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Message: Exclusive Agreement With University of Witwatersrand to Produce Fuels & Chemical
| June 23, 2009 |
| G4G Resources' Subsidiary Alternative Fuels Corp. Concludes Exclusive Agreement With University of Witwatersrand to Produce Fuels & Chemical Feedstocks From Municipal Waste, Natural Gas & Coal |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2009) - G4G Resources Ltd. (TSX VENTURE:GXG) ("G4G") today announced that its wholly owned subsidiary Alternative Fuels Corporation ("AFC") and The University of Witwatersrand, Johannesburg, South Africa ("Wits") concluded an exclusive representation agreement to commercialize the fuel and chemical production process developed by the Centre of Materials and Process Synthesis (COMPS) located at Wits. The COMPS propriety technology utilizes a second generation of the well established Fischer-Tropsch process that Sasol has successfully used for the past fifty years. COMPS has successfully commissioned two pilot plants in China and Australia. Both plants are now producing at design capacity and planning is underway to scale up for commercial production facilities. The agreement grants AFC exclusive rights to market and deploy the Wits conversion technology in the Americas and follows AFC's announcement of 13th May 2009 on the waste supply agreement with Turtle Island Recycling Corporation. The proposed plant, to be built in the Sarnia area of Ontario, will convert waste destined for landfill into a variety of value added chemicals, fuels and waxes. "There is no question that the South Africans, through Sasol, are the world leaders in the field of Fischer-Tropsch. The developments that the COMPS engineers have applied to the second generation Fischer-Tropsch technology will revolutionize the application of this technology in plants throughout the Americas. Our management and Board are delighted with the confidence that Wits has displayed in partnering with G4G Resources in this exclusive agreement for the Americas," stated Basil Botha, President & CEO. The COMPS FT technology offers the following advantages over first generation technology: - 20-30% lower capital cost per barrel than 1st generation FT - Lower operating costs - High efficiency levels - A robust and simple process that is reliable and easy to operate - Quick to design & build - Scalable - Modular - A once-through process that is energy and capital efficient - Produces both syncrude & electricity - The world's greenest fuels and chemicals when using biomass derived feedstocks Mr. Botha continued, "With the growing global competition for petroleum as China and India continue their economic expansion, there is a dire need for countries to become energy independent. For example, the United States imports over fifty percent of their petroleum requirements and will be compelled to convert their abundant coal reserves into usable fuel through processes similar to that which has been developed by COMPS. The South Africans took the initiative to become self sufficient after the world oil embargo of the 70's, with Sasol building coal to liquids plants with a capacity of 160,000 barrels per day. The COMPS plants together with other forms of alternative fuel and energy plants will continue to play a vital role in the energy independence that countries seek." About G4G Resources (TSX VENTURE:GXG) G4G Resources is a Canadian-based mineral exploration and development company focused on a number of resource projects, including iron ore, gold, alternative fuels and geothermal power. |
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