Great Rock Development Acquires Rare Earth Extraction Technology

Great Rock Development Corp. (OTCPK: GROC) announced that they have acquired rare earth extraction technologies in support of their exploration project in the Cobequid Highlands of Nova Scotia.

As quoted in the press release:

Great Rock Development Corp. is pleased to announce that it has acquired rare earth extraction technologies for the purpose of supporting its exploration project in the Cobequid Highlands ofNova Scotia with a low cost rare earths extraction procedure in exchange for 10 million common shares of Great Rock Development Corp.  These shares will be subject to a Rule 144 restricted legend restricting the resale for a period of 2 years.  Additionally the company will pay a royalty of 8% on profits generated through the application of the technology.

Great Rock’s  Chairman, Dr. Luc C Duchesne, said:

The technology promises to provide the company with a technological advantage in extracting heavy rare earths from the type of rock formation of the Cobequid Highlands.  Traditionally rare earths have been extracted from different rock types but not from the types in the Cobequid Highlands. The company intends to utilize this technology on its current and future claims and is looking toward entering into joint development agreements with other mining and exploration companies using this technology for leveraging the highest possible return from mining and purifying heavy rare earth elements.

To view the whole press release, click here.