSO SIGNS LOI TO ACQUIRE RARE EARTH EXPORTERS OF MONGOLIA
Former Joint Venture Partner Soon to Be a Wholly Owned Subsidiary
Green Technology Solutions Inc. (OTCQB:GTSO) today signed a letter of intent to acquire Rare Earth Exporters of Mongolia (REE) and make the company’s former joint venture partner a wholly owned subsidiary of GTSO.
Since February, GTSO and REE have worked together to procure and develop rare earth mining claims and operations inside the nation of Mongolia. Agents of the joint venture signed letters of intent to undertake new rare earth mining operations at four sites in the developing Asian nation. By acquiring REE as its subsidiary, Green Technology Solutions positions itself to become the sole owner of these four Mongolian properties’ potentially lucrative mining rights. According to the letter of intent, REE’s final purchase price will be agreed upon pending independent evaluations of these sites’ mineral deposits currently underway.
“Making Rare Earth Exporters of Mongolia a wholly owned subsidiary is an intriguing new opportunity that we feel is too good to pass up,” said GTSO President and CEO John Shearer. “GTSO is formulating plans now to make our first export shipment of rare earth ore from Mongolia, and we fully intend to take the lead in rare element production in the region. We anticipate that acquiring REE could make the development of these new mining operations a more streamlined and profitable venture for GTSO.”
Shearer announced earlier this week that he will travel to Mongolia next month to inspect the mineral-rich properties that GTSO plans to develop into rare earth mines. In acquiring mining rights to these sites, GTSO hopes to capitalize on skyrocketing rare earth prices and demand worldwide by exporting the elements to buyers in South Korea, Japan and the U.S. Shearer said on Tuesday that GTSO has already received inquiries from manufacturers around the world, including buyers from 3M and others.
“Global demand for rare earths is currently threatening to exceed supply,” Shearer said. “GTSO is working diligently to help secure an abundant, affordable supply of rare elements to the U.S. and its allies so that we do not fall behind in the race to create the next generation of cost-competitive green technologies.”
The 17 rare earth elements are critical to the manufacture of green energy technology such as hybrid car batteries, wind turbine generators, photovoltaic solar panels and more. They are also crucial to the production of flat-screen monitors, lightweight automobiles and smart weapons. Currently, more than 95 percent of the world’s supply of rare earths is produced in China. New caps, tax and regulations instituted by the Communist government there have helped cause the average price of rare earth elements in China to double since the end of 2010 as climbing oil prices fuel demand for alternative energy.
These market dynamics are making Mongolia a new frontier in rare earth exports. Many experts believe the mineral-rich nation contains rare element reserves that rival those of China, Mongolia’s neighbor to the south.
Earlier this year, GTSO and REE set up a transportation office in the Mongolian capital, Ulan Bator. The city serves as a major transportation hub in the region and is connected by rail to the Trans-Siberian Railway in neighboring Russia. GTSO plans to utilize that transportation infrastructure to convey Mongolian rare-earth mining products to the international Russian seaport of Vladivostok for export around the globe.
For more information on the joint venture’s rare earth transportation strategy, please visit http://www.rareearthresources.com.
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes Rare Earth Resources Ltd. (AMEX: REE), MV Rare Earth/Strategic Metals (NYSEArca: REMX), Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and China Shen Zhou Mining & Resources, Inc. (AMEX: SHZ).
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.