UC Resources Enters Into Strategic Relationship Negotiations With Sunvault Energy for Power Generation & Storage
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 13, 2013) - UC Resources Ltd. ("UC" or the "Company") (TSX VENTURE:UC) has entered into negotiations to define a strategic relationship with Sunvault Energy Inc. (OTCBB:SVLT) for the provision of power and energy storage at their La Yesca facility. The Company has experienced continual seasonal power interruptions that have caused mill operations at La Yesca to be intermittent. Ensuring power stability will better enable consistency in mill flow operation.
The two companies have agreed to prepare and enter into an initial letter of intent and then a 90 day due diligence period to be followed by a final agreement. Upon a successful conclusion to that agreement, installation of Sunvault Power generation and storage products will commence at the mining site.
Sunvault Energy will be the operator and UC Resources Ltd. will be the beneficial owner of the project. Sunvault Energy has selected Daystar Technologies Inc. to construct the project.
SunVault Energy Inc. (OTCBB:SVLT) (www.sunvaultenergy.com) delivers cost effective generation and energy storage through a seamless, novel and simultaneous integration of energy generation and storage.
SunVault has developed an ALL-In-One ™ approach that is a first and has the potential to enable one of the lowest overall system cost structures while operating at maximum efficiency. "Sunvault Energy may very well solve what has been an ongoing challenge for our consistent mill production and may prove to be the answer for many other miners in Mexico as well" stated UC Resources CEO, Gary Monaghan. "Diesel Power Generation in mining is expensive and often the power supplied through traditional means can't be relied upon, or is simply not available in certain areas" Monaghan commented.
The Mexican mining environment is one where mining operators commonly use combinations of diesel generators to produce power to enable the operation of processing facilities, where access to traditional power sources are not readily available.
Part of the due diligence process will be for Sunvault Energy and UC Resources to explore a distribution relationship whereby UC Resources will be able to demonstrate, represent and distribute the Sunvault Energy systems in the mining environment of Mexico. Compensation for the power project to be provided by Sunvault will be determined by the agreement, the amount of power to be supplied and may be subject to TSX approval.
UC Resources Ltd. is an active explorer and producer of precious metals in Mexico.
On behalf of the Board of Directors,
Gary Monaghan, Chief Executive Officer
We seek safe harbour.
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