TORONTO, ONTARIO, November 2, 2016 (Newswire.com) - Newport Gold Inc. (OTC PINKS: NWPG) (the “Company”, “Newport”) announced today it has entered into a world-wide licensing agreement with Eco-Orex Technologies (“Eco-Orex”), (an Ontario Company) to develop and commercialize new mineral processing technology for the mining industry. Eco-Orex holds patents and patents pending related to specialized mining technologies.
Under the terms of the agreement, Newport will make an upfront payment to Eco-Orex of $75,000 (CDN) within six weeks. In total, Newport will pay Eco-Orex $4 million (US), in agreed upon timelines over the next 36 months as well as royalties on sales of the product after the development of prototypes and commercial machines. Newport will also issue 25 million shares of common stock to Eco-Orex subject to the filing of a certain patent application with the US Patent and Trademark Office and Newport will be entitled to earn certain ownership rights in Eco-Orex based upon amounts paid to Eco-Orex as described above.
Newport intends to finance and manufacture, under certain agreed upon protocols with Eco-Orex, a working prototype in order to create a commercial technology for the mining industry, for distribution on a world-wide basis.
This new technology was initially tested in Russia and then in Canada over the past 15 years with success. The process known as Cavitational Technology is a process that allows for the disintegration and concentration of minerals in ore in one single operation. The technology can be applied to metallurgical tailings, slag and sludge. The technology does not require large rotating equipment or any grinding media. The required facilities may be portable and can be designed and constructed at the location of choice for any particular customer. This technology will provide a unique opportunity to unlock major incremental mineral values in any mining operations dealing with thin pay dirt deposit layers. In addition to being portable, initial testing has shown that the process can reduce particles to less than 10 microns in size if necessary, without the necessity of any additives or reagents. Furthermore to being mobile, the technology is not harmful to the environment and can deliver huge economies of scale at a fraction of the cost of conventional mining methods. The scientists at Eco-Orex Technologies were the first to transfer this cavitational theory into a working industrial application.
“We believe this new mine processing technology will be a major breakthrough and revolutionary in terms of processing mineralized rock for the mining industry on a global scale. It will be portable, environmentally friendly and achieve significant cost reductions compared to conventional mining techniques. It can be applied to processing both surface tailings operations and in open pit ore bodies as well as numerous applications as it relates to processing ore” said Derek Bartlett, President of Newport Gold. “We look forward to building the prototype and advancing the technology too commercial production and marketing and selling this technology to the mining industry on a global scale”
Newport Gold will be updating its website and financial information and intends to submit any necessary filings as soon as possible in order to resume having current information available on the OTC Markets.
About Newport Gold Inc.
Newport Gold Inc. is an incorporated Nevada company (incorporated July 16, 2003), originally formed for the purpose of mining exploration but will now shift and concentrate its major business activities into developing and commercializing the new mining technologies described herein, in conjunction with Eco-Orex Technologies. The Company still retains some mining exploration claims in the province of British Columbia in Canada.
DISCLAIMER ON FORWARD-LOOKING STATEMENTS
Statements contained herein that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate”, “believe”, “estimate”, “plan”, “intend”, and “expect” and similar expressions, as they relate to Newport Gold Inc., or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. The Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or for any other reason.
Newport Gold Inc.
Derek Bartlett, B.Sc. (Geology)
President, CEO and Director
Source: Newport Gold Inc.