GROVELAND, Fla., Nov. 30, 2011 /PRNewswire/ -- Eco Ventures Group, Inc. (OTCBB: EVGI) today provided a progress report on its precious metals recovery operations and biofuel plant. Since beginning commercial operations of its 5,000 tons of concentrated ore per year proprietary precious metals recovery plant, the Company has processed unconcentrated ore from its mining partner and has stored the saleable pregnant solution, or the solution containing the dissolved precious metals in its holding tanks.
There have been several engineering modifications made to the plant to increase its extraction efficiency and reduce chemical costs and processing times. The Company has made significant investments in equipment to accommodate the processing of various types of ore bodies. Training and development of employees is also an ongoing process.
Over the past few days, EVGI has processed 10,000 gallons of pregnant solution through its ion exchange system and is preparing it for shipment and sale.
EVGI has given its funding partner a non-exclusive extension to complete their previously agreed upon stock purchase agreement. Additionally, EVGI is working on several other funding opportunities to execute on its business plan.
Since EVGI's last biodiesel update, the Company has been successfully working to meet capital requirements to complete the 3.6 million gallon per year plant and has made significant progress on expanding its available database of feedstock suppliers.
Randall Lanham, CEO of Eco Ventures Group commented, "We are very pleased at the progress our team has made at EVGI as we move toward full production. Our precious metals extraction process has exceeded our expectations and we will continue to make improvements to increase its output. We also look forward to producing our first batch of biodiesel in the near future to meet increased advanced biofuel demands in the market."
About Eco Ventures Group, Inc.
Eco Ventures Group, Inc. ("EVGI") is a family of ecologically friendly and economically sound businesses committed to providing for society's minerals, energy and renewable resource needs.
EVGI concentrates on two core business activities. EVGI's Eco Minerals Recovery Group specializes in the extraction of precious metals from ore bodies and reclaimed mine tailings and Eco Energy Group will focus on the production of advanced biodiesel from recovered cooking oils and oil rich plants.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: EVGI encourages those interested in our Company to rely only on information included in our filings with the United States Securities and Exchange Commission which can be found at www.sec.gov. Statements released by Eco Ventures Group, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions, and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
SOURCE Eco Ventures Group, Inc.