Mineworx Enters LOI to Advance Catalytic Converter Recycling

SURREY, British Columbia, April 16, 2020 (GLOBE NEWSWIRE) -- Mineworx Technologies Ltd., (the “Company” or “Mineworx”) (TSXV: MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) is pleased to announce the signing of a Letter of Intent (“LOI”) with Davis Recycling Inc. (“Davis”) of Johnson City, Tennessee to advance the business opportunity in the catalytic converter market.

Davis Recycling Inc. has been in the scrap recycling business for over 20 years, servicing 13 states throughout the U.S. eastern coast. The Company has well established relationships in over 25% of the continental USA allowing it to secure and supply the inventory of catalytic converters required to exceed the Company’s planned U.S. commercial processing plant output of 10 tonnes per day.

This LOI is a key piece of the company’s business development strategy in the U.S. catalytic converter marketplace. Upon completion of the definitive agreement the company will have a partnership that will solidify the Feedstock Procurement, Material Processing and Logistical Planning portions of the business strategy.

The Mineworx/Davis Partnership together will develop, build and operate a commercial pilot plant to recover platinum group metals (“PGM”) from catalytic converters. The plant will be located on the Davis 12-acre property near their recycling facility in Tennessee and will utilize the licensed EnviroLeach technology, which was announced on February 26.

Greg Pendura, President and CEO commented, “We are very pleased to announce this relationship with Davis, who are currently a dominate player in the United States in the processing of spent gasoline and diesel catalytic converters for the recovery of PGMs. The current global market for recovered PGMs from catalytic converters in in excess of $30 billion annually. Establishing a leading North American partner in this space provides a significant opportunity for Mineworx to introduce an eco-friendly and commercially viable alternative to the oversea smelters currently used in the processing of catalytic converters for valuable PGMs.” 

“The anticipated partnership with Mineworx offers a tremendous opportunity in the diesel catalytic converter market,” commented Ben Davis, President of Davis Recycling Inc. “The overseas smelters and refiners are imposing increasing restrictions on the costly acceptance of these materials for processing. I look forward to working with Mineworx to establish a primary processing solution here in North America for the environmentally friendly recovery of PGM’s in this industry.”