Pure Energy Minerals Limited ("PURE" or the "Company") is pleased to announce the execution of a non-binding Memorandum of Understanding ("MOU") with POSCO (traded on the New York Stock Exchange) -- a Republic of Korea multinational global leader. POSCO is one of the largest steel manufacturers in the world and a leader in the development of advanced materials processes. The MOU was executed by POSCO and PURE on 3 March 2014.
PURE and POSCO entered into the MOU to explore the possibility of collectively engaging in potential joint business opportunities in the areas of:
(a) the exploration of lithium and other mineral by-product materials from PURE'S mineral claims located in Esmeralda County, Nevada, USA; and
(b) commercialization of environmentally friendly mineral extraction and processing technologies for lithium brine.
PURE and POSCO will pursue reasonable efforts to enter into a definitive agreement within 6 months from the date of execution on the MOU.
The Company's CEO Robert Mintak commented, "We are delighted with the opportunity of working with POSCO and their Lithium Team and New Growth Technology Department regarding the development of mineral exploration opportunities for lithium on our Nevada mineral claims in tandem with the potential testing and demonstrating of new environmentally friendly technologies for lithium extraction."
POSCO engages in the manufacture and sale of various steel products in South Korea and internationally. It offers steel for general structures and welded structures used in steel structures, bridges, ships and automobiles; atmospheric corrosion resistant steel for use in the production of containers, special vehicles and buildings, hot rolled steel used in automobile frames and wheels; and hot rolled steel for special applications. POSCO also provides cold rolled sheets used in cold-rolled products, such as CR, GU and color plates; steel for structural pipes, general pipes, special pipes, and carbon steel pipes for machines; steel used in high-pressure gas containers; steel for oil well pipes; and steel for pipelines. The company was founded in 1968 and is based in South Korea.
PURE (TSX VENTURE: PE) is an innovative hybrid lithium exploration and processing technology company based in Vancouver, British Columbia. PURE is fully engaged in the exploration and development of innovative mineral processing technologies to test and develop in conjunction with the Company's prospective lithium brine properties located in Esmeralda County Nevada.
On behalf of the Board of Directors
Chief Executive Officer