Haber has entered into a memorandum of understanding (MOU) with Logi Gold to design Haber’s ‘green’ gold processing system to be installed in Arizona. When an economically viable ore has been qualified, Haber and Logi will enter into a joint venture with Logi providing funding to build and operate the facility. Haber says “the Haber Gold Process is both non-toxic and more efficient than conventional solvents such as mercury and cyanide. Haber, headquartered in Arlington, Massachusetts, with proprietary technologies in the separations sciences and environmentally friendly processing of gold bearing ores, has entered into the MOU with Logi, a private company located in Phoenix, Arizona.
Albert B. Conti, CEO of Haber stated, ”We are pleased that after over eight years of tireless effort by our engineering and chemical staffs and extensive testing of numerous ore types in our three Aladdin prototype machines, we are preparing to begin US commercial operations. The facility will demonstrate the outstanding performance of our technology to the gold mining community and prospective clients; it is capable of yielding extraction efficiencies with complex ores, in the high 90% range, gold purity in the +99% range, delivers extraction times in about one to three hours and gold recovery in minutes, all without harming the environment. The operating teams that run the facility will provide operating data and a base model that can be duplicated in support of our anticipated global operations.”
This project could have a major positive impact on the lives of more than 30 million small-scale miners using mercury for the extraction of gold; should it prove to be safer and more profitable for them to operate. “Hopefully, we can play a role in ameliorating the global threat of the irresponsible use of mercury and cyanide by small and medium scale gold mining.
“We are impressed with Logi’s team of seasoned engineering and financial professionals and look forward to working with them on this project. Also, Logi has a number of professional disciplines which could help in our global aspirations including security, airborne operations and facility management. I look forward to a strong and profitable association with their organization in the future.”
Larry Ortega, CEO of Logi Gold said: “We are extremely pleased, and lucky, to be teaming with Haber Inc. This team of chemists, and almost alchemists, has devised a green method to remove 99% of the gold from nearly every kind of ore sample at incredible speed and profitability. This is a stunning chemical achievement that will change the gold industry globally. We will be applying all of our engineering expertise and operational experience to support the Aladdin HGP4 system”.
Under the terms of the MOU, Logi will begin by providing Haber with a complete set of working drawings of the Aladdin HGP4 green gold system. Costs incurred in the design will be repaid from the net profits of the planned joint venture’s gold processing facility. The engineering design phase will begin immediately and completed as soon as possible.
Logi is currently evaluating a number of potential gold ore sources. When Haber has tested and qualified an ore as economically feasible, Logi will provide sufficient funding to build and operate a US-based gold processing facility. At that point, Haber’s Subsidiary will enter into a service agreement with the JV to provide all green gold technology required by the facility.
The Haber Subsidiary will receive 35% of net profits from the JV. In addition, Logi has been granted the right to acquire up to 1.5% of the company’s restricted common stock at a price of $0.30 a share over a period of 18 months or should Haber be relisted during that period, no later than 60 days before the date of relisting whichever occurs first.