SAN JOSE, Calif., Aug 23, 2011 (BUSINESS WIRE) -- Green Technology Solutions, Inc. (otcqb:GTSO) announced today that cores drilling and sample collection have been completed by an independent geologist on the 17,000 acres GTSO is seeking to help develop in Mongolia. Core samples will be sent to the KORES laboratory in South Korea for mineral analysis to confirm concentrations of rare earth elements.
The samples were collected by a team led by Senior Ph.D. Geologist T.S. Bilgee of the Mongolian University Geological Sciences Department. Each core sample will be tested by South Korean state-run resource development company KORES to determine the commercial viability of rare earth mining operations on the property.
Rare earths are crucial to South Korea's electronics, medical and automotive industries as well as emerging green-energy technologies such as wind turbine generators, electric car batteries and photovoltaic solar panels.
GTSO President and CEO John Shearer said this week that the company expects KORES to confirm the presence of rare elements in the ore, laying the foundation for production activities to be commenced in Mongolia.
"Two recent mineral analyses of this site conducted by Thermo Fischer Scientific and SGS for management reported economically viable levels of rare earths in the soil, and we expect KORES' analysis to confirm the same," Shearer said. "KORES has an exceptional reputation in South Korea and we're confident that a positive analysis would confirm the value of this project. We're receiving inquiries as to the availability of minerals, so we're very pleased to see real progress toward initiating production."
In order to capitalize on this export quota reduction, GTSO is working to develop new rare earth mining operations in Mongolia, China's neighbor to the north. GTSO signed a Profit Participation Agreement (PPA) earlier this year with Mongolian mining and trading company Ar Erkhes, LLC, to facilitate rare earth production at three mining sites in the mineral-rich nation.
For more information on the joint venture's rare earth development and export plans, please visit http://www.rareearthexporters.com/investors.html .
GTSO commercializes clean and renewable technology solutions in a sector that includes Avalon Rare Metals Inc. AVL -2.60% , MV Rare Earth/Strategic Metals (nysearca:REMX), Rare Element Resources Ltd. REE -3.60% and Qiao Xing Universal Resources XING -0.95% .
About Green Technology Solutions, Inc.
Green Technology Solutions, Inc. (otcqb:GTSO) is a growth-oriented clean energy company that acquires, develops and implements the latest green technology solutions for the production and distribution of energy. GTSO also pursues the acquisition of rare earths, gold and other materials used in the latest green-tech innovations. GTSO is an OTCQB publicly traded company. For more information, please visit our website at [ http://www.GreenTech-Solutions.com ]. For investment information and performance data, please visit http://www.GreenTech-Solutions.com/investors.html .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Source:marketwatch