NovX21 Inc. (formerly Pro-Or)

NovX21 Inc. (formerly Pro-Or)

March 05, 2014 07:00 ET

NovX21 Issues a Corporate and Operational Update

MONTREAL, QUEBEC--(Marketwired - March 5, 2014) - NovX21 (TSX VENTURE:NOV) is pleased to provide an update on its corporate and operational activities following a $3 million financing on January 20, 2014.

  • discussions are underway with banks and institutional funds for the financing of the construction and start-up of a first commercial plant for the recovery of platinum group precious metals;
  • business development and financial experts have been hired;
  • discussions are underway for raw materials supply agreements, including visits to the St-Augustin plant near Quebec City
  • engineering firm Seneca has been awarded a mandate to help NovX21 build a commercial plant with a capacity of 200 tonnes per year.

Seneca's mandate includes creating and managing the project steering committee and producing the project charter, preliminary engineering or feasibility study on the site for the commercial plant (detailed operating and capital cost calculations), detailed engineering and project management for the commercial plant project, technical support during project construction and technical support for the assessment of a potential industrial site to house the operation. Industrial site visits have taken place so as to confirm the site of the first commercial plant as soon as possible.

Modifications are presently being made to the St-Augustin facility so that some of the equipment can be reused in the new plant, thus reducing the capital and operating costs associated with the proposed plant.

Construction of the 200 tonne-per-year plant will allow NovX21 to showcase the capabilities of its alternative process for producing platinum group precious metals and demonstrate the profitability of future operations.

Upcoming Corporate Activities

More than 200 industry participants will be attending the International Automobile Recycling Congress (IARC) in Brussels from March 19 to 21, 2014. There will be a number of the presentations on the European Union directive for the recycling of 95% of automotive components by 2015. NovX21 will be participating in this conference for the first time, and will have the opportunity to demonstrate the technical features of its platinum group precious metals recovery process.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About NovX21

NovX21 operates an industrial prototype plant for the recovery of Platinum Group Elements (Platinum, Palladium and Rhodium or PGMs). The plant is located near Quebec City in St-Augustin-de-Desmaures. Its patented process yields more than 97% recoveries of PGMs, and is not only much less capital extensive but also operates much more rapidly than conventional plants thus dramatically lowering the amount of time that its customers capital is tied up as work-in-process inventory. NovX21's mission is to sustainably recover precious metals by the recycling of end-of-life PGM containing components while meeting global "green" standards for the automobile industry.

NovX21 also holds the mineral rights to six mining properties and has focused its exploration activities on the Menarik property in the James Bay area, in the Province of Quebec, the site of a major chromite deposit with occurrences of gold, nickel, copper and platinum group metals (PGMs). The operation of NovX21's patented and proprietary processes to such deposits may lead to a breakthrough in low cost primary mining metallurgy in the near future.

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