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Message: Signs Two Agreements in Regards to its Technologies
| June 17, 2009 |
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Pro-Or Signs Two Agreements in Regards to its Technologies
Sale of a license for the use of one of Pro-Or's technology in South Africa. |
| MONTREAL, QUEBEC--(Marketwire - June 17, 2009) - Ressources Minieres Pro-Or Inc. ("Pro-Or") (TSX VENTURE:POI) announces that it has signed two agreements with Fer-Min-Ore (PTY) Ltd. (FMO) based in Sandton, South Africa. In June 2008, Pro-Or had signed an agreement granting FMO an option to acquire a license to the use, in South Africa, of its Chromite Upgrading and Platinum Group Metals (PGM) Recovery technologies. Since then, FMO has carried out the validation of the technology and is about to complete the construction and the start-up of a demonstration plant, designed to handle large quantities of Ore/mining residues and tailings. The first agreement grants a license to FMO, for the use of Pro-Or's technology in South Africa. The license is exclusive, worldwide and irrevocable to the use of Pro-Or's rights for the recovery of PGM's and the upgrading of Chromite from ores/mining residues and talings, with the right to grant non-transferable sub-licenses to third parties .Rights does not cover the recovery of PGM's from catalytic converters (CCs). Pro-Or will receive a royalty of 0.5% on all gross revenue generated from the plants owned and operated by FMO. The royalties from plants not owned and not operated by FMO will be negotiated between the parties on an ad hoc basis. The second agreement with FMO relates to the assistance and support of the commercial development of Pro-Or's plant located in St. Augustin, Quebec, for the recovery of PGM. This agreement is very favorable for Pro-Or and includes but, is not limited to: - FMO will supply CC's required during the commercialization phase of the project according to an agreed ramp-up. Pro-Or will also have the option of providing a certain quantity of feedstock. - FMO will provide Pro-Or with access to experts that are already involved in the collection and recycling of CCs. - A representative from FMO will be available, at no charge for Pro-Or, for at least 10 days per month for a six (6) months period. His role is firstly to ensure the smooth running of the operations of the plant and secondly to elaborate strategies relative to the possibilities of expansion of our activities. - The agreement grants to FMO an option to participate, as an investor, in all future recycling projects that Pro-Or could establish, throughout the world. Pro-Or's management believes that FMO's many years of experience in the collection and processing of Spent Catalytic Converters (CC), their extensive engineering, mining and ore processing experiences in the mining and metal industries will be an important asset in fast tracking Pro-Or's objective to achieve its goal for a full-scale plant in Quebec to treat PGM rich feed stocks. |
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