SAN JOSE, Calif.--(BUSINESS WIRE)--Green Technology Solutions, Inc. (OTCQB: GTSO) announced today that it has engaged Korea Resources Corp. (KORES) to perform mineral analysis on core samples from three mining sites in Mongolia to confirm the presence of potentially lucrative rare earths.
KORES is a South Korean state-run resources development company that works with domestic manufacturers to secure foreign resources assets. GTSO is working to mine and export Mongolian rare earths to South Korea and plans to have KORES analyze ore samples to assure potential buyers of the quality and density of the rare elements found within.
“KORES has earned tremendous credibility with mineral buyers in South Korea,” said GTSO President and CEO John Shearer. “We anticipate that their seal of approval will have buyers lining up to purchase the rare earth ore we’ll be exporting from Mongolia.”
GTSO announced last week that it signed a new Profit Participation Agreement with the mining and trading company Ar Erkhes, LLC, to facilitate the mining of rare earths at three properties in Mongolia. The company’s business agent in Mongolia will engage a geologist to collect more than 20 core samples from each of the mining sites for transport to KORES’ mineral analysis laboratory.
In addition to green technology applications such as wind turbine generators, electric car motors and photovoltaic solar panels, rare earths are critical to the construction of smartphones, automobiles and other consumer electronics manufactured in South Korea. According to a report earlier this year by the South Korean Ministry of Knowledge Economy, South Korean companies earmarked $7 billion for overseas resources development projects in 2011, a 222-percent increase over last year. According to the report, the massive increase in development funding is intended to help better insulate South Korea from international price hikes.
GTSO is working to develop new sources of rare earth elements in Mongolia, the Republic of Congo and elsewhere to help reduce the risk of supply shortages to the U.S. and allies such as South Korea and Japan. In recent months, China, the world’s dominant rare earths producer, has announced a series of new measures aimed at scaling back production to ease environmental concerns and tighten its grip over the global rare minerals market.
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), Qiao Xing Universal Resources (Nasdaq: XING) and Honeywell International Inc. (NYSE: HON).
About Green Technology Solutions, Inc.
The next generation of green technology—electric car batteries, wind turbine generators, photovoltaic solar panels—is made possible by precious elements mined from the earth’s crust, and the world’s dependence on these substances is rising fast. Today, these rare elements largely come from some of the most environmentally damaging mines in the world. Green Technology Solutions, Inc. offers clean mining solutions to the acquisition of rare earths, gold and other materials used in the latest green-tech innovations. Our cutting-edge clean mining techniques and strategies are generating business leads from around the globe as governments and corporations seek to lessen the environmental impacts of ore mining. GTSO is positioned to capitalize on exciting and potentially lucrative opportunities to develop cleaner mines in emerging nations around the world, including Mongolia, the Republic of Congo and many more. Our company is focused on aggressively growing and diversifying our business in order to produce green mining solutions for our clients on a global scale.
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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