SAN JOSE, Calif.--(BUSINESS WIRE)--The Mongolian agent company for Green Technology Solutions’ (OTCBB:GTSO) joint venture with Rare Earth Exporters of Mongolia (REE) engaged a mining and exploration consultant this week to assist in the companies’ ongoing efforts to expand rare earth production and exporting from the developing nation.
Exploration and mining consultant Batpurev Tsend-Ayush was hired by the joint venture to analyze the mineral content of rare earth mining properties optioned by GTSO and REE. A native Mongolian, Batpurev lives and works in the capital city of Ulan Bator, where the joint venture’s transportation office is located.
GTSO President and CEO John Shearer said Tuesday that the joint venture plans to put the independent contractor to work immediately.
“On Monday, the joint venture signed a letter of intent to develop a new licensed rare earth mine in Mongolia’s Tuv province, so we need Batpurev Tsend-Ayush to begin analyzing mineral reports from the new site as soon as possible,” Shearer said. “We’re also in negotiations already regarding other rare earth mining properties in Mongolia, as well, so we will be relying heavily on his expertise.”
GTSO and REE formed their joint venture to acquire rare earth mining claims and operations in Mongolia in February. Manufacturing demand for the critical materials has risen sharply in the last 20 years, and diminishing export quotas from China, the world’s largest rare earth producer, have led to rising prices and supply concerns. By developing new rare earth production in Mongolia, China’s northern neighbor, the joint venture plans to help secure essential rare earth supplies for manufacturers in the U.S., Japan, South Korea and elsewhere.
For more information on the joint venture’s Mongolian strategy, please visit http://www.rareearthexporters.com.
“LED light bulbs, emerging solar panels, and wind-turbine generators are just a few of the green technologies that depend upon rare earth elements,” Shearer said. “If the U.S. and its allies are unable to procure rare earths for manufacturing, we will be unable to match the green tech innovations developed in China.
“By helping us to uncover Mongolia’s vast deposits of these elements, Batpurev Tsend-Ayush will help GTSO and REE work to eliminate that possibility,” he said.
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes Rare Element Resources Ltd. (AMEX:REE), Nippon Telegraph and Telephone (NYSE:NTT), Sony Corp. (NYSE:SNE) and Rockwell Collins, Inc. (NYSE:COL).
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.