TORONTO, April 22, 2013 /PRNewswire/ -- Great Rock Development Corp. (OTCPK: GROC) is pleased to announce that it has acquired rare earth extraction technologies for the purpose of supporting its exploration project in the Cobequid Highlands of Nova 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.
Direct from the Technology Metals Summit 2013, a conference dealing for rare earths and critical minerals, Chairman Dr. Luc C Duchesne: "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."
About Great Rock Development
Great Rock Development Corporation is junior mineral exploration company with significant experience in renewable resource and energy management.
Disclaimer: Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the OTCMarkets.com including the Company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.
SOURCE Great Rock Development Corp.