Anglo American and Gedex Form Strategic Alliance
Toronto, Canada (ots/PRNewswire)
Gedex, a private Canadian corporation, and Anglo American plc are pleased to announce they have established a multi year strategic alliance aimed at developing and exploiting Gedex's next generation resource exploration system.
The new proprietary multi-axis Gedex High Definition Airborne Gravity Gradiometer (HD-AGG(TM)), which is expected to be a breakthrough airborne survey technology, is already gaining international recognition from major resource companies seeking enhanced refinement and effectiveness in exploring for precious metals, minerals, and oil and gas.
Anglo American, a global leader in exploration and mining technology, plans to fund airborne test work and to help develop applications for mineral exploration. If these tests are successful, Anglo American plans to deploy the Gedex system among its geographically diverse group companies with interests encompassing copper, nickel, platinum, coal, diamonds, zinc, iron ore, and other metals.
"We are committed to maintaining our position as a world leader in the application of advanced technologies to the exploration and evaluation of resources," said Dr. Owen Bavinton, Anglo American's Head of Exploration and Geology. "We anticipate that Gedex's advanced high definition gravity gradiometry will become a valued complement to our leading SPECTREM EM and other search technologies."
"Gedex's existing strategic agreement is with the largest diamond producing company. The first generation system is expected to begin airborne tests during the first half of 2008. Now Anglo American will seek to develop and apply a second generation version of the HD-AGG(TM) technology in the broader mineral exploration sector, supporting further research aimed at validating our system," said Robbie C. Banks, Gedex President and Chief Executive Officer. "We are extremely delighted to have a world leading exploration company like Anglo American as our second strategic alliance."
The prospective scope of the Gedex technology continues to expand from diamonds to other minerals and into the energy sector following introduction of its unique oil sands application which is expected to help identify oil pockets, understand potential reserves, increase production and cash flow, while greatly reducing costs, said Mr. Banks.
"The value of our technology is gaining recognition with resource companies," said Mr. Banks. "We believe the Gedex HD-AGG(TM) technology is capable of creating a material difference in resource exploration."
Gedex Inc. is a private Canadian company, headquartered in Toronto, Canada. Gedex's next generation airborne gravity gradiometer system is expected to provide images of subsurface density that, independently and in conjunction with other data, provide valuable information in exploring for and delineating subsurface resources. The Gedex HD-AGG(TM) system has been designed to operate year round and be environmentally friendly. It is protected by exclusive licenses, patents, and intellectual property. Gedex was awarded the Mining Journal's inaugural research award for "...research that is expected to have the most significance for mining and mining equipment in the future". (http://www.gedex.ca)
Anglo American plc is one of the world's largest mining and natural resource groups. With its subsidiaries, joint ventures and associates, it is a global leader in platinum, gold and diamonds, with significant interests in coal, base and ferrous metals and industrial minerals. The Group is geographically diverse, with operations in Africa, Europe, South and North America, Australia and Asia. (http://www.angloamerican.co.uk)
For further information:
George Soteroff
Senior V.P. Investor Relations and Corporate Affairs
Telephone: +1-905-281-0766, Ext. 1103
Mobile: +1-416-434-9678
george.soteroff@gedex.cahttp://www.gedex.ca
Contact:
For further information: George Soteroff, Senior V.P. Investor
Relations and Corporate Affairs, Telephone: +1-905-281-0766, Ext.
1103, Mobile: +1-416-434-9678, george.soteroff@gedex.ca