CarbonMeta Technologies and North Bay Resources Create Joint Venture Subsidiary To Produce Carbon-Negative EarthCrete(R) Using Olivine
CarbonMeta Technologies Inc. (OTC PINK:COWI) and North Bay Resources, Inc. (OTC PINK:NBRI) have signed a Binding Memorandum of Understanding (MoU) to establish a joint venture, CarbonMeta Green Resources Canada. This venture will focus on producing carbon-negative cementless concrete using olivine. The subsidiary will be based in British Columbia, with CarbonMeta holding 51% ownership.
North Bay Resources will contribute over 100 million tons of olivine from its Tulameen Platinum Project, while CarbonMeta will provide funding and governance support. The joint venture aims to absorb up to 13% CO2 by weight through the EarthCrete® production process, pursuing carbon removal credit programs in North America to create additional revenue streams.
- Formation of a joint venture for carbon-negative cementless concrete production.
- CarbonMeta holds a majority stake (51%) in the new subsidiary.
- Access to over 100 million tons of olivine, a key ingredient for production.
- Potential to absorb up to 13% CO2 by weight through the EarthCrete® process.
- Plans to pursue carbon removal credit programs, creating revenue opportunities.
- None.
WOODINVILLE, WA and SKIPPACK, PA / ACCESSWIRE / April 25, 2023 / CarbonMeta Technologies Inc. (OTC PINK:COWI) and North Bay Resources, Inc. (OTC PINK:NBRI) today announced they have signed a Binding Memorandum of Understanding ("MoU") to create a joint venture subsidiary called CarbonMeta Green Resources Canada, which will focus on producing carbon-negative cementless concrete using olivine.
CarbonMeta Green Resources Canada will be a Limited Liability Company based in British Columbia, Canada, jointly owned and managed by CarbonMeta Technologies and North Bay Resources, with initial equity ownership of
North Bay Resources' Tulameen Platinum Project comprises an estimated 135 million tonnes of olivine on 860 hectares (2,213 acres) that is located along the Tulameen River in the Cascade Mountains of southwestern British Columbia, approximately 28 kilometers west of the town of Princeton BC and approximately 150 kilometers northeast of Vancouver. Canada.
For its part, North Bay Resources has agreed to contribute:
- Availability of over 100 million tons of olivine, a magnesium iron silicate that is also known as peridot and chrysolite, though its Tulameen Platinum Project.
- Expertise in acquiring high-quality mining properties throughout British Columbia, Canada.
- Expertise in scaling up mining operations to affordably extract and deliver olivine in Canada and the United States.
- Building strong, enduring relationships with the local and provincial government agencies in British Columbia, Canada.
We are pleased to collaborate with CarbonMeta on this important project," said Perry Leopold, CEO of North Bay Resources, Inc. "By combining our expertise and resources, we can create a sustainable and profitable business that will benefit both companies and the environment."
For its part, CarbonMeta has agreed to contribute the following:
- Funding and corporate governance expertise to incorporate CarbonMeta Green Resources Canada in British Columbia, Canada.
- Research and Development expertise to obtain, develop and commercialize technologies for the production of carbon-negative cementless concrete using olivine.
- Research and Development expertise to obtain, develop and commercialize carbon dioxide (CO2) capture technologies that can be used for the production of carbon-negative cementless concrete using olivine
- Business development expertise to market and sell carbon-negative cementless concrete products.
- Patents and trade secrets related to, but not limited to, all of the aforementioned technologies (e.g. CO2 adsorption, cement-less concrete)
"We are excited to partner with North Bay Resources on this innovative venture whose focus will be on creating carbon-negative cementless concrete using olivine," said Lloyd Spencer, CEO of CarbonMeta Technologies, Inc. " This new subsidiary represents a significant step forward in our efforts to reduce carbon emissions and make a positive impact on the environment."
The MOU includes an agreed-upon transfer price from North Bay Resources to CarbonMeta Green Resources Canada for purchasing olivine, which will be updated quarterly. CarbonMeta Green Resources Canada will also develop and establish supply chain relationships with potential North American distributors of carbon-negative cementless concrete, including CarbonMeta Green Building Materials, Inc. in the United States. Additionally, the subsidiary will establish technology licensing relationships, industry partnerships, and marketing sponsorships related to the production of carbon-negative cementless EarthCrete® using olivine.
It has been estimated that the EarthCrete® - Olivine production process may be able to absorb up to
As well, North Bay Resources intends to pursue extraction of magnesium and platinum-group metals from mining operations, and may further partner with CarbonMeta to develop a new microwave-assisted technology for the cost-efficient extraction of magnesium and platinum-group metals.
The parties have agreed to work towards signing a definitive agreement and establishing the joint venture subsidiary within the next 30 days.
About CarbonMeta Technologies Inc.
CarbonMeta Technologies (OTC PINK:COWI) is an environmental research and development company that is commercializing technologies for processing organic wastes into hydrogen and high-value carbon products economically and sustainably. The company is based in Woodinville, Washington, and has several subsidiaries, each with its own focus on high-value solutions for environmental sustainability. For more information about CarbonMeta Technologies and its subsidiaries, please visit www.CarbonMetaTech.com.
About North Bay Resources Inc.
North Bay Resources Inc. (OTC: NBRI) is a junior mining company with current operations in British Columbia, Canada. The Company holds
For more information, please visit http://www.northbayresources.com/
Forward-Looking Statement
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although CarbonMeta Technologies, Inc. and North Bay Resources Inc. believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by CarbonMeta Technologies, Inc. and North Bay Resources Inc. or any other person that the objective and plans will be achieved.
CONTACT INFORMATION:
Mark Duiker
CarbonMeta Technologies Investor Relations
(844) 698-3777, option 3
Investor@CarbonMetaTech.com
Perry Leopold, CEO
North Bay Resources Inc.
215-661-1100
http://www.northbayresources.com
SOURCE: CarbonMeta Technologies, Inc.
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FAQ
What is the joint venture between CarbonMeta Technologies and North Bay Resources?
What percentage of CarbonMeta Green Resources Canada does CarbonMeta Technologies own?
How much olivine is available from North Bay Resources for this venture?
What is the expected CO2 absorption capacity of the EarthCrete® production process?
Are there any revenue opportunities associated with the joint venture?
