John Shearer, president and CEO of Green Technology Solutions (GTSO), will inspect the Rio Del Monte Mining properties in Arizona. The mining property is located around 100 miles west of Phoenix and is close to Salome, La Paz County. Shearer will meet the owners of the mining property and will evaluate the potential of the property to become a mine for rare earth elements.
A letter of intent to buy the mining claims and develop the mines into a reserve of rare earth elements has been signed by GTSO. The letter of intent gives GTSO 60 days to complete the necessary diligence for the purchase agreement of the mines. GTSO plans to soon sign a contract for the analysis of the mineral contents of the Rio Del Monte mines. It is inquiring with a major mineral testing lab about the pricing of the sample testing of the minerals.
In a release, Shearer said that “In particular, I hope to learn more about the history of mining operations at the Rio Del Monte properties. In the past, this site has been the subject of considerable mining operations by such companies as Phelps Dodge Corp. It has never before been mined for rare earths, however, because it has been only recently that demand for these materials has exploded.”
Currently, GTSO is developing new sources of rare earth elements outside China, which accounts for 97 percent of the rare earth supplies in the world. Rare earths contain 17 elements that are key raw materials for the manufacture of the latest and advanced cutting-edge green-energy technologies like energy-efficient LED lighting, ultra-thin solar panels, and large-scale wind turbines. They are also used in defense systems and smart weapons. Limited availability of rare earth elements outside China could force global manufacturers to shift their factories to China, posing a risk to the energy security of the United States and its allies.
Shearer also stated that, “As China continues to slash rare earth export quotas even as global demand rises, rare earth prices will continue to increase. We envision Rio Del Monte as a potential cornerstone in efforts to jumpstart U.S. rare earth production and loosen China’s stranglehold on these critical elements.”
In other news, the Mongolian agent company for Green Technology Solutions’ (News – Alert) joint venture with Rare Earth Exporters of Mongolia (REE) recently signed a letter of intent 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.
Source: Green Technology World