|By Marketwired .||
|May 8, 2014 02:13 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/08/14 -- Dundee Corporation (TSX: DC.A) is pleased to announce that its 86% controlled subsidiary, Dundee Sustainable Technologies Inc. (the "Company" or "DSTI") listed on the CSE (CSE: DST) and the developer and owner of proprietary technologies to serve the natural resource sector with environmentally friendly procedures, is pleased to provide further information on its progress to date.
The Company has arranged a contract to process a High Grade Concentrate.
After significant testing of both ore and concentrate received in November 2013 from a privately held gold mining company, DSTI has entered into an arrangement to process their materials once the demonstration plant becomes operational in mid-January 2015. Pursuant to this arrangement DSTI may, at its option, process up to 15 tonnes of their produced concentrate per day, provided such concentrate contains a minimum of 10 ounces of gold per tonne. As a result, up to 4,500 tonnes of concentrate (current values of +$15,000 per tonne) may be processed by DSTI, over a 12 month period, to begin after the demonstration phase of the DSTI plant in Quebec is completed.
To date, DSTI has obtained 25 patents in 19 countries for its technologies relating to the extraction of precious metals and base metals, as well as the neutralization of arsenic and production of fertilizer. DSTI has 14 pending patent applications worldwide for its technologies, which include the ability to process gold concentrates without the use of cyanide.
The samples of concentrate and ore furnished to DSTI for testing in November 2013 were composed of gold, silver, copper, lead and zinc.
Initial testing on the concentrate achieved gold recoveries in excess of 97%, despite the presence of substantial base metals in the concentrate. For the successful processing, DSTI will receive a 50% interest in the net profits arising from the sales of the end products, net of mining, concentration, processing and transportation costs and expenses.
ABOUT DUNDEE SUSTAINABLE TECHNOLOGIES INC.
The cyanide and mercury free gold extraction process developed by DSTI has been recognized as a "green technology" for which DSTI has been awarded $5,700,000 in grants to date for a demonstration plant, presently under construction in Thetford Mines Quebec of which $700,000 has been provided by the Government of Quebec, and $5,000,000 by the Government of Canada through the Sustainable Development Technology Fund. The plant is scheduled to go into operation in mid-January 2015.
Over the last ten years DSTI has tested over 50 different gold deposits, both oxide and sulfide ores at the lab level and at its pilot plant. These tests have consistently achieved gold recoveries in excess of 90%, using chlorination instead of cyanide. In addition, the tailings from the process are inert from toxic substances and, as a result, meet environmental norms. An engineering study completed within the last 12 months supports DSTI's claim of having operated a pilot plant showing a gold extraction yield higher than 90% using a closed-circuit chlorination process.
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian independent holding company listed on the Toronto Stock Exchange ("TSX") under the symbol "DC.A." Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of its core competencies including investment advisory and corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these core focus areas, as well as other select investments in both publicly listed and private companies.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward- looking statements as a result of numerous factors, some of which may be beyond the Corporation's control. These factors include: results of exploration activities, general market and industry conditions, and other risks disclosed in the Corporation's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Corporation's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Depending on exploration results and available financing, the Corporation may at any point modify its work program.
President and Chief Executive Officer
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