COEUR D’ALENE, Idaho--(BUSINESS WIRE)--
Merger Mines Corporation (MERG) (Merger) is pleased to announce that it has signed an LOI to acquire Bright Flash Development Inc. (BFD)
The Acquisition of BFD by Merger makes the Company the global leader in the development and use of lasers for mining. This innovative use of lasers and robotics has the potential to change the way mining is done world-wide. Due to the current low metals prices, Merger’s innovative mining methods will lower mining costs significantly, and especially in mines with narrow vein systems, helping to maximize profits.
As far as can be determined, to date, lasers have not been utilized for mining anywhere in the world.
Under the terms of the LOI, the total consideration to be paid to BFD by Merger shall be the issuance of that number of shares of common stock, which shall be equal to 33% of the outstanding shares of Merger. Additionally, Mr. Gary Mladjan, BFD’s current President, CEO and Chairman of the Board, will become a member of Merger’s Board of Directors.
Mr. Mladjan, A.S. Industrial Technology, has over 50 years of opto-mechanical engineering experience with various defense contractors, most recently with Raytheon Corporation. Mr. Mladjan was a key team member in the development of a number of electro-optical night vision and laser devices and is the primary holder of 6 U.S. Patents and a number of International Patents for those devices.
Why this Acquisition of BFD?
The alternate method of mining that Merger gains from BFD uses 21st century technology, i.e. mining with state-of-the-art high tech lasers and robotics will result in reducing miners’ exposure to hazardous underground environments, increased production of raw ore containing valuable materials, and disposal of hazardous wastes from the surface environment and ground water sources.
How will the Merger/BFD “Alternative Method” be different?
Instead of blast and muck operations, Merger’s method will make use of a high output power Fiber Laser with a Scan Head packaged to fit within an environmentally sealed containment. Cooling gases, Fiber Optic Cables, Electronics Cables and a Head Extraction Cable will be contained within a separate flexible containment. An X-ray Fluorescence device (XRF), either internal or external to the Scan Head, will be used to determine when ore bearing veins are present. We anticipate that all mined material will come to the surface as dry concentrate.
All laser mining systems manufactured by Merger will be made available through sales or by lease.
About Merger Mines:
Merger was originally founded in 1929. The corporate office is located in Coeur d’Alene, Idaho. The company is listed on the OTC market under the stock symbol “MERG.” www.mergerminescorp.com
Legal Notice and Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others: general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; risks of junior exploration and pre-production activities; maintenance of important business relationships. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the SEC. The Company assumes no obligation to update any of the information contained or referenced in this press release.
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