MONTREAL, QUEBEC--(Marketwire -01/10/12)- Geomega Resources Inc. (GeoMegA) (TSX-V: GMA.V - News) announces that it has retained G Mining Services Inc. ("G Mining") to complete a Preliminary Economic Assessment (PEA) Technical Report for its Montviel Rare-Earths (REE) project located near Lebel-sur-Quevillon, Quebec.
G Mining will assume overall coordination and responsibility for engineering and financial studies to produce a PEA Technical Report in accordance with National Instrument 43-101 and Form 43-101 F1. The PEA will model the economics of conventional mining and processing facilities for the production of rare earth concentrate at the Montviel project.
"Montviel logistics and results to date are outstanding, we anticipate robust economics." comments Simon Britt, CEO of GeoMegA.
"The PEA schedule revolves around completed metallurgical tests work and elaboration of a preliminary process flow sheet. The ongoing metallurgical tests at SGS Lakefield, Ontario, are scheduled for completion in Q2 2012. This work along with the updated resource calculation based on Phase 2 drill program should provide a high level of assurance for the PEA and could put us in a position to move rapidly through the completion of a Feasibility study."
Major Rare-Earths discovery for Quebec - MONTVIEL: 183.9Mt Indicated averaging 1.45% TREO
The initial NI 43-101 compliant resource calculation at a base cut-off grade of 1% total rare earth oxides (TREO), released on September 29, 2011, totalled 183.9 million tonnes averaging 1.45% TREO in the Indicated resources category and 66.7 million tonnes averaging 1.46% TREO in the Inferred resources category. Montviel has the potential to play a significant near term role in the clean technologies of the 21st century due to its proximity to infrastructure and available labour.
About GeoMegA
GeoMegA, which owns 100% of the Montviel property, is a young Quebec mining exploration company focused on finding economically viable deposits of elements needed by Clean Technologies. GeoMegA is committed to meeting stringent mining industry standards and distinguishing itself with its expertise, know-how and its support and respect for local communities and the environment.
GeoMegA currently has 22,355,899 common shares outstanding.
On behalf of the Board of Directors of GeoMegA,
Simon Britt, President and Chief Executive Officer
Forward-Looking Statements. This Company news release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
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