EDMOND, Okla., Feb. 16, 2011 (GLOBE NEWSWIRE) -- EnviroXtract, Inc. (Pink Sheets:EVXA) announces that it has signed a Memorandum of Understanding with Western Sierra Mining Corp. (Pink Sheets:WSRA) to execute a joint-venture agreement that will place the Gold Basin Mine into production. The proposed agreement will also permit additional gold mining properties to be jointly pursued and placed into production over the next several months as promising mining opportunities are identified and secured. Management anticipates that this joint-venture agreement with Western Sierra will be completed and signed within the next week. The two companies hope to capitalize on the increasingly lucrative gold market by combining forces to pursue promising mining opportunities at several properties identified in Arizona, Nevada and Mexico.
The companies chose the Gold Basin Mine as their first joint-venture project due to the mine being ready for immediate gold production. This strategy should provide each company with the ability to immediately produce revenues under the joint-venture agreement. According to Michael Chaffee, CEO of Western Sierra, "We believe that the Gold Basin Mine offers the most obvious opportunity to move EnviroXtract and Western Sierra forward with an exciting project that provides revenues rapidly for both companies. Under the proposed agreement, EnviroXtract will provide the necessary funding to immediately begin initial mining operations and production of gold and other precious metals, as well as funding necessary for expansion. Western Sierra Mining Corp. will provide its extensive mining expertise, labor, equipment, and production management of the gold mine. The ability to generate revenues within a matter of weeks will also enable the Company to rapidly expand and increase gold production levels and profits at the Gold Basin Mine."
The two companies believe they present some significant synergies that can be captured through this joint-venture agreement. Carlton Wingett, the CEO of EnviroXtract said, "EnviroXtract brings its expertise in technology development to the table. We have a number of promising extraction technologies that will be made available to the venture. These technologies are anticipated to increase the efficiency and profitability of our mining operations. Remember, EnviroXtract is primarily a technology development company. We continue to develop technologies that not only extract and process gold and precious metals, but also technologies designed to clean up contaminated mining sites, removing toxic chemicals and heavy metals from the surrounding soil and rock. This technology advantage is what separates EnviroXtract from other companies currently involved in mining operations. The recent addition of Michael Chