The Mongolian agent company for Green Technology Solutions' (OTCBB:GTSO)
joint venture with Rare Earth Exporters of Mongolia (REE) signed a
letter of intent Monday to develop a new licensed rare earth mine in the
According to the letter, the joint venture and its Mongolian agent
company will work with Ar Erkhes, LLC, the mine's license holder, to
finance, market and develop the property in Mongolia's Tuv province. The
joint venture and its agent has the right to seek investors, scientists
and other professionals in performing due diligence toward a definitive
agreement. Ar Erkhes will retain authority to mine the location with
GTSO's joint venture receiving a share of the profits.
?We are thrilled to have the opportunity to build a relationship with Ar
Erkhes, which owns a special license to work this mine,? said GTSO
President and CEO John Shearer. ?We've received analysis of this
property by the Mongolian Geological Laboratory that confirms the
presence of Tantalum and other critical materials. This letter of intent
is a true milestone in our mission to help develop Mongolia into a
leading producer of rare earth elements.?
Ar Erkhes is a trading and mining company located in the Mongolian
capital of Ulan Bator. The company claims to hold a special license to
work the largest Tantalum mine in Mongolia and the world. Ar Erkhes'
property is the second rare earths mine in Tuv that GTSO and REE have
set in their sights. Last week, the joint venture executed a land lease
agreement for a site in the province's Erdenesant district. The Tuv
province surrounds Ulan Bator, Mongolia's road and rail transportation
hub. The capital is an important locale in the joint venture's plan to
ship rare earth ore north to the port of Vladivostok, Russia.
?Acquiring mining claims and operations is crucial to our mandate to
develop stable sources of rare earths outside of China,? Shearer said.
?We are continuing to conduct ongoing negotiations to acquire rights to
further properties still.?
More information on the joint venture's mission in Mongolia can be
viewed at http://www.rareearthexporters.com.
Rare earth elements are critical to the manufacture of clean energy
technologies such as high-temperature magnetic materials, low-cost LED
lighting systems, high-efficiency solar panels, wind turbines and more.
China dominates global production of the critical materials and has
slashed export quotas time and again in recent years. GTSO formed the
joint venture with REE in February in order to capitalize on the rising
demand for rare earths produced outside of China.
Green Technology Solutions commercializes clean and renewable mining
technology and products in a sector that includes Molycorp, Inc. (NYSE:
MCP), Generac Holdings Inc. (NYSE: GNRC), Danaher Corp. (NYSE: DHR) and
Ivanhoe Mines Ltd. (NYSE: IVN).
About Green Technology Solutions, Inc.
Green Technology Solutions, Inc. (GTSO) is an OTCQB publicly traded
company. OTCQB is the middle tier of the OTC market. OTCQB companies
report to the SEC or a U.S. banking regulator, making it easy for
investors to identify companies that are current in their reporting
obligations. GTSO acquires, develops and implements the newest clean
mining technology to enable our partner clients to expand operations
throughout the world. Environmental restrictions represent the largest
restriction to mining industry growth and operations. GTSO focuses on
overcoming these environmental restrictions with brilliant cutting-edge
clean mining technology.
For more information, please visit http://www.GreenTech-Solutions.com.
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Green Technology Solutions, Inc.
President and CEO