GUELPH, ON, July 8 /CNW/ - Dr. Gene Shelp, President and CEO of ENPAR Technologies Inc. (TSX-V: ENP) ("ENPAR" or "the Company") announces that, effective July 7, 2010, ENPAR and Dundarave Resources Inc. ("Dundarave") have mutually agreed to terminate the ExtrEL Nickel Recovery Technology License Agreement. The agreement stipulates that "Dundarave shall have no residual interest in the ENPAR Technology, Patent Applications, and the Improvements and the parties agree that all Licensed Rights shall revert back to ENPAR."
Citing the current and near to medium term projected depressed nickel price and associated project economics, the parties do not foresee that Dundarave is in a position to raise funds in continuing support of the Optimization and Design phase of the ExtrEL Technology Program.
Dr. Shelp stated, "We thank Dundrave for their confidence in the ENPAR research and development group, and for their support of the ExtrEL Technology. We extend our best wishes for their success and look forward to possible future co-operative endeavours."
"The ExtrEL System is an environmentally friendly process designed to recover nickel and other high value metals from sulphide mill waste," added Dr. Shelp. "We at ENPAR believe that hydrometallurgy represents the best potential for the future in processing sulphide ores and other base metal deposits."
ExtrEL optimization is on-going and the ENPAR technical team remains optimistic that future developments will result in a viable metal recovery system capable of competing with low-cost nickel producers. Testing to date has demonstrated 70% and 90% dissolution, respectively, of the nickel (Ni) in tailings using single and multiple-stage leach reactors.
The ExtrEL process offers the added benefit to the mining industry of converting this specific environmental liability to a more benign material, thereby facilitating lower cost disposal and the implementation of innovative long-term management practices such as its use underground as paste backfill.
ENPAR remains committed to its ExtrEL Program and is developing commercialization strategies for the technology.
About ENPAR Technologies Inc.
ENPAR is a "Technology Company" applying its patented and proprietary "Electrochemical Technologies" to the treatment of waste water and drinking water contaminated by metals or nutrients, i.e., nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. The common shares trade on Tier ll of the TSX Venture Exchange under the symbol "ENP".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause ENPAR Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. ENPAR believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. ENPAR undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE ENPAR TECHNOLOGIES INC.
For further information: For further information: Gene S. Shelp, Ph.D., P.Geo. President and CEO, Tel: (519) 836-6155, Fax: (519) 836-5683, E-mail: firstname.lastname@example.org, www.enpar-tech.com