Planet Resource Recovery and Franklin Mining Enter Into MOU to Deploy Planet's Green Enhanced Mining Technologies
HOUSTON, TX--(Marketwire - October 26, 2009) - Planet Resource Recovery, Inc. (PLANET)
(PINKSHEETS: PRRY), developer, manufacturer and marketer of PetroLuxus™
and other "Green" technologies for the remediation and recovery of the
planet's resources, and Franklin Mining, Inc. (FRANKLIN) (PINKSHEETS: FMNJ)
execute a Memorandum of Understanding (MOU). The proposed venture is for
the deployment of Planet's new enhanced mining technology that can
accelerate the recovery and monetization of precious and semi-precious
minerals on an environmentally-friendly platform.
Planet has been developing a new environmentally-friendly platform for the
harvesting of minerals utilizing proprietary compounds coupled with unique
technologies processes. This new platform is geared to segregate metals at
the mine site rendering target metals into a more pure concentration
resulting in cost-savings and higher commodity pricing at point of sale.
Franklin is a partner in a three-party joint-venture in Bolivia known as
the Escala Mina I. This 500 hectare concession from the National Mining
Company of Bolivia (COMIBOL) is being prepared for the mining and recovery
of silver and zinc. Franklin also operates Bolivia's San Antonio de Turiri,
a privately owned antimony mine.
The MOU calls for a three-phase scale up:
Phase I - consists of applying PLANET's metal recovery to multiple 10 lb
samples of FRANKLIN gravity concentrated ore samples and assay resulting
byproducts at commercial labs.
Phase II - Upon successful completion, PLANET and FRANKLIN address the
issues of equipment requirements.
Phase III - Upon successful deployment and completion of the recovery and
joint sale of over 200 tons of metals, FRANKLIN and PLANET negotiate and
enter into a revenue sharing formula from the sale of metals.
Both companies anticipate the rapid execution of Phases contained in the
MOU and will report as the projects progress.
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc (the "Company") has developed a proprietary
product known as PetroLuxus™. The Company manufactures and markets
PetroLuxus™ which represents a disruptive technology for use in
petrochemical industries. PetroLuxus™ is comprised of a series of
compounds with a wide array of applications, all of which benefit from its
unique ability to dislodge hydrocarbons from organic and inorganic
materials. The Company's Phase I revenue approach is comprised of three
distinct business units: i) Environmental Remediation ("ER"), ii) Enhanced
Oil Recovery ("EOR") and iii) Strategic Business Combinations.
PetroLuxus™ is a "Green Technology." It is a non-toxic, nonflammable and
environmentally friendly method of separating hydrocarbons from both
man-made and naturally occurring materials. PetroLuxus™ truly is a
Disruptive Technology. It will disrupt currently accepted best practices
and change the way hydrocarbons are being managed and harvested throughout
the world. Founded in 2005, the Planet corporate offices are located in
Houston, Texas. For more information visit: www.planetresource.com or
About Franklin Mining, Inc: Franklin Mining, Inc. has mining interests in
the United States and Bolivia. Additional information is available at
Safe Harbor Statement
Certain statements in this release are "forward-looking" statements as
defined in the Private Securities Litigation Reform Act of 1995. Such
statements are subject to numerous risks and uncertainties. Actual results
may vary significantly from the results expressed or implied in such
statements. Factors that could cause actual results to materially differ
from forward-looking statements include, but are not limited to, the
Company's ability to meet the terms and conditions required to obtain its
project financing, risks and delays associated with product development,
risk of market acceptance of new products, risk of technology or product
obsolescence, competitive risks, reliance on development partners and the
need for additional capital. Planet takes no obligation to update or
correct forward-looking statements, and also takes no obligation to update
or correct information prepared by third parties that are not paid for by
Contact Information: Company Contact:
Enrique M. Salinas III
281-996-5315 ext. 3006