MONTREAL, March 14, 2019 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“GéoMégA” or the “Corporation”) (GMA.V) is pleased to announce that Innord Inc. (“Innord”), a private subsidiary controlled by GéoMégA, has appointed Ginger International Trade & Investment Pte Ltd (“GITI”), as consultants that will serve as Innord’s official sales representative for Europe and Asia. GITI will be responsible for sales of Innord’s rare earth products to designated customers in Europe and Asia and assisting to source feed material in Asia.
GITI is managed by Thomas Kruemmer, based in Asia, who has over 30 years experience as an executive director, working in top management positions for world leading commodity companies in chemicals, pharmaceutical raw materials, fertilizers, synthetic rubber and steel. Mr. Kruemmer acted as Chair of the Metal & Mining Working Group of the EU Chamber of Commerce in China (2012-2016) where he was involved in trade issues including rare earths. Mr. Kruemmer is an alumni of the EU Executive Training program in Japan and currently serves on the board of two privately owned companies in Singapore and Shanghai. As the head of GITI, a family-owned private limited trading and consulting company focused on rare earths, Mr. Kruemmer has developed excellent relationships with the principal companies active in the rare earths sector including manufacturers, traders and end users.
“With Geomega and Innord getting established as a leader in rare earth recycling and production outside of China, we are growing our team and are proud that we were able to retain a person with the knowledge and experience in the rare earths sector such as Mr. Kruemmer. With his presence in Asia, we hope to be able to secure more magnet waste feeds to be processed by our ISR technology here in Canada; however, it’s his knowledge of the European and Asian end users that will ultimately be the most important in finding buyers for Innord’s products. We are now establishing the framework needed to be in a position to succeed once Innord’s technology is fully validated and we begin scaling up towards throughput capacities of up to 1.5 tonnes per day of feed material,” commented Kiril Mugerman, President and CEO of GéoMégA and Innord.
“Considering the overall conditions in the current rare earths landscape, it is our view that Geomega’s concept is among the most feasible in the industry. We confidently join hands with Geomega and Innord, to work towards a successful market development of their products,” says Thomas Kruemmer of Ginger International Trade & Investment Pte., Ltd.
Mr. Kruemmer was granted 400,000 stock options of the Corporation at a price of $0.09 per share for a period of five years in accordance with the terms of the stock option plan of the Corporation.
About GéoMégA (www.geomega.ca)
GéoMégA is a mineral exploration and evaluation company focused on the discovery and sustainable development of economic deposits of metals in Québec. GéoMégA is committed to meeting the Canadian mining industry standards and distinguishing itself with innovative engineering, stakeholders’ engagement and dedication to local transformation benefits. GéoMégA owns the Montviel rare earth carbonatite deposit and is advancing sustainable rare earth refining through Innord’s ISR technology. GéoMégA holds over 17.8M shares and over 20% of Kintavar Exploration Inc. who is advancing the Mitchi stratiform copper project in Quebec.
About Innord Inc.
Innord is a private subsidiary of GéoMégA of which GéoMégA owns 96.1%. The goal of Innord Inc. is to develop and optimize the proprietary ISR technology for extraction and separation of rare earth elements. Innord focuses on scaling up the technology through processing rare earth enriched secondary sources (recycling of end of life and manufacturing waste) and then to apply the technology to primary mining feeds.
About Ginger International Trade & Investment Pte., Ltd.
Ginger International Trade & Investment Pte., Ltd. is a private company in Singapore, active in supply chain management of non-ferrous metals and alloys with a focus on rare earth elements and among its customers are global leaders in metals and related downstream industries.
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