SAN JOSE, Calif.--(BUSINESS WIRE)--A new rare earth mineral assay commissioned by Green Technology Solutions’ (OTCQB:GTSO) joint venture in Mongolia confirms the presence of rare elements at the first of several mining properties that the company plans to develop in the Central Asian nation.
Last month, the Mongolian agent company for GTSO’s joint venture with Rare Earth Exporters of Mongolia (REE) signed a letter of intent to develop a new licensed rare earth mine in Mongolia’s Tuv province. According to the letter, the joint venture has the right to seek investors, scientists and other professionals in performing due diligence toward a definitive agreement with ArErkhes, LLC, the mine’s license holder. GTSO and REE commissioned a mineral assay of the site by SGS Mongolia Minerals to determine what rare earths are present in the property.
GTSO President and CEO John Shearer said Tuesday that the assay’s results were “better than expected.”
“We were very pleased to learn that the assay confirms concentrations of lanthanum, scandium, yttrium, cerium and other elements at the ArErkhes property,” Shearer said. “Initially, we did not expect that such a volume would be found there. Our next step will be to have a geologist analyze the report along with soil samples to determine the density of rare earths on the property.”
ArErkhes is a trading and mining company located in the Mongolian capital of Ulan Bator. The company claims to hold a special license to work the largest Tantalum mine in Mongolia and the world. The assayed property is the second mining property in Tuv to be pursued by GTSO and REE. In March, the joint venture executed a land lease agreement for another site in the province’s Erdenesant district. The Tuv province surrounds the capital city of Ulan Bator, Mongolia’s road and rail transportation hub and home to the joint venture’s transportation office. GTSO and REE plan to truck rare earth ore from mining properties across Mongolia to Ulan Bator, where they can be shipped by rail to the international seaport of Vladivostok, Russia, for export to South Korea, Japan, the U.S. and elsewhere.
In May, Shearer will travel to Mongolia to inspect properties the joint venture is working to develop into rare earth mines. Earlier this month, GTSO announced plans to acquire REE as a wholly owned subsidiary, potentially setting the company up to become the sole owner of mining rights to several mining properties in the developing Asian nation.
“Currently, we are working to assess the value of the rare earth deposits on four different properties in Mongolia,” Shearer said. “Those values will help us to determine a fair acquisition price for Rare Earth Exporters of Mongolia.”
Mongolia is a new frontier in rare earth exploration. Many industry experts believe that the former Soviet state contains rare earth deposits rivaling those of China, the world’s dominant producer of rare elements. By developing new sources of rare earths inside Mongolia, China’s neighbor to the north, GTSO aims to help ensure an abundant and affordable stream of the critical materials to the U.S. and its allies. For more information on GTSO’s plans to mine and transport Mongolian rare earth ore, please visit http://www.rareearthexporters.com.
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes MV Rare Earth/Strategic Metals (NYSEArca:REMX), Rare Element Resources Ltd. (AMEX: REE), General Dynamics Corp. (NYSE: GD) and Toyota Motor Corp. (NYSE: TMC).
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.
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