VANCOUVER, Canada--(BUSINESS WIRE)-- NanoStruck Technologies Inc. (the “Company” or “NanoStruck”) (CSE:NSK) (OTCQX:NSKTF) (Frankfurt:8NSK) announces a non-binding Letter of Intent (LOI) signed with Purple Grid Trading Pvt Ltd (“Purple Grid”), a Zimbabwean company offering financed solutions for infrastructure development in the energy, mining and construction industries in Zimbabwe and the 15 states of the South African Development Community (SADC region) whereby Purple Grid is focused on using NanoStruck’s technology for extracting gold from refractory gold tailings. NanoStruck will receive 50% of all revenue realized from the Projects in US dollars.
The LOI describes that Purple Grid Trading agrees to cooperate with NanoStruck for the purpose of utilizing the Company’s NanoMet technology to extract gold and other precious metals from the tailings that arise from mining projects accessed or owned by Purple Grid Trading in Zimbabwe (the “Projects”).
John Mapondera, Executive Chairman of Purple Grid Trading Pvt Ltd said: “The preliminary NanoMet test results show the potential for significant recovery of precious metals from tailings which will give us a novel nano-technology solution with a strong competitive edge.”
Bundeep Singh Rangar, interim CEO and Chairman of the Board said: "This is a great opportunity for NanoStruck to demonstrate its unique technology and expertise in one of Africa’s important mining economies. This large win for us really demonstrates the immense opportunity present for the NanoMet division.”
The LOI also provides that the formal agreement shall contain mutually acceptable licensing fees and technology cost provisions. Additionally, execution for a formal agreement is subject to satisfaction of the parties as to the feasibility of the technology to be used in relation to the first Project and the availability of financing for the first Project.
According to Zimbabwe’s Ministry of Mines and Mining Development, mining contributed about 20% of the country’s US$11 billion Gross Domestic Product and nearly 60% of its US$3.3 billion worth of exports.
About the Company
NanoStruck Technologies Inc. is a Canadian Company with a suite of technologies that remove molecular sized particles using patented absorptive organic polymers. These versatile biomaterials are derived from crustacean shells or plant fibers, depending on requirements of their usage. Acting as molecular sponges, the nanometer-sized polymers are custom programmed to absorb specific particles for remediation or retrieval purposes. These could be to clean out acids, hydrocarbons, pathogens, oils and toxins in water via its NanoPure solutions or to recover precious metal particles in mine tailings, such as gold, silver, platinum, palladium and rhodium using the Company’s NanoMet solutions.
By using patented modifications to conventional technologies and adding polymer-based nano-filtration, the Company’s offers environmentally safe NanoPure solutions for water purification. The Company uses Environmental Protection Agency (EPA) and World Health Organization (WHO) guidelines as a benchmark for water quality and safety to conform to acceptable agricultural or drinking water standards in jurisdictions where the technology is used.
Additionally, the Company’s technology can be used to recover precious and base metals from mine tailings, which are the residual material from earlier mining activities. By retrieving valuable metals from old tailing dumps, the Company’s NanoMet solutions boosts the value of existing mining assets and reduces the need for new, costly and potentially environmentally harmful exploration and mining.
The Company’s current business model is based on either selling water remediation plants or leasing out units and charging customers on a price per liter basis with a negotiated minimum payment per annum. For processing mine tailings, the value of precious metal recovered is shared with tailing site owners on a pre-agreed basis.
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FORWARD LOOKING INFORMATION
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Statements relating to "reserves" or "resources" are deemed to be forward-looking statements because they involve the implied assessment, based on certain estimates and assumptions that the resources and reserves described can be profitably produced in the future.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s Management’s Discussion and Analysis for the three months ended December 31, 2013, filed on March 3, 2014, and for the year ended September 30, 2013, filed on January 28, 2014, under the Company’s profile on www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
Source: NanoStruck Technologies Inc.