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| SRA Enters Into Agreement to Sell Germanium and Gallium in Leachate
| | TORONTO, ONTARIO--(Marketwire - May 21, 2008) - Strategic Resource Acquisition Corporation ("SRA" or the "Company") (TSX:SRZ)(TSX:SRZ.NT)(TSX:SRZ.NT.A) is pleased to announce that it has entered into an agreement with Recapture Metals Limited ("Recapture") for the sale of Germanium (Ge) and Gallium (Ga) associated with its Mid-Tennessee zinc concentrate.
Pursuant to the agreement, SRA has agreed to sell to Recapture a significant portion of future smelter leachate for the first two years of production. On an annualized basis, total smelter leachate is expected to be in excess of 12,000 tonnes.
Historically, processing of the leachate was limited to Ge recovery and excluded any value for Ga due to technological limitations of former processing methods. Recapture, known for its recovery and purification of high quality Gallium products, will use its processing capability to further increase Ga payable and potentially offer SRA additional metal value.
"This agreement enables us to realize immediate contributions for our Ge and Ga concurrent with our plans towards developing a processing facility to maximize recoveries, commented Victor Wyprysky, CEO of SRA Corporation. "The recovery rates for Ge have traditionally been much higher than Ga and access to state of the art technology to optimize both metals will strengthen SRA's position in the global marketplace."
When in full production, SRA expects to produce about 35,000 kg of each of Ge and Ga, currently trading at approximately US$1,400 per kg and US$500 per kg respectively. These metals are used chiefly in the semiconductor and electronics industries with applications in wireless devices, high brightness LED's, fibre optics, PET catalysts and solar energy.
About SRA
SRA Corporation is focused on the development of the Mid-Tennessee zinc mining complex (MTM) in the State of Tennessee. The MTM is located approximately 50 miles east of Nashville with excellent infrastructure including roads, water, power, major airport and access to a well-trained workforce. MTM will produce one of the highest quality zinc concentrates in the world and efforts are underway to establish recovery methods for the valuable germanium and gallium contained in the zinc smelter concentrate. Once in full production, the Gordonsville Complex at MTM is expected to be the largest zinc producer and domestic source of germanium and gallium in the continental USA. The Company also plans to explore and develop additional properties and redeploy cash flow to pursue a strategy of accretive acquisitions.
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects, the future price of zinc or other metal prices, the estimation of mineral resources and realization of mineral resource estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits and future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of regulatory matters. These statements reflect management's current beliefs and are based on information currently available. Forward-looking statements involve significant risks, uncertainties and assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including those listed in the "Risk Factors" section of the Company's prospectus on file with Canadian provincial securities regulatory authorities.
For further information, please email info@sra-corporation.com . | | |
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