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GTSO JV Signs New LOI to Develop Licensed Mongolian Rare Earth Mine

03/15/2011 | 08:15am EDT

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 mineral-rich nation.

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.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.

Green Technology Solutions, Inc.
John Shearer, 408-432-7285
President and CEO


ę Business Wire 2011
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