Dundarave Initiates Extrel Design Optimization Program
The objective of the program is to produce design plans for a pilot plant for recovery of nickel from pyrrhotite-rich tailings. The design optimization will include a number of key modules: reactor optimization, solid/liquids separation, solvent extraction, iron and acid recovery, nickel recovery among others.
The design optimization will be conducted by Enpar Technologies, the developer of ExtrEL technology. It is estimated that the design optimization program will be completed in approximately 6 months.
Forward Looking Statement
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forwardlooking information includes, among other things, statements with respect to the Company's plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the success of the ExtrEL leaching system technology; changes in economic conditions or financial markets; changes in prices for the optimization and design program or the test pilot plant; patent and other forms of litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain suitable tailings or permits required in connection with extraction and related activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
Paul Matysek, M.Sc., P. Geo.
President & CEO
Phone: (604) 999-9939
Fax: (604) 408-4799
TSX Venture Exchange Issues Final Approval of Extrel Technology Licence Agreement
Dundarave earlier reported that the shareholders of Dundarave have approved the ExtrEL Technology License agreement between Dundarave and ENPAR Technologies at the Extraordinary General Shareholders Meeting of Dundarave Resources held on February 1, 2008. It was a requirement for a final approval of the transaction by the TSX Venture Exchange.
In connection with the transaction, Dundarave will issue a finder's fee of 400,000 common shares to C3 Capital Corp. of Alberta.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statement
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forwardlooking information includes, among other things, statements with respect to the Company's plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the success of the ExtrEL leaching system technology; changes in economic conditions or financial markets; changes in prices for the optimization and design program or the test pilot plant; patent and other forms of litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain suitable tailings or permits required in connection with extraction and related activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
Paul Matysek, M.Sc., P. Geo.
President & CEO
Phone: (604) 999-9939
Fax: (604) 408-4799
Dundarave Resources Inc. Shareholders Approve Extrel Technology Licence Agreement With Enpar Technologies
Dundarave had previously obtained conditional approval from the TSX Venture Exchange for the ENPAR Technologies' ExtrEL nickel recovery technology licensing agreement. The TSX Venture Exchange had determined that the transaction is a Fundamental Acquisition (as defined in TSX Venture Exchange Policy 5.3) and required that Dundarave obtain shareholder approval (at least 50% of the shareholders). After the vote Dundarave applied for a final approval from TSX Venture.
Paul Matysek, President and CEO of Dundarave, stated : "We are very pleased with the outcome of today's vote as it allows us to obtain the final approval of the transaction from TSX Venture and embark on the next phase of the technology development. We now look forward to initiating the Optimization and Design program for the ExtrEL technology that will focus on reactor design and the nickel separation process."
In response to the news, Dr. Gene Shelp, President and CEO of ENPAR stated: "ENPAR is very excited with the opportunity to work closely with Mr. Paul Matysek and his team to exploit the potential of ENPAR's ExtrEL technology. ENPAR is committed to an expedient and successful Optimization and Design Program."
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statement
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forwardlooking information includes, among other things, statements with respect to the Company's plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the success of the ExtrEL leaching system technology; changes in economic conditions or financial markets; changes in prices for the optimization and design program or the test pilot plant; patent and other forms of litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain suitable tailings or permits required in connection with extraction and related activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
Paul Matysek, M.Sc., P. Geo.
President & CEO
Phone: (604) 999-9939
Fax: (604) 408-4799
Dundarave Acquires Right to Earn an Exclusive Worldwide License to Enpar Technologies' ExtrEL Leaching System for Nickel Sulphide Mine Tailings
(a) 1,300,000 common shares upon the receipt of TSX Venture Exchange approval in connection with the transaction;
(b) 1,700,000 common shares upon completion of an optimization and design program (which will culminate in the design of the test pilot plant) and the identification and acquisition of, or a joint-venture involving, a suitable nickel sulphide tailings deposit for on site testing, each to the reasonable satisfaction of both parties;
(c) 2,000,000 common shares upon completion of the construction of the test pilot plant to the reasonable satisfaction of both parties; and
(d) subject to ENPAR first executing a license agreement or other document, in a form reasonably satisfactory to the Company, for a perpetual unencumbered, irrevocable grant of the licensed rights to the Company (the "Irrevocable License"), 3,000,000 common shares upon completion of the test pilot plant and the successful recovery of a similar percentage of nickel from the sulphide tailings so demonstrated during the optimization and design program; provided, however, if such successful recovery of nickel from sulphide tailings is not achieved within six months from the completion of construction of the test pilot plant: (a) the Company may, at its discretion, issue to ENPAR the 3,000,000 common shares at any time up to 12 months from the completion of construction of the the test pilot plant subject to ENPAR providing the Irrevocable License, and (b) the parties may conduct joint-research to improve recoveries for a further six-month period, where agreed expenses shall be shared on an equal basis between the parties.
The Agreement provides the Company with a right of first negotiation and refusal throughout the term of the Agreement and for a further period of 12 months thereafter in connection with the acquisition or sale, transfer, license or other form of disposition by ENPAR of any form of technology or related intellectual property used to recover and extract other metals.
As part of the Agreement, the Company will fund an optimization and design program and the full cost of the construction of the test pilot plant to process a significant amount of nickel tailings. The optimization and design program is expected to cost $200,000 and culminate in design plans for the test pilot plant. Construction of the test pilot plant is estimated to be $3,000,000 and any excess costs would result in a claw-back whereby the royalty owing to ENPAR would be reduced by the amount construction exceeds $3,000,000.
Subject to the claw-back, ENPAR will receive a royalty totaling $5,000,000 for the rights to the ExtrEL leaching system technology. This royalty will be paid by the Company by providing ENPAR with an annual maximum of 20% of the net annual profits earned by the Company from the sale of nickel produced by the test pilot plant using the technology.
As part of the Agreement, ENPAR has agreed to appoint Dr. Gene Shelp to its board of directors.
In connection with the transaction, a finder's fee of 400,000 common shares will be paid to C3 Capital Corp. of Alberta by the Company.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statement
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company's plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the success of the ExtrEL leaching system technology; the ability to raise sufficient capital to fund the test pilot plant or acquire adequate tailings; changes in economic conditions or financial markets; changes in prices for the optimization and design program or the test pilot plant; patent and other forms of litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain suitable tailings or permits required in connection with extraction and related activities; and labour relations matters.
This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
Paul Matysek, M.Sc., P. Geo.
President & CEO
News Release
The Company continues to review and conduct due diligence studies on advanced exploration and development opportunities.
ON BEHALF OF THE BOARD
Paul Matysek, M.Sc., P. Geo.
President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.