|By Marketwired .||
|May 14, 2014 07:00 AM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 05/14/14 -- NovX21's (TSX VENTURE: NOV) Board of Directors has selected and approved the region of Quebec where the Company's new plant will be built. The Company is currently in talks with the reeve of the Regional County Municipality in question, who has indicated his region's interest in hosting the plant. The reeve visited the Company's facilities in Saint-Augustin-de-Desmaures with his team to gain a better understanding of the technology, so as to be able to provide all the necessary support. An announcement regarding the region selected will be made soon.
The Seneca engineering team has already started the basic engineering for construction of the new plant.
NovX21 operates an industrial prototype plant for the recovery of Platinum Group Elements (Platinum, Palladium and Rhodium, or PGMs). The plant is located near Quebec City in St-Augustin-de-Desmaures. Its patented process yields more than 97% recoveries of PGMs, and is not only much less capital extensive but also operates much more rapidly than conventional plants, thus dramatically lowering the amount of time that its customers' capital is tied up as work-in-process inventory. NovX21's mission is to sustainably recover precious metals by recycling end-of-life PGM containing components while meeting global "green" standards for the automobile industry.
NovX21 also holds the mineral rights to six mining properties and has focused its exploration activities on the Menarik property in the James Bay area, in the Province of Quebec, the site of a major chromite deposit with occurrences of gold, nickel, copper and PGMs. The use of NovX21's patented, proprietary processes for such deposits may lead to a breakthrough in low-cost primary metallurgy in the near future.