MIAMI, FL--(Marketwired - February 19, 2014) - Amalgamated Gold and Silver Inc. (AGS) (BCHS) today announced It has signed an LOI with EEPL proprietary, a Bolivian entity, to acquire a 51% controlling interest in the Ulexite Calcination plant in Oruro, Bolivia. Ulexite or "TV Rock" as it is more popularly known is unique in the fact that the mineral acts as a natural conductor of light similar in form and function to that of optical fiber material. This relayed light through internal fibers can produce exact optical images on the other side. Commercially Ulexite is a great source of Boron five that as an element only exists in concentration across the world of approximately 10ppm (10 parts per million).
Boron is gaining and has gained great popularity as a mineral especially in the compound as Sodium Boronhydride or (NaBH4), a natural carrier for Hydrogen as a source of Hydrogen fuel cells. There are various other uses of Boron that range from detergents to metal hardening functionality.
The calcination plant in question is the first stage processing of the Ulexite, bringing beneficiation to a product that historically was exported as it was mined. All the Calcinated production of the plant is presold on a 12 month renewable contract basis automatically extendable for another three years. Monthly Net profits attained are in excess of USD 100,000.00.
Under the terms of the Agreement, AGS will have the exclusive right to conduct independent due-diligence for a period of 60 days. Upon obtaining satisfactory results over the due-diligence period AGS will formalize a Purchase and Sale Agreement to acquire the plant and the unique intellectual property associated with the processing of the Ulexite.
Full descriptions of the plant and its operation will be posted on the company website www.ags-inc.co under Projects in February 2014.
"I am excited about the new direction AGS is taking especially into the beneficiation of the unique and invaluable mineral wealth of Bolivia. Ulexite and the processing thereof is opening so many more avenues of unique processing of the core minerals developed and mined by AGS and the long-term planning of the company is showing enormous potential being realized in a much shorter space of time," said the VP of Mining, LATAM Almero Bourbon.
About Amalgamated Gold and Silver Inc. (BCHS) is a Miami based, junior resource company focused on the exploration, development and production of mineral resources in Mexico and South America. The Company is actively engaged in the exploration and production of its mineral concession. The Company is focused on creating shareholder value with the company's growth strategy to acquire, explore and develop high-quality properties throughout Mexico and South America. Management's corporate philosophy is to be a project generator, explorer and operator with the objective of option/joint venturing projects with junior mining companies through to production.
The information in this press release constitutes "forward-looking information". Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.