GUELPH, ON, July 12 /CNW/ - ENPAR Technologies Inc. ("ENPAR") is pleased to announce that preliminary proposals have been received from two separate parties who are interested in entering into a business relationship to commercialize the Company's ExtrEL Leaching Technology.
One of the parties is currently active in the nickel sector and has access to nickel sulphide tailings.
Both parties are prepared to contribute substantial monies towards the commercialization of the Technology.
Initially, these funds would be used for the optimization of the ExtrEL leaching process, which would be completed within three months. The optimization process would result in design and operating parameters that form the basis for construction and operation of a large-scale on-site pilot plant.
ENPAR believes that a large scale commercial plant could be undertaken within 18 months following successful testing of the pilot plant. Based on current nickel prices, ENPAR estimates that the capital cost of the facility would be recovered within 6-12 months.
The benefits of the ExtrEL Technology to the mining industry are two fold: the economic recovery of the substantial intrinsic nickel value of the tailings; and the production of a residual material that has a considerably lower environmental liability.
ENPAR cautions its shareholders that the proposals are preliminary, but updates on the progress of these negotiations will be provided on a timely basis.
ENPAR is a "Technology Company" applying its patented and proprietary "Electrochemical Technologies" to the recovery of base metals and to the treatment of waste water and drinking water contaminated by metals or nutrients i.e., nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. The common shares trade on Tier ll of the TSX Venture Exchange under the symbol "ENP".
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause ENPAR Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof.