Green Mining Technologies, Inc., a wholly owned subsidiary of Green Planet Group, Inc., has acquired rights to a one hundred sixty (160) acre gold mining claim in Kern County, California from the U.S. Bureau of Land Management. The Company plans to begin a small mining operation on the claim in early June, 2016. The mining operation will be designed to minimize negative impact on the land, while generating significant revenue and profitability for Green Planet from production of gold and other precious metals.
Independent laboratory testing, conducted by LP Analytical of Phoenix, Arizona, on thirty-three (33) ore samples has proven that this claim has significant gold values. The very conservative asset value of this claim (after reducing the calculated value by 90%) is estimated at approximately $173 million.
In addition to the revenue generated from gold refined from this placer mining claim, Green Mining Technologies will use this mining operation to prove the efficacy of its soil reclamation technology, providing another green technology with the capacity to generate substantial revenues. This will be the first field demonstration of the soil reclamation technology and will utilize the patentable nutrients currently developed for Green Planet's Healing the Earth™ revolutionary plant growing system.
Ed Lonergan, Green Planet CEO, noted, "Every location has its own unique soil composition. Therefore, we anticipate the testing of at least fifteen (15) formulations of our proprietary soil amendments to determine which will work best at this location. The potential for revenue generation from this technology is tremendous. There are hundreds of abandoned and currently operating mining operations throughout the West that require healthy, natural soil reclamation and we believe that our technology can accomplish this. We are excited about this opportunity to exploit the synergies that exist among our green technologies to generate revenue and profits and to remediate damage to soil from mining operations thus improving the environment."