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Quebec Government's Plan Nord, the SDBJ and the ARBJ to Support Development of Separation Technology
MONTREAL, QUEBEC--(Marketwired - March 3, 2016) - Geomega Resources Inc. ("GéoMégA" or the "Company") (TSX VENTURE:GMA) announces the support of the Quebec Gove
About this update from Geomega Resources Inc.
[{"type":"text","content":" MONTREAL, QUEBEC--(Marketwired - March 3, 2016) - Geomega Resources Inc. (\"GéoMégA\" or the \"Company\") (TSX VENTURE:GMA) announces the support of the Quebec Government, as part of the Plan Nord program (\"Plan Nord\"), and of the Réseau Capital Baie-James, specifically the Société de développement de la Baie-James (\"SDBJ) and the Administration régionale Baie-James (\"ARBJ\"), by investing in the share capital of Innord Inc. (\"Innord\") to develop its proprietary separation process of rare earth elements (\"REE\"). Please see the Plan Nord, SDBJ and ARBJ news releases here: http://plannord.gouv.qc.ca/en/ (French only) http://www.sdbj.gouv.qc.ca/en/newsroom/press-releases/ With this injection of additional funds, Innord, a wholly-owned subsidiary of GéoMégA, will receive a total of $500,000 from the Fonds du Plan Nord, the SDBJ and the ARBJ. A total of $250,000 will be held in escrow pending TSX Venture Exchange approval of the final documentation. Upon receiving of all the funds, GéoMégA will control 96.1% of Innord. The goal of this investment is to develop the process prototype to separate mixed REE concentrate into pure individual rare earth oxides. The Société du Plan Nord is a strategic government partner that has common goals with GéoMégA and that is to develop a sustainable and competitive value added REE industry in northern Québec and Canada. The three main points of focus for the Plan Nord include the development of the economic potential of the region, the support of the development of the communities in the area and the protection of the environment. Innord's proprietary separation process has the potential to meet all three of these objectives. Whether it is through exploiting the natural resources of northern Quebec like the REE/Nb Montviel project or through processing REE enriched recycled materials, industrial residues and by-products, separation into pure individual rare earth oxides is key in establishing a REE industry that in turn brings jobs to the area and helps develop the nearby communities. Furthermore, Innord's separation process has the potential to significantly improve the environmental performance of REE separation in comparison to conventional techniques (i.e. solvent extraction and fractional precipitation) thus ensuring that the creation of an environmentally sustainable REE industry. \"Af...