|By Marketwired .||
|August 6, 2014 07:00 AM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 08/06/14 -- NEVADO RESOURCES CORPORATION (TSX VENTURE: VDO)(FRANKFURT: NSV)
-- Nevado/Neomet to form 70/30 Joint Venture with the goal of putting the La Blache Ti-V-Fe property into production after successful completion of mini-plant test run -- Joint Venture to have exclusive rights to use Neomet's proprietary, patent pending technology on acid regeneration to recover Ti-V-Fe in Quebec, Ontario, Newfoundland and Labrador -- JV partners appoints Richard Faucher an experienced mining executive to head the JV -- Nevado to raise $3 million to complete bulk pilot plant test run to confirm parameters of design and undertake necessary drilling on La Blache for PEA and subsequent engineering studies
NEVADO RESOURCES CORPORATION (TSX VENTURE: VDO)(FRANKFURT: NSV) ("Nevado" or the "Corporation") is pleased to announce that it has signed a binding letter of intent ("LOI") with Neomet Technologies Inc. ("Neomet") to form a Joint Venture ("JV"). The purpose of the JV is to finalize the demonstration of the flow sheet established in Neomet's mini-plant at a much larger scale up using a pilot-plant at Neomet facilities with the final objective to complete a feasibility study to develop Nevado's wholly-owned La Blache property or similar properties into production on a Nevado 70% - Neomet 30% joint venture basis. The JV will have the exclusive right to use Neomet's proprietary, patent pending technology on acid regeneration to recover metals from similar types of minerals in Quebec, Ontario and Newfoundland and Labrador, or other regions within North America as may be agreed from time to time by the parties of the JV.
The LOI provides for Nevado's initial contribution to consist of its La Blache property rights, and Neomet's contribution to be an exclusive royalty-free license in Quebec, Ontario, Newfoundland and Labrador for the duration of the JV allowing Nevado to use the technology to develop the La Blache property through to production of Ti-V-Fe minerals and any by-product of value which may be derived, including exclusive rights in Quebec, Ontario, Newfoundland and Labrador to any inventions or improvements made to the technology.
"Neomet's acid regeneration technology is the best and most-advanced processing technology for the La Blache property," said Michael Curtis, President and CEO of Nevado. "We know this because we've tested La Blache's Ti-V-Fe minerals extensively through Neomet's 10-kg/d mini-plant. The JV will be open to exploit opportunities throughout the regions in which it has an exclusive right that is to say Quebec, Ontario, Newfoundland and Labrador. The recent appointment of Richard Faucher as JV Manager working closely with Neomet personnel will ensure that an optimal economic approach is achieved for the processing of the La Blache Ti-V-Fe minerals into high quality products and by-products. This JV will allow us to achieve what we set out to do when we acquired the La Blache property, which is to advance the project for the benefit of all stakeholders."
Neomet's 2012 mini-plant results using the La Blache Ti-V-Fe material
On February 9, 2012, Nevado announced that Neomet had successfully completed the 150-kilogram Stage 2 mini-plant campaign on the Farrell-Taylor oxide mineralization from the La Blache property. The purpose of the Stage 2 mini-plant campaign was to test and demonstrate the successful operation of the key aspects of the Neomet process flowsheet, namely:
i. leaching of the mineralized material ii. titanium dioxide precipitation iii.solvent extraction of vanadium iv. iron hydrolysis v. acid regeneration.
A suite of products was recovered in connection with the campaign:
i. two grades of titanium dioxide: greater than 99.9% TiO2 and 98.5% TiO2 ii. three forms of greater than 99.9%-purity vanadium as Ammonium Metavanadate, or AMV: V2O5 and V2O3 iii.pure hematite (Fe2O3).
Richard Faucher, JV Manager reporting to both partners
Richard Faucher, a professional engineer trained in metallurgical engineering, has extensive experience in the management of large mining and metallurgical projects. He has held senior management positions in several large mining companies, including President and CEO of Canadian Royalties Inc., President of Niocan Inc., Vice President of Brunswick Mining & Smelting for Noranda Inc., President and General Manager for Falconbridge Dominicana, and President and COO of Princeton Mining Corp. during the construction of the Huckleberry project in British Columbia. Mr. Faucher is a certified member of the Institute of Corporate Directors (ICD) and sits on several boards, including those of Aurizon Mines Ltd. sold in 2013 to Hecla Mining, Robex Gold and Silvermet Inc.
JV funding obligations
Pilot plant stage: Within 90 days of the later of the signing of the LOI and August 31, 2014, Nevado must raise a minimum of $2 million to fund pilot plant (approximately 100 times scale up to mini-plant run) testing of the La Blache minerals, and an additional $1 million to carry out a Preliminary Economic Assessment (PEA), initiate Impact Benefit Agreement discussions with the Innu, carry out environmental data base studies and drill to convert sufficient resources to the Measured and Indicated category to allow a final feasibility study to be initiated should the parties so decide after completing the PEA. Subject to TSX rules, Neomet will have the right to subscribe to up to 10% of Nevado's equity upon signature of the JV agreement.
