GTSO Hires SGS to Analyze Rare Earths Content of New Mongolian Mining Propertyadmin
Green Technology Solutions Inc. President and CEO John Shearer said today that the company’s joint venture with Rare Earth Exporters of Mongolia (REE) hired SGS Mongolia Minerals to analyze the mineral content of a new mining property inside the Asian nation that the joint venture hopes to help develop.
The Mongolian agent company for GTSO and REE signed a letter of intent earlier this week to assist in the marketing and development of a new licensed rare earth mine in Mongolia’s Tuv province. According to the letter, the joint venture has the right to have scientists and other experts evaluate the site’s rare earths mining potential.
Shearer said Thursday that SGS will study the property’s mineral content as part of the joint venture’s due diligence.
“We’re employing this laboratory to analyze the new site’s properties and let us know how many parts per million of the soil comprises rare earth elements,” he said. “It is our hope that the results of their analysis will conclude that mining this site for rare earths will be an economically feasible endeavor.”
Mongolian trading and mining company Ar Erkhes owns the rights to mine the property in Tuv. If the mineral analysis reports from SGS are favorable, GTSO and REE could seek a definitive agreement with Ar Erkhes to finance, market and develop the mine.
“If the presence of profitable amounts of rare earths is confirmed at this property, we will want to get shovels in the ground there as quickly as possible,” Shearer said.
Ar Erkhes’ property is the second site inside Mongolia’s Tuv province that the joint venture has explored. Last week, GTSO and REE signed a land lease agreement for a mineral-rich property in Tuv’s Erdenesant district. The joint venture has targeted Tuv as a prime strategic location for mining activities due to its proximity to Mongolia’s capitol, Ulan Bator. The city is Mongolia’s road and rail hub as well as the home of the joint venture’s Mongolian transportation office.
More information on the joint venture’s rare earths transportation strategy in Mongolia can be viewed at http://www.rareearthexporters.com.