Geomega to Develop Sustainable Technologies for Critical Metals

MONTREAL, Sept. 02, 2020 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“Geomega” or the “Corporation”) (TSX:V.GMA) (OTC: GOMRF), a developer of clean technologies for the mining, refining and recycling of rare earths, is pleased to announce that it is expanding and leveraging its Research & Development expertise. Geomega is currently evaluating the economic potential to extract and refine rare earths and other critical metals from a broader range of mining feeds, including mining and industrial waste streams (tailings). Geomega has begun to work with companies that are in production, and through testing at Geomega’s R&D test centre in Boucherville, the company will be evaluating the potential to extract value that is otherwise being lost today. Geomega’s intention is to apply its various technologies, through collaborative licensing and royalty agreements with several industrial partners, allowing for the extraction of valuable metals contained in their waste streams, which may not be economically, technologically, or environmentally feasible today.

“Geomega’s corporate goal is to develop innovative technologies for extraction and separation of rare earth elements and other critical metals essential for a sustainable future,” said Kiril Mugerman, President & CEO of Geomega. “The technologies in question will differ from the ISR technology that was developed for recycling of rare earths from permanent magnets. Nonetheless, irrespective of the metal or the source, we are adopting a consistent approach to reduce the environmental impact and to contribute to lowering greenhouse gases (GHG) emissions through recycling of the major reagents in the process and reducing net energy consumption.”

“It’s unfortunate that so many critical metals, in quite large quantities, are lost in mine tailings and other waste streams when they could potentially be recovered using innovative processing technologies,” said Dr. Pouya Hajiani, Chief Technology Officer of Geomega. “When the majority of these mines were put into production, the value of some of these metals in the ore were given very little, if any, consideration. The traditional extraction technologies were not adequate in addressing environmental impacts nor were they economic. Furthermore, climate change requirements are driving a growing demand in critical metals. As such, we are in discussions with more companies that have become interested in re-evaluating the economics of extracting rare earth and other critical metals from their various streams while reducing waste, if possible, in the most environmentally conscious way possible,” added Dr. Hajiani.