Innovation Metals Corp. and Process Research Ortech Inc. Sign Development MOU to Integrate Processes for Low-Cost Extraction of Nickel, Cobalt and Iron from Laterite Ores

Toronto, Ontario, CANADA

TORONTO, March 04, 2019 (GLOBE NEWSWIRE) -- Innovation Metals Corp. (“IMC”) is pleased to announce the execution of a non-binding Memorandum of Understanding (“MOU”) with Process Research Ortech Inc. (“PRO”), to combine their respective proprietary technologies into a unified, innovative approach for the low-cost extraction of nickel (“Ni”), cobalt (“Co”) and iron (“Fe”) from laterite ores.

Building on its well-known extractive-metallurgy expertise, PRO has developed patented processes for the effective extraction of metals such as Ni and Co from laterite ores, using mixed-chloride solutions. Regenerating the chlorides used for leaching these ores also results in high-purity Fe oxide, a valuable by-product.

IMC has developed the patent-pending RapidSX™ process, for the separation and purification of metals in solution, such as Ni, Co and Fe in leach solutions produced from Ni laterite ores. The technology combines the time-proven chemistry of solvent extraction with a new platform, which significantly reduces time to completion and plant footprint, as well as lowing capital and operating costs.

“Our chloride-based processes have a number of advantages over conventional hydrometallurgical and smelting approaches for Ni laterite ores,” said Dr. V. I. Lakshmanan, Vice-Chairman and CEO of PRO, “including higher leachability of complex ores, and the regeneration of leaching reagents. The processes permit rapid leaching rates at atmospheric pressure, with high metal recovery. Combining them with IMC’s approach to the separation and purification of the recovered Ni and Co will provide a formidable, cost-effective processing route of considerable value to laterite-ore developers and miners.”

Ni and Co compounds are essential for the production of Li-ion batteries and other high-tech applications. Hydrometallurgical approaches to the processing of Ni laterite ores lead to the recovery of Co from these feedstocks, which is typically lost during smelting and other methods. Growing demand for electric vehicles and the Li-ion batteries to power them, will require new approaches to the extraction of Ni and Co.    

“PRO has been a longstanding and valued engineering partner to IMC, during the development of our RapidSX process technology to date,” commented Dr. Gareth Hatch, Chairman and CEO of IMC. “We look forward to working even more closely with PRO, to commercialize our combined approach to the production of high-purity Ni and Co compounds from laterite ores.”

About Innovation Metals Corp.
Innovation Metals Corp. (“IMC”) is a private Canada-based company and developer of the proprietary RapidSX™ process, for the low-cost separation and purification of rare-earth elements (“REEs”), Ni, Co, Li and other technology metals, via an accelerated form of solvent extraction. IMC is commercializing this approach for a number of metals, to help enable mining and metal-recycling companies to compete in today’s global marketplace.

About Process Research Ortech Inc.
Process Research Ortech Inc. (“PRO”) is a leading private Canada-based process-engineering laboratory, providing pyrometallurgical, hydrometallurgical, electrometallurgical and minerals-processing expertise to the mining, metallurgical, recycling and chemical industries. PRO has developed a number of innovative, patented technologies for the extraction of technology metals.

Forward-Looking Statements
This news release contains projections and statements that may constitute "forward-looking statements" within the meaning of applicable Canadian, United States and other laws. Forward-looking statements in this release may include, among others, statements regarding the future plans, costs, objectives or performance of Innovation Metals Corp. ("IMC") and Process Research Ortech Inc. (“PRO”), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "could", "would", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", “goal”, "estimate" and similar words and the negative forms thereof are used to identify forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are beyond the control of IMC and PRO, and which may cause the actual results, level of activity, performance or achievements of IMC and PRO to be materially different from those expressed or implied by such forward-looking statements. Such risks and uncertainties could cause actual results, plans and objectives of IMC and PRO to differ materially from those expressed in the forward-looking information. IMC and PRO can offer no assurance that their plans will be completed. These and all subsequent written and oral forward-looking information are based on estimates and opinions of IMC and PRO management on the dates they are made and expressly qualified in their entirety by this notice.  Except as required by law, IMC and PRO assume no obligation to update forward-looking information should circumstances or the estimates or opinions of IMC and PRO management change.

Dr. Gareth Hatch, Chairman and CEO   
Innovation Metals Corp.                       
Telephone: +1-416-477-2412                 

Dr. V. I. Lakshmanan, Vice-Chairman and CEO
Process Research Ortech Inc.                              
Telephone: +1-905-822-4941