HARISTON CORP. ANNOUNCES SUBSIDIARY -- METANETIX -- COMMENCES COMMERICAL PRODUCTION AT BUTTE, MONT.
VANCOUVER, British Columbia, Sept. 23 /PRNewswire/ -- Hariston Corp. (NASDAQ: HRSNF) ("Hariston") announces that Metanetix Corp.("Metanetix"), a 75 percent owned subsidiary of Hariston, has commenced commercial production at the minerals extraction and processing plant at Butte, Mont. The plant is a joint venture with Kelley Resource Recovery Corp., a wholly owned subsidiary of Western and Pacific Resources Corp. The plant is utilizing the proprietary and patented Metanetix Technology. The extraction process is environmentally responsible and cost efficient. The plant represents a new era in solution mining. The plant is extracting zinc, aluminum, iron, calcium, magnesium and manganese from the Kelley Mine water and, by mid-1994, will also extract rare earths. It is estimated that the Kelley Mine contains approximately 3.9 billion gallons of water with a natural inflow in excess of 3,000 gallons per minute ("gpm"). It is estimated that the Kelley Mine contains an estimated metal market value of $30 per 1,000 gallons of water. The plant is currently operating at 250 gpm. Metanetix plans to increase the production of the plant to 2,150 gpm by June 1994 and, pending regulatory approval, to 8,000 gpm by late 1995. The plant is processing Hydroxides and Metal chelates of the extracted metals for the agricultural, micronutrient, and fertilizer industries. Markets are being developed for the pharmaceutical, rubber, paint industry, and other specialty markets. The extraction process will also create a by-product of potable water for possible resale to surrounding communities. Metanetix, through its 50 percent joint venture company, Metanetix Marketing Corp. ("MMC"), has received an expression of interest from a major North American distributor and formulator of agricultural chemicals. This company has expressed their intent to purchase the entire production of the plant up to 2,000 gpm for agricultural chemicals and intends to enter into a definitive joint venture with MMC to sell the specialty chemicals throughout their North American distribution channels. Methanetix anticipates the definitive agreements will be signed within 60 days. MMC is also exchanging Letters of Intent with a major U.S.-based specialty chemical distributor. This company has expressed their intent to contract for the production capacity of other specialty chemicals produced by the plant. Metanetix, pending anticipated plant expansion and successful penetration of identified markets, anticipates joint venture gross revenue in excess of $60 million for fiscal 1994, and $145 million for fiscal 1995, and joint venture profit before tax of $26 milion and $88 million, respectively. Metanetix' allocation of joint venture profits is 50 percent. Metanetix holds the exclusive global license to the metal extraction technology, as well as applications of the technology to selectively remove hazardous heavy metals in harbor and lake sediments, as well as industrial waste metal sludge, sewage sludge, furnace, and fly ash. -0- 9/23/93 /CONTACT: William B. Sharp, president, 604-224-4323/ (HRSNF)
CO: Hariston Corp.; Metanetix Corp. ST: British Columbia IN: MNG SU: PDT
LS-LM -- LA031 -- 5231 09/23/93 19:53 EDT
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|Date:||Sep 23, 1993|
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