Lustros Announces Payment for First Tailing Site
SANTEE, Calif.--(BUSINESS WIRE)-- Lustros, Inc. (OTCQB:LSLD) announced today that its Chilean subsidiary, Mineraltus Pudahuel Ltd., has made the first required payment under the agreement with Sociedad Minera Pudahuel "SMP" for the right to use all assets and facilities at the closed mine of La Africana.
Making the announcement, Chairman Zirk Engelbrecht said, "With this payment we now have the right to use all assets and facilities required to begin work on the Congo Project. This allows us to begin construction on the plant to clean up the tailings and produce food-grade penta-hydrated copper sulfate. We are very excited to begin what will be the first of many tailings projects for the Company."
Under the agreement, the Company will apply revolutionary patent-pending technology to process 2.4 million tons of copper-rich tailings with the intention of producing 24,000 tons of copper sulfate. Construction of the $6.8 million plant will begin early next year and is expected to be completed in 12-14 months.
As a result of this project, the Company will restore 80.4 hectares of valuable land in the Santiago Metropolitan area. The removal of these 2.4 million tons of sulfuric-acid impregnated tailings will substantially increase the value of the affected land while improving the environmental conditions of the surrounding community.
The project, known in the industry as the "Congo Project", has received all necessary approvals and permits from the Chilean authorities and is considered a model of responsible mining. There are over 800 closed mines in Chile, 50% of which are abandoned, and all of them have left behind millions of tons of tailings. "Our tag line, A mine is a terrible thing to waste, is emblematic of our business strategy. We intend to extract valuable minerals from these abandoned tailings and improve the conditions of the land while adding substantial value to our shareholders," said Gonzalo Troncoso, CEO of Lustros Inc.
About Lustros, Inc.
Lustros, Inc. has a majority equity position in Sulfatos Chile S.A., which owns the Anica Copper Mines as well as a copper sulfate production project and employs a highly experienced staff of mining professionals. Lustros, Inc.'s subsidiary Mineraltus SA is a Chilean corporation that extracts copper from the tailings (waste products) of expired copper mines to secure the raw materials to manufacture high quality, feed-grade copper sulfate.
Safe Harbor Statement
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
Gonzalo Troncoso, CEO
KEYWORDS: United States North America South America Chile California
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