Voyageur Minerals and Summit Nanotech, Sign LOI to Develop High-Purity Nanotech Lithium Extraction Technology with Carbon Capture Technology
One of VM's goals is to create efficient, environmentally friendly mining projects with reduced carbon foot prints. In addition, VM will be developing this technology for the production of High Purity Barium (HPB) products from its Frances Creek barite project.
SNC is a private Calgary-based company utilizing the latest breakthroughs in nanotechnology.
SNC & VM will begin to take steps towards the production of consistent high purity carbonate compounds in the coming months. VM will be focused on creating lithium, magnesium and barium compounds that the US government considers to be minerals of critical and strategic importance to US national and economic security.
"Nanotechnology is not a specific technology, it's an innovative, understanding of how materials are created. Nanotechnology is not limited to a specific industry or application. The ability to synthesize and manipulate materials at the molecular level is now possible due to breakthroughs in nanotechnology research. Summit Nanotech Corp has established partnerships and together we are eager to develop effective solutions based on research in the nanotech field. Our current focus is taking upstream brine and upgrading to commercial quality mineral feedstocks, capturing and utilizing CO2 in the process and recycling energy. Our main motivation is to manufacture modular commercial solutions. Summit Nanotech develops solutions for a new age of transitioning to clean energy that have profound impacts on our planet. We look forward to working with Voyageur Minerals to bring cutting edge technology to the forefront of the mineral brine extraction industry."
Amanda Hall, CEO Summit Nanotech Corporation.
In the scope of this project, VM and SNC are in talks to work with the University of Calgary (U of C) Engineering Faculty to develop the process. The U of C has strong capacities for advancing research with leading nanotechnology experts in their faculty, supporting innovation.
SNC has applied for a CAD $2,000,000 grant to begin the joint project through the Alberta Innovate research grant program.
Terms of LOI
The LOI proposes the that VM will fund the project by supporting the requirements of the research grant. SNC will develop the technology with the U of C. Following completion of bench-scale testing, VM will be required to fund the construction of the pilot plant. Upon successful implementation of the technology VM will retain worldwide rights to the mineral extraction license from SNC. SNC will retain a net profit royalty on all minerals produced utilizing the technology. The LOI is subject to due diligence and the execution of a definitive agreement
About Voyageur Minerals Ltd.
Voyageur Minerals Ltd. is a Calgary-based company which owns a 100% interest in three barium sulfate ("barite") deposits, including two properties which initial work suggests are suitable in grade for the industrial and pharmaceutical barite market place.
The Company also has interests in two high-grade lithium brine projects in Utah, USA. VM's business plan is to develop its barite deposit at Frances Creek, British Columbia, while it continues exploration for critical and strategic minerals.
About Summit Nanotech Corporation.
Summit Nanotech Corporation. ("SNC") is a private Calgary-based company and the developer of nanotechnology processes. Summit Nanotech is focused on applications of nanotechnology to optimize industrial processes in the energy industry. Calgary is the Western Canadian energy hub, with tremendous potential, poised to take the lead in innovative applications for the future of energy.
For further information, please contact:
Voyageur Minerals Ltd.
John Rucci, President & CEO
Voyageur Minerals Ltd.
Steve Livingston, VP Corporate Finance
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This news release contains forward-looking statements including statements regarding the acquisition of future assets, the discovery and commercialization of commercial quantities of industrial minerals, the successful commercialization of the Company's assets, expected operational activities, other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: the risk that the assets do not provide commercial quantities or grades of marketable minerals, that even if they do contain commercial quantities of marketable minerals that the Company will not be able to economically produce such discoveries, the acquired technology will not work in the field, the existence of commercial grades of commercial minerals, timing of obtaining required approvals, state of the economy in general and capital markets in particular, investor interest in the business and future prospects of the Company.
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