Engineering feasibility decision stage: Nevado will raise an estimate $5 to $10 million to carry out a detail engineering feasibility which meets banking consortium requirements for debt financing. Neomet will ensure availability of all the key scientific and technical personnel, if required, for the feasibility study and the commissioning of the commercial plant. Neomet will also have the right to subscribe to the number of shares required to maintain its 10% equity participation in Nevado.
Production decision stage: Nevado and Neomet will be responsible for raising their proportional share of the JV (70/30) for the financing required for project construction and commissioning.
-- Closing of a $3 million financing prior to signing of the JV agreement. -- JV agreement signed within 90 days of the later of the signing of the LOI and August 31, 2014 and prior to the pilot plant test run. -- Pilot plant test run completed by the end of May 2015. -- Drilling with the goal of upgrading Inferred resource to the Measured and Indicated category. -- PEA to start by the second quarter of 2015 and to be completed in the third quarter of 2015. -- Engineering feasibility study to start in the fourth quarter of 2015 and to be completed in the second quarter of 2016. -- Debt and equity project financing to be fully in place in the third quarter of 2016 or, depending on market conditions, by the fourth quarter of 2016.
Signing of the JV agreement is subject to the closing of the $3 million financing and to a fully satisfactory due diligence by both Nevado and Neomet, which are arm's length parties. The signing of the LOI is subject to TSX approval as required.
About Nevado Resources Corporation
NEVADO is a junior strategic metals company with properties in Canada. The Corporation owns a 100% interest in the La Blache titanium-vanadium-iron property in Northern Quebec, the Fermont graphite property near Focus Graphite's Lac Knife property, and the Bozema and Steel River zinc-copper-silver-gold properties in Ontario's Schreiber-Hemlo camp.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. The statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statements.
Achim Weiss is Chief Executive Officer and co-founder of ProfitBricks. In 1995, he broke off his studies to co-found the web hosting company "Schlund+Partner." The company "Schlund+Partner" later became the 1&1 web hosting product line. From 1995 to 2008, he was the technical director for several important projects: the largest web hosting platform in the world, the second largest DSL platform, a video on-demand delivery network, the largest eMail backend in Europe, and a universal billing syste...
Oct. 9, 2015 06:45 PM EDT Reads: 202
Electric power utilities face relentless pressure on their financial performance, and reducing distribution grid losses is one of the last untapped opportunities to meet their business goals. Combining IoT-enabled sensors and cloud-based data analytics, utilities now are able to find, quantify and reduce losses faster – and with a smaller IT footprint. Solutions exist using Internet-enabled sensors deployed temporarily at strategic locations within the distribution grid to measure actual line lo...
Oct. 9, 2015 06:30 PM EDT
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively.
Oct. 9, 2015 06:15 PM EDT Reads: 186
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Oct. 9, 2015 06:00 PM EDT Reads: 306
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Oct. 9, 2015 06:00 PM EDT Reads: 319
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. Migration to cloud shifts computing resources from your data center, which can yield significant advantages provided that the cloud vendor an offer enterprise-grade quality for your application.
Oct. 9, 2015 05:30 PM EDT Reads: 299
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, will explore the current state of IoT connectivity and review key trends an...
Oct. 9, 2015 05:30 PM EDT
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driv...
Oct. 9, 2015 05:15 PM EDT Reads: 117
Chris Van Tuin, Chief Technologist for the Western US at Red Hat, has over 20 years of experience in IT and Software. Since joining Red Hat in 2005, he has been architecting solutions for strategic customers and partners with a focus on emerging technologies including IaaS, PaaS, and DevOps. He started his career at Intel in IT and Managed Hosting followed by leadership roles in services and sales engineering at Loudcloud and Linux startups.
Oct. 9, 2015 04:00 PM EDT Reads: 225
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Oct. 9, 2015 04:00 PM EDT Reads: 239
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Oct. 9, 2015 04:00 PM EDT Reads: 908
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Oct. 9, 2015 03:45 PM EDT Reads: 508
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Oct. 9, 2015 03:45 PM EDT Reads: 143
As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ability. Many are unable to effectively engage and inspire, creating forward momentum in the direction of desired change. Renowned for its approach to leadership and emphasis on their people, organizations increasingly look to our military for insight into these challenges.
Oct. 9, 2015 03:15 PM EDT Reads: 158
SYS-CON Events announced today that Key Information Systems, Inc. (KeyInfo), a leading cloud and infrastructure provider offering integrated solutions to enterprises, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Key Information Systems is a leading regional systems integrator with world-class compute, storage and networking solutions and professional services for the most advanced softwa...
Oct. 9, 2015 03:00 PM EDT Reads: 410