Iberian Minerals Ltd. announced today that its 100% wholly owned subsidiary, Mineworx USA Inc. has signed an Agreement with Vulture Peak Gold Inc. (VPG), who are currently operating a hard rock gold processing plant on location.
The historic gold property is approximately 275 contiguous acres and located at Wickenburg, Arizona, approximately 70 miles northwest of Phoenix. Mineworx is an innovative technology Company that has developed HM X-tract, a patent-pending environmentally friendly, portable, heavy mineral extraction unit for the mining sector.
Mineworx is onsite and commissioning its prototype HM X-tract equipment to begin working on alluvial deposits on the property. Terms of the agreement are based on a model of sharing net profits.
"For the past four months, Mineworx has focused on evaluating gold properties in the south western United States, where there are literally thousands of small to mid size gold mining opportunities in which the Mineworx technologies can advance projects for property owners who may be having difficulty advancing their deposits due to financial, environmental or logistical reasons," stated Duane Nelson, President of Mineworx. "We presently have a short list of future properties in this region to begin working on as we ramp up production of additional HM X-tract units in our fabrication facility in Coquitlam, Canada."
"VPG is ideally suited to not only allow the HM X-tract portable extraction unit to showcase its performance and operational capabilities in a large scale placer environment but is also optimum for allowing on site testing and evaluations of related new technologies we are presently working on," stated Greg Pendura, President and CEO.
The Company plans to provide further updates pertaining to site evaluations and ongoing commercial production activities.
Since the Mineworx amalgamation, many new individuals have become shareholders in Iberian Minerals. If interested, we would like to invite these new shareholders to be added to our data list to receive corporate update newsletters in the future.