SIERRA BLANCA, TX–(Marketwired – Jun 22, 2017) – Texas Mineral Resources Corp. (OTCQX: TMRC)
- Creates American Mineral Reclamation subsidiary to actively seek out and develop lower cost projects involving metals and mineral recovery and reclamation, from coal byproducts, industrial wastewater, acid mine drainage and scrap metal processing
- Currently actively evaluating multiple projects
- Signs Cooperation Agreement with Inventure Renewables Inc.
- Continues work with K-Technologies, Inc. (K-Tech) in the utilization of their environmentally friendly CIX/CIC separation technology
Texas Mineral Resources Corp. (TMRC), an exploration company targeting the heavy rare earths and a variety of other high-value elements and industrial minerals, is pleased to announce it has added a new strategic line of business with the recent establishment of a subsidiary named American Mineral Reclamation LLC. The formation of this subsidiary is in response to the growing number of opportunities that TMRC has been presented as a result of work undertaken with partners that has resulted in winning grants from the Department of Defense (Defense Logistics Agency) and the Department of Energy.
American Mineral Reclamation, along with industrial partners, is currently evaluating projects whose goal is the reclamation of high-value elements and industrial minerals from both liquid and solid waste material. There are multiple benefits to developing such projects:
(1) technology now exists to recover these materials in a potentially cost-efficient and profitable manner,
(2) capital expenditures are typically significantly less than traditional comparable mining projects seeking the same material,
(3) reclamation can focus on low cost feedstocks, as identified by American Mineral Reclamation, that can serve as bases for production of multiple strategic and critical metals,
(4) a large number of projects involving waste material are available domestically, and
(5) reclamation projects offer significant potential to protect the environment, enrich land and water quality and contribute to public health and safety.
An example of just one such project is the recovery of scandium and other rare earth elements from coal waste in the Pennsylvania region. The U.S. Department of Energy recently awarded a consortium assembled by TMRC which included Inventure Renewables, K-Tech and Penn State University, a Phase One grant of $1 million dollars with potential for Phase Two funding up to $18 million for the construction of a pilot plant to produce saleable rare earth oxides, to be located in central Pennsylvania. In addition, TMRC is currently evaluating projects in the following areas: environmentally-friendly process improvements for byproduct water from the unconventional oil and gas industry, recovery of rare earth minerals from acid mine drainage and recovery of cobalt and rhenium from military scrap metal.
TMRC is also pleased to announced that it has signed a Cooperation Agreement with Inventure Renewables Inc. of Tuscaloosa, Alabama (www.inventurechem.com), one of its project partners for the recent Department of Energy grant. Inventure Renewables pioneers process technologies for the rapid, low-cost, high yield extraction of natural biochemical and material building blocks from low-value/waste biomass to provide cost-effective, carbon neutral biofuels, biochemicals and biomaterials. Inventure Renewables, along with K-Tech (www.ktech-inc.com), Penn State University (www.ems.psu.edu) and additional industrial partners, will play a key role in the evaluation and development of future reclamation projects.
Dan Gorski, CEO, commented: “The success of K-Tech’s ion exchange and ion chromatographic methodology to process the leach solution from Round Top rock into separated, high purity REE products led us to examine the possibility of employing it at other projects and in other sectors. Our work with the Defense Logistics Agency brought us into contact with the research being sponsored by the Department of Energy to recover the rare earth and other strategic elements that are associated with the Appalachian coal deposits. Teaming with K-Tech, Inventure Renewables and Penn State University, we applied for and received a grant from the Department of Energy to identify and develop one of these coalbed-related deposits. The opportunity to further extend this technology into the removal and recovery of various elements from both acid mine drainage and from flow back and production waters in oil and gas development has opened what we think is an exceptional development opportunity for TMRC.”
“In too many instances, U.S. advanced manufacturing — and advanced defense systems — depend on metals and minerals for which the U.S. is deeply dependent on questionable foreign supply,” said Anthony Marchese, Chairman. “As we work to bring our multi-metal Round Top heavy rare earth deposit into production, we now see a new distinct line of business by partnering with entities to develop projects which reclaim and recover critical materials from many different low-cost feedstocks that would normally be considered waste material — coal overburden, mine waste, e-waste and industrial scrap, as well as waste water and acid mine drainage sludge. Our newly established American Mineral Reclamation subsidiary is a ‘pure-play’ vehicle for developing an environmentally beneficial line of business which involves projects that are potentially low-cost, profitable and provide a rapid time to market.”
This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding the ability of American Mineral reclamation to seek out and develop projects, success in the ability of the Company and its partners to successfully complete the DOE project and the ability of the Company to maintain relationships with its current partners. When used in this press release, the words “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if, “anticipate,” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, risks related to the development of the Round Top project, up-scaling of extraction testing, risks related to changes in future operating costs and working capital balance, risks related to mining results not matching preliminary tests and risks related to the ability of TMRC to raise adequate working capital and continue as a going concern, as well as those factors discussed under the heading “Risk Factors” in the Company’s latest annual report on Form 10-K, as filed on November 30, 2016, and other documents filed with the U.S. Securities and Exchange Commission. Except as required by law, the Company assumes no obligation to publicly update any forward-looking statements.
About Texas Mineral Resources Corp.
Texas Mineral Resources Corp.’s focus is exploring and, if warranted, developing its Round Top heavy rare earth and industrial minerals project located in Hudspeth County, Texas, 85 miles east of El Paso. Additionally, the Company plans on developing alternative sources of strategic elements and minerals through the environmentally beneficial processing of coal waste and other waste materials through its American Mineral Reclamation subsidiary. The Company’s common stock trades on the OTCQX U.S. tier under the symbol “TMRC.”