EnviroLeach to License Their Technology to Recycle Catalytic Converters

VANCOUVER, BC / ACCESSWIRE / February 26, 2020 / EnviroLeach Technologies Inc. (the “Company “or “EnviroLeach”), (CSE:ETI) (OTCQB:EVLLF) (FSE:7N2) is pleased to announce that it has signed a Letter of Intent (LOI) with Mineworx Technologies Inc. (“Mineworx”) (TSXV-MWX) to utilize EnviroLeach’s patented technology for recovery of platinum group metals (“PGM”) including platinum and palladium from waste catalytic converters.

Upon completion of a definitive agreement, Mineworx will fund, in phases, further development of the EnviroLeach technology for the recovery of PGM’s including bench and pilot-scale test work. Mineworx will also have the option to finance, construct, own and operate a proposed commercial production facility to process end of life catalytic converters utilizing EnviroLeach’s proprietary technology under license.

A catalytic converter is a device used to convert toxic vehicle emissions to less harmful substances by way of catalyzed, or accelerated, chemical reactions. Most present-day vehicles that run on gasoline or diesel, including automobiles, trucks, buses, trains, motorcycles, and planes have exhaust systems employing a catalytic converter. The catalytic converter in a typical automobile or small truck contains from 2 – 12 grams of palladium and an equal amount of platinum.

Previous test work on catalytic converter materials by EnviroLeach, demonstrated the positive extraction of platinum and palladium with recoveries of approximately 90%.

The current price of palladium has now surpassed gold and is trading at $2,600 per ounce. In its Automotive Catalytic Converter Market report, Allied Market Research projects the global automotive catalytic converter market size is expected to reach $183.4 billion by 2022. According to Reuters, the increased demand for palladium is being driven by new regulations in China which require approximately 30% more palladium per vehicle.

Duane Nelson, President and CEO commented “We are pleased to announce this new initiative, which has significant potential to leverage our patented technologies and expertise within an untapped market sector. The objective of this venture with Mineworx is to develop an eco-friendly and commercially viable process for the extraction of platinum group metals from waste catalytic converters.”

The completion of the transactions proposed under the LOI is subject to a number of conditions, including, negotiation and execution of a definitive agreement and license agreement.

About EnviroLeach Technologies Inc.

EnviroLeach Technologies is engaged in the development and commercialization of environmentally-friendly formulas and technologies for the treatment of materials in the mining and recycling sectors. Using its proprietary non-cyanide, water-based, neutral pH treatment process EnviroLeach extracts precious metals from ores, concentrates, and E-Waste using only FDA approved additives and ambient temperature water.

Backed by the momentum of a first-class staff of scientists and engineers, tens of thousands individual assays, independent validations, and strategic partners and over $20 million in research and development, EnviroLeach’s technology is emerging as a potential new standard for the provision of eco-friendly methods for the hydrometallurgical extraction of precious metals in both the conventional mining and E-Waste sectors. Further information is available on the EnviroLeach web site:https://enviroleach.com

About Mineworx

Mineworx is positioned for growth through partnerships with advanced mining projects as well as E-Waste opportunities through its collaboration with EnviroLeach Technologies. By utilizing its patented and patent-pending environmentally friendly portable extraction technologies Mineworx will increase and enhance business opportunities by deploying cost-effective, extractive metallurgical solutions.

Forward-Looking Statements

This News Release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and the United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words “anticipates,” “believes,” “may,” “continues,” “estimates,” “expects,” and “will” and words of similar import, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our Research and Development activities, the accuracy of our capital and operating cost estimates; production and processing estimates; the results, the adequacy of EnviroLeach’s financial resources and timing of development of ongoing research and development projects, costs and timing of future revenues or profits and adequacy of financial resources. Wherever possible, words such as “plans”, “expects”, “projects”, “assumes”, “budget”, “strategy”, “scheduled”, “estimates”, “forecasts”, “anticipates”, “believes”, “intends”, “targets” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning future revenue or earnings estimates may also be deemed to constitute forward-looking information. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information. Forward-looking information is based on the expectations and opinions of EnviroLeach’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information. The CSE has not approved or disapproved of the information contained herein.

Contact Information :

Duane Nelson
CEO & President
EnviroLeach Technologies Inc.

SOURCE: EnviroLeach Technologies Inc.

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