SCOTTSDALE, Ariz., Aug. 12, 2014 /PRNewswire/ -- Intertech Solutions Inc. (OTCPK: ITEC) ("Intertech Solutions Inc.," "ITEC" or the "Company") today is very pleased to report that the Company has received the first results from its metallurgical study, being implemented as part of the recommendations of the recently announced technical report on the WPE Project in Arizona.
The ongoing metallurgical studies involve the processing and analysis of two 1,000 pound bulk samples sent to two separate facilities for gold analysis. The studies involve gold characterization and liberation analysis with the objective of the work being to characterize the gold occurrences within the sample in terms of specific mineral associations and liberation size.
The results of the first round of testing are that gold was recovered from various fractions of the ore having an overall grade of 5.733 grams per ton (0.170 ounces per ton). This grade is significant as it falls directly between our Phase 2 program results of 4.556 grams per ton (0.135 opt) cut to one ounce, and 9.974 grams per ton (0.296 opt) uncut. The Company is now confident that the expected overall final grade of the deposit will fall somewhere in this range and that a minimum 5 gram per ton deposit is present.
The results to date based on the inferred mineral resource calculated under the classification of N.I. 43-101 of 2,437,500 tons, represent 414,375 inferred ounces.
We have also begun to receive results from the second metallurgical test, being undertaken by a Denver based testing facility. The ore processing, screening and separation analysis has shown that the gold is easily recovered from simple gravity separation, and that we can expect over 90% of the gold to be recovered in this fashion. Both the coarse and fine gold are thus recoverable by the processing method envisioned by the Company's technical group and that it has validated the plant design which will ensure a low cost, high net profit return of the operation.
Intertech is also now projecting, based on 500 ton per day operating tonnage, that 2,550 ounces a month may be produced at a value of $220 per ton costing $30 per ton to produce or $190 per ton net profit. If this is achieved, a monthly gross margin of $2,700,000 is possible.
We expect further results from the ongoing studies and will announce the results as soon as they are available.
The WPE Claims #1-#4 claims are located in the Middlecamp Mining District in La Paz County, near Quartzite Arizona. The gold claims cover a total of 80 contiguous acres and have easy access between Phoenix and Palm Springs, CA along Interstate 10.
About Intertech Solutions Inc. (OTCPK: ITEC)
Intertech Solutions is a fully integrated, gold project finance, management and services consulting Company that provides development capital, engineering, project supervision and technical management to gold projects. The Company operates from its offices in Scottsdale, Arizona. Visit us at: www.itecgold.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, scope and type of consulting services provided by ITEC, use of proceeds, future acquisitions, success of projects, growth and strategic plans. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
Intertech Solutions Inc.
To find out more about Intertech Solutions Inc. (OTCPK: ITEC), visit our website at www.itecgold.com.
SOURCE Intertech Solutions Inc.