Click here to close now.


News Feed Item

Dundee Sustainable Technologies Announces First Quarter 2014 Results

MONTREAL, QUEBEC -- (Marketwired) -- 08/28/14 -- Dundee Sustainable Technologies Inc. ("DSTI" or the "Corporation") (CSE:DST), the developer and owner of proprietary technologies to serve the natural resource sector with environmentally friendly procedures, today announced its financial results for the six months ended June 30, 2014.

The Corporation's unaudited condensed interim financial statements, along with management's discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed under the Corporation's profile at or the Corporation's website at


January 1st, 2014 to date:

--  The Corporation's objective is to finalize the development of the
    chlorination technology to extract precious metals such as gold, at a
    pre-commercial stage through the construction of a demonstration plant
    of 15 tonnes per day that will operate on a continuous mode under
    industrial conditions;

--  As part of the Contribution Agreement, the Corporation received in March
    2014, $2.2 million from the Sustainable Development Technology Canada
    Foundation ("SDTC") corresponding to the eligible activities to be
    incurred from January 1, 2014 to September 30, 2014. The SDTC agreed to
    financially assist the Corporation in developing and demonstrating its
    chlorination technology by contributing up to $5million;

--  Research and development expenses during the six months ended June 30,
    2014 include $4.4 million of costs for the demonstration plant and $0.4
    million expenses relating to research activities conducted in the pilot
    plant. At June 30, 2014, the Corporation has expended $7.5 million
    towards completion of the demonstration plant;

--  In January 2014, Dundee Corporation agreed to loan $3 million to the
    Corporation. An additional loan of $2 million was made subsequent to
    June 30, 2014;

--  On April 1, 2014, the Corporation completed a three cornered
    amalgamation with Creso Exploration Inc. ("Creso"), a mineral resource
    company with its principal mining exploration holdings located at the
    Shining Tree mining camp in northern Ontario, following which the
    Corporation indirectly acquired all of the issued and outstanding common
    shares of Creso that it did not already own;

--  On April 8, 2014, the subordinate voting shares of the Corporation began
    trading on the Canadian Securities Exchange.

Construction update

The construction and operation of the demonstration plant, which commenced in June 2013, is budgeted at $27 million. The design has been completed and the commissioning of the demonstration facilities is scheduled for completion by the end of 2014. To date the following milestones have been achieved:

--  Completion of the structural engineering and building reinforcement; 
--  Installation of most of the major pieces of equipment such as scrubbers,
    filter, bag house, reactors, fluid bed, bucket elevator, holding tanks,
    feeding bins, etc.; 
--  Completion of the installation of the effluent treatment plant; 
--  Completion of the installation of some of the plant services such as
    compressed air, chiller, process water holding tank; 
--  Installation of the electrical room and the control room; 
--  Installation of the instrumentation control panels; 
--  Development of the start-up sequence and required labor.

The Corporation filed consortium agreements with third parties regarding the global financing of demonstration plant and the procurement of mineral concentrates. Consortium agreements were signed with Creso, Dundee Precious Metals and a privately held gold mining company for the procurement of mineral concentrates.

Summary of financial results

Reflective of its current stage of development, the Corporation does not report any revenue.

During the six months ended June 30, 2014, it incurred a net loss of $4.6 million (six months ended June 30, 2013 - $1.8 million), including research and development expenses of $4.4 million relating to the cost of the demonstration plant (six months ended June 30, 2013 - $1.1 million relating to research activities conducted in the pilot plant).

During the three months ended June 30, 2014, the Corporation incurred losses of $3.4 million (three months ended June 30, 2013 - $0.8 million), including research and development expenses of $2.1 million relating to the cost of the demonstration plant (three months ended June 30, 2013 - $0.6 million relating to research activities conducted in the pilot plant).


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.

About Dundee Sustainable Technologies, a company controlled by Dundee Corporation

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 result meet environmental norms. An engineering study completed in 2013 supports DSTI's claim of having operated a pilot plant showing a gold extraction yield higher than 90% using a closed-circuit chlorination process.

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.

The Canadian Securities Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
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...
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
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...
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, exploreed the current state of IoT connectivity and review key trends and t...
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. 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 ab...
Continuous processes around the development and deployment of applications are both impacted by -- and a benefit to -- the Internet of Things trend. To help better understand the relationship between DevOps and a plethora of new end-devices and data please welcome Gary Gruver, consultant, author and a former IT executive who has led many large-scale IT transformation projects, and John Jeremiah, Technology Evangelist at Hewlett Packard Enterprise (HPE), on Twitter at @j_jeremiah. The discussion...
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.