Planet Resource Recovery and JV Partners Scheduled to Conduct Site-Survey of Antimony Mine in Bolivia
HOUSTON, TX--(Marketwire - February 19, 2010) - 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, is pleased to announce that the company representatives
from Planet Resource Recovery, Franklin Mining and MidWest General are
scheduled to visit and conduct a site-survey of the San Antonio de Turiri
Antimony Mine in Bolivia. The Joint Venture Partners will conduct the
site-survey at the second week of March to strategize the most expedient
path to revenues.
Planet announced its JV partnership with MidWest General, LLC on December
17, 2009 whereas Planet would deploy its "Green Technologies" in the mining
and remediation industries. MidWest General will provide capital funding,
construction and on-site operational management for Planet.
Planet announced its JV partnership with Franklin Mining, Inc. on February
1, 2010. Franklin Mining owns the rights to mine the San Antonio de Turiri
Antimony Mine in Bolivia. This JV Agreement calls for the parties to
develop and operate the mine.
The San Antonio de Turiri Antimony mine is situated on part of Bolivia's
primary antimony belt. It consists of three parallel antimony vein
structures approximately 1.5 kilometers in length and 3 meters in width.
The main ore body ranges from 60% to 67% of pure antimony. The surrounding
shale host rock, secondary ore body, consists of 5% - 10% antimony. To
date, according to geological studies and laboratory analysis, less than 5%
of Turiri's reserves have been mined.
Antimony is a chemical element that has a broad range of applications in
manufacturing of industrial and consumer products. It is used in numerous
industries such as: semiconductors, flame retardants, storage batteries,
electronics, pharmaceuticals, paints, ceramics alloys, rubber and the
ammunitions. Bolivia is one of the five top producing countries in the
world. China dominates production of antimony and Bolivia produces
approximately 3.5% of the annual world demand. Commodity pricing for
antimony has steadily risen from a little over US$ 1000.00 per ton to
present day (January 2010) pricing of US$ 6,400.00 per ton.
The parties anticipate that upon the site-survey completion, the first
phase of mining operation will be underway within 90 days.
About Planet Resource Recovery, Inc.
Houston, Texas-based Planet Resource Recovery, Inc. is the developer,
manufacturer, and marketer of unique, environmentally friendly proprietary
chemical compounds and processes that will usher in a new paradigm shift in
industry. The company is primarily focused on three distinct sectors: 1)
Oil & Gas Industry with PetroLuxus™, 2) Remediation of mining toxic
byproducts and 3) mining of base and precious metals. The company has
developed multi-dimensional compounds and their related processes,
technologies and methodologies to provide these sectors enhanced benefits
and revenue opportunities. For more information visit:
www.planetresource.com or www.petroluxus.com.
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
Planet.