SAN JOSE, Calif.--(BUSINESS WIRE)--Green Technology Solutions’ (OTCQB:GTSO) plan to develop rare earth mines in Mongolia is beginning to feel like a golden opportunity. The company announced today that it is in negotiations with Ar Erkhes, LLC to develop mining production of gold as well as rare earths at a mineral-rich property in Mongolia’s Tuv province.
In March, the Mongolian agent company for GTSO’s joint venture with Rare Earth Exporters of Mongolia signed a letter of intent to develop a new licensed rare earth mine in Tuv. According to the letter, the joint venture will work with Ar Erkhes, the mine’s license holder, to finance, market and develop the property into a working rare earths mine. The LOI also gives the joint venture and its agent the right to seek investors, scientists and other professionals in performing due diligence toward a definitive agreement. That due diligence produced mineral reports containing not only proof of high levels of rare earths at the site, but concentrations of gold as well. The joint venture is now in talks with Ar Erkhes to add gold mining to their potential definitive agreement.
“The price of gold has skyrocketed to new heights in the past year, and one reason is that precious metals such as gold are used in the manufacture of a number of new green-energy technologies,” said GTSO President and CEO John Shearer. “Securing gold mining rights in Mongolia is a tremendous opportunity that we are pursuing with great enthusiasm.”
Ar Erkhes is a trading and mining company located in the Mongolian capital of Ulan Bator. The company’s exploration field under review by GTSO is located in an area known as Avdrant in the territory of Bayandelger Soum, Tuv Aimag. It is one of four sites across Mongolia that GTSO’s joint venture is working to develop into rare earth mines. The joint venture has targeted Tuv Aimag as a prime strategic location for mining activities due to its proximity to Mongolia's capitol, Ulan Bator. The city is Mongolia's road and rail hub as well as the home of the joint venture's Mongolian transportation office.
More information on the joint venture's rare earths transportation strategy in Mongolia can be viewed at http://www.rareearthexporters.com.
Once negotiations with Ar Erkhes have been successfully completed, GTSO plans to explore additional opportunities to develop precious metals resources in Mongolia and Asia due to soaring prices for the commodities driven by inflationary fears worldwide, Shearer said.
“Uncertain times have generated extraordinary demand for gold and other metals,” he said. “We hope the Avdrant mine can be our first of many gold mining projects in Asia and around the globe.”
Green Technology Solutions commercializes clean and renewable mining technology and products in a sector that includes Honda Motor Company, Ltd. (NYSE: HMC), MV Rare Earth/Strategic Metals (NYSEArca: REMX), SPDR Gold Shares (NYSEArca: GLD) and Goldcorp Inc. (NYSE: GG).
About Green Technology Solutions, Inc.
Green Technology Solutions, Inc. (GTSO) is an OTCQB publicly traded company. OTCQB is the middle tier of the OTC market. OTCQB companies report to the SEC or a U.S. banking regulator, making it easy for investors to identify companies that are current in their reporting obligations. GTSO acquires, develops and implements the newest clean mining technology to enable our partner clients to expand operations throughout the world. Environmental restrictions represent the largest restriction to mining industry growth and operations. GTSO focuses on overcoming these environmental restrictions with brilliant cutting-edge clean mining technology.
For more information, please visit http://www.GreenTech-Solutions.com.
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