REG-InCoR Holdings Plc : InCoR Technologies to Acquire Nickel Processing Technology
Incor Holdings Plc. (GXGF: ICR, ISIN: GB00BBJ5S54) ("InCoR" or the "Company") and Search Minerals Inc. ("Search") are pleased to announce that they have entered into a Letter of Intent whereby InCoR's wholly owned subsidiary InCoR Technologies Limited ("ICRT") will purchase the intellectual property rights to the Starved Acid Leach Technology ("SALT").
Nickel production worldwide is generally divided between primary sulfidic ores and weathered lateritic ores. Nickel sulfide ores are being depleted and the cost of building and operating a nickel processing plant for nickel laterites are high and in most cases economically marginal given the current low market prices, causing many development stage projects to be postponed. Generally nickel laterite ores with grades under 1.8% Ni are not economic when all costs are included.
SALT has been developed to extract nickel and cobalt from laterites, more specifically from both nickel saprolite and residues from processing nickel limonite ores, using sulfuric acid leaching at approximately 80° Celsius at normal atmospheric pressure. Preliminary analysis indicates that low head grades could be economic using SALT. Consequently, SALT can be used as an add-on to existing operations recovering nickel from below cut-off ores or as a primary extraction technology.
ICRT plans to complete an economic proof of concept leading to a pilot plant testing starting in 2014.
ICRT has agreed to purchase the SALT technology for a total of C$2.2 million comprising:
C$50,000 at closing, expected not later than October 31, 2014;
C$50,000 upon completion delivery of a positive economic scoping study, anticipated in early 2014;
C$100,000 upon completion of a positive bankable feasibility study; and
C$2 million repayable from 25 per cent of the net cash flow from a commercial application of the technology.
George Molyviatis, Chairman of InCoR, added, "I have followed the development of the SALT technology for some time and am very pleased that InCoR's first transaction is to acquire a technology that could significantly change the profile of the world's nickel industry. Meanwhile, InCoR's main focus is on acquiring near-term cash flow projects that need management and/or financing."
About InCoR Holdings:
InCoR Holdings is a venture capital and holding company in the natural resource sector. InCoR acquires and develops projects and distressed assets identified by management focussing primarily in the mineral resource, energy and food/agriculture sectors.
InCoR acts as a worldwide project incubator with a "barbell" approach to investment. By adopting this approach, InCoR targets projects that are either near term cash flow positive or with world class blue sky potential. InCoR uses a holding corporate structure to implement symbiotic competitive advantages between industry sectors. In doing so the efficiency of its investment strategy is maximised through identifying and capitalising on synergies. A holding structure can also be used to ensure management of each of the businesses within InCoR has an entrepreneurial attitude of reward with success.
Forward Looking Statements & Disclaimer
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the potential of the InCoR Holdings' projects, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution and the volatility of our common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and InCoR Holdings undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release, and no securities regulatory authority has either approved or disapproved of the contents of this release.
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(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: InCoR Holdings Plc via Thomson Reuters ONE
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