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Geomega selects Saint-Bruno-de-Montarville

The date of: 2020-01-15
viewed: 1

source:GlobeNewswire (press release)

MONTREAL, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“Geomega” or the “Corporation”) (TSX.V: GMA) is pleased to announce that it has selected an industrial site in Saint-Bruno-de-Montarville (“St-Bruno”) as the location for its rare earth magnets (REM) recycling demonstration plant using its proprietary ISR technology and signed a long term lease.

The construction of the industrial complex was completed at the end of 2019 with final detail work currently ongoing. The location provides space for the demonstration plant and for future expansions which was an important selection criteria for the Corporation.

St-Bruno provides a strategic location for establishing the first REM recycling operation in North America. It is located only 30 minutes from Montreal and within 6 hours from major North American cities such as Boston, New York and Toronto with access to several major highways and expressways. Two airports are located within 40 minutes of the location, the Trudeau International Airport in Montreal and the Montreal-Saint-Hubert-Longueil airport. Most importantly is the access to major seaways with access to the Port of Montreal, 20 minutes, which is the largest container transhipment centre in the Great Lakes system – Saint Lawrence Seaway and a direct link to Europe and the East coast of the United States and the marine terminal in Contrecoeur which is only 30 minutes away. Furthermore, the region is served by Canadian National (CN) and Canadian Pacific (CP) railways. The region is already host to the Canadian Space Agency and several major international firms.

“With the joint action plan on critical minerals collaboration that was signed between United States and Canada on January 9, 2020 we are starting to see the first concrete steps by both countries in securing supply chains for the critical minerals needed for important manufacturing sectors, including communication technology, aerospace and defence, and clean technology. We envision that our demonstration plant in St-Bruno can become the center of Quebec’s rare earths hub that would bring these critical materials back to North America. We are now finalizing the details of the financing package for the demonstration plant and information will be provided shortly,” commented Kiril Mugerman, President & CEO of Geomega.

In other news, the Corporation has received the final approval of the TSX Venture Exchange for the issuance of the shares to ARBJ and SDBJ as previously indicated in the December 16, 2019 press release.

About Geomega (www.geomega.ca)

Based in Montreal, Canada, Geomega Resources has developed a proprietary, environmentally friendly “ISR Technology” that recycles rare earth elements with focus on the permanent magnet industry and produces four high demand, high price, rare earth elements (HHREE – specifically Nd, Pr, Tb, Dy).

The Corporation is targeting 2020 for initial production from its demonstration plant to supply HHREE’s to North America and other parts of the world.

Geomega also owns the Montviel rare earth carbonatite deposit and holds over 16.8M shares, representing approximately 19% of the issued and outstanding shares of Kintavar Exploration Inc. (KTR.V), a mineral exploration company that is advancing the Mitchi stratiform copper project in Quebec.



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