WINSTON-SALEM, N.C., Oct. 18, 2010 (GLOBE NEWSWIRE) -- Plateau Mineral Development, Inc. (Pink Sheets:PMDP) issued a statement today providing an update on the Converter project.
Three-hundred million tires are discarded annually. The average tire weighs 22.5 pounds. In small quantities, the truck tire feed stock cost is about $300/ton "chipped" and each ton produces 1.3 bbl of solvent. The same ton also produces 900 lb of carbon black. Carbon black sells for approximately $0.46 per pound, consequently paying for itself and generating the solvent as a "bonus."
Plateau's converter will also generate solvent and enough natural gas to operate in remote sites without additional power. The proposed unit is capable of processing approximately 6.25 lbs of product per minute. At 6.25 lbs per minute, 3,000 lbs per work day can be generated and transformed into approximately 7 gallons of solvent which sells for approximately $40/gallon, generating $7885.60 in revenue per day, which can lead to $157,712 per month. Solvent can be used to dissolve parrafins and to reduce the viscosity of heavy oils.
A prototype unit was put to the test, showing that the converter yields more than 95% of usable product after it converts the materials put into it. The fully-operational converter is the size of a truck bed. However, the goal is to fabricate and test a portable unit that can be taken to remote sites for conversion and environmental cleanup jobs.
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About Plateau Mineral Development, Inc.: Plateau Mineral Development, Inc. specializes in the exploration and development of energy sources. Its partner, Plateau Mineral Development LLC, has been in existence for over five years with successful new wells and rework wells selling both gas and oil.
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CONTACT: Plateau Mineral Development Investor Relations 410-242-0763