Vancovuer-based hybrid lithium exploration and processing technology company Pure Energy Minerals (TSXV:PE,FWB:AHG) has entered into a non-binding memorandum of understanding (MOU) with POSCO, one of the largest steel manufacturers in the world and a leader in the development of advanced materials processes.

Through the MOU, the companies are aiming to explore joint business opportunities, including exploration for lithium and other mineral by-products from Pure’s mineral claims in Nevada. In addition, the companies will explore the commercialization of environmentally friendly mineral extraction and processing technologies from lithium brine.

According to today’s press release, both companies are going to work towards signing a definitive agreement in the next six months.

Pure Energy’s CEO, Robert Mintak, commented, “[w]e are delighted with the opportunity of working with POSCO and their Lithium Team and New Growth Technology Department regarding the development of mineral exploration opportunities for lithium on our Nevada mineral claims in tandem with the potential testing and demonstrating of new environmentally friendly technologies for lithium extraction.”

Since release of the news earlier in the day, Pure Energy Minerals has seen a share price increase of 125 percent, climbing from a market open of $0.02 to $0.06 on the Venture exchange. Shares of Pure are currently trading hands at $0.04.

 

Securities Dislcosure: I, Vivien Diniz, hold no investment interest in any of the companies mentioned.