Geomega Resources Inc.
COMPANY DATA | INTRODUCTION
| PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
| Address: | 475 Ave. Victoria Saint-Lambert, QC Canada J4P 2J1 |
| Tel No.: | (450) 465-0099 |
| Fax No.: | (450) 465-0012 |
| Web Site: | www.ressourcesgeomega.ca |
| Email: | info@ressourcesgeomega.ca |
| Contact Person: | Renée Charbonneau |
| Position: | Corporate Assistant |
| Traded Market: | TSX-V |
| Traded Symbol: | GMA |
| Outstanding Shares: | 21,735,399 |
| Public Float: | 20,300,399 |
| 52 Week High: | $ 4.99 |
| 52 Week Low: | $ 0.45 |
| Present Price: | Click Here |
INTRODUCTION
Geomega Resources Inc., which owns 100% of the Montviel rare earth elements (REE) property, is a Quebec mining exploration company focusing on finding economically viable deposits of elements needed by Clean Technologies. Geomega is committed to meeting stringent mining industry standards and distinguishing itself with its expertise, know-how and its support and respect for local communities and the environment.
In April 2010, Quebec received from the Fraser Institute, for the third year in a row, the award of the world's most attractive jurisdiction for mineral exploration and development.
About Rare Earth elements
Rare earth elements are key components of the clean energy technologies and other high-technology applications. Major applications include hybrid/electric automobiles, advanced wind turbines, computer hard drives, compact fluorescent lights and numerous metal alloys.
Demand for rare earths is estimated to have grown at approximately 12% per annum in the last part of the decade. This growth has principally been driven by the ever-increasing range of applications utilizing rare earths across consumer electronics, clean energy technologies, high-tech and defense applications.
PROJECT IN HAND
Montviel Rare Earth Elements Project, Abitibi, Quebec, Canada
Geomega is exploring and developing its 100% owned Montviel property, located in the Abitibi region of Quebec. The property is located in Montviel township, approximately 100 km by road from the town of Lebel-sur-Quevillon, where services and manpower are available. The property is easily accessible via a network of logging roads, after a 60 km drive from highway 113, which connects Val d’Or and Chibougamau. Heavy equipment can be mobilized by truck directly to the property.
The Phase 1 drill program on the Montviel property consisted of 20 holes (18 in the Core Zone) totalling 10,065 metres. Neodymium oxide approximates 18% of the Total Rare Earth Oxide (TREO) in the Core Zone.
Neodymium is essential in the production of the world’s strongest super magnets, which are present in hybrid cars, state-of-the-art wind and tidal turbines, industrial motors, air conditioners, elevators, microphones, loudspeakers, computer hard drives, in-ear headphones, and guitar pick-ups. Neodymium has many additional uses.
Neodymium demand is fundamentally solid, combined with praseodymium and potential niobium and phosphate by-products, Montviel should compete with the more advanced rare earth projects in the near future.
The Phase 1 drill program conclusion:
World Class Deposit of Neodymium
Montviel’s Core Zone initial NI 43-101 compliant mineral resource estimate, using a TREO cut-off grade of 1.00%, hosts an Indicated mineral resource of 183,900,000 tonnes grading 1.45% TREO in addition to an Inferred mineral resource 66,700,000 tonnes grading 1.46% TREO.
The mineralization remains open to the west, south and at depth. The grade increases to the west with DDH MVL-11-18 returning 2.15% TREO over 250.65 m between sections 5+00 west and 7+00 west. Phase 2 drilling is currently focusing on the definition of high grade near surface resource with step out and infill holes west of section 5+00 west.
Geomega’s technical team identified one of the largest Indicated mineral resources of TREO outside China at the Montviel property. This world class Neodymium resource is in Quebec (Plan Nord eligible), near surface (open pit potential), road accessible and close to electricity and available labour (60 min drive from Lebel-sur-Quevillon). The mineral study revealed known Rare Earth Elements (REE) carrying minerals which are amenable to concentration and separation by recognized metallurgical processes. Montviel has the potential to play a significant near term role in the clean energy of the 21st century.
Metallurgical tests are expected to be completed in Q1 2012 during which a Preliminary Economic Assessment will be initiated. The Company’s goal is to define Montviel as economic based on its Neodymium content alone.
Montviel Property Highlights
MANAGEMENT
Management and Directors
Simon Britt, CA, President and CEO, Director
Mr. Britt practiced auditing and corporate finance for Deloitte from 2000 to 2005. He has been in the junior mining sector since May 2005. He was CFO of Kinbauri Gold Corp.
René Lacroix, CA, CFO and Director
Mr. Lacroix is an accounting, tax and securities consultant for listed junior mining companies since 1985.
Jacquelin Gauthier, P.Eng., Geo., Vice President of Exploration
Mr. Gauthier has served as exploration manager for major corporations such as Kinross Gold Corp., Bema Gold Corp., Cambior Inc and Noranda Inc. Mr. Gauthier has been active in mineral exploration for over 35 years, instrumental in several mineral discoveries in Canada.
Patrick Godin, Eng., Asc, Chairman
Jean-Charles Potvin, P.Geo., MBA, Director
Mario Spino, M.Sc., Director
Teo Dechev, Director
NEWS UPDATE
On October 3, 2011, Geomega Resources Inc. announced that Patrick Godin, Eng., Asc., has been nominated Chairman of the board of directors of the Company. Mr. Godin is Chief Operating Officer and Vice President of Stornoway Diamond Corporation since May, 2010. He was Vice President of Project Development for G Mining Services. He sits on the board of Orbit-Garant Drilling. Mr. Godin replaces Claude Britt, who takes over the advisory committee duties.
Geomega shareholders elected a new board of directors at the annual and special meeting of shareholders (AGM) held in Montreal on September 30, 2011. The following individuals are to serve as directors until the next AGM: Simon Britt, René Lacroix, Teo Dechev, Jean-Charles Potvin and Mario Spino. Geomega has granted a total of 878,540 incentive stock options with an exercise price of $1.50 per share to its chairman, directors and officers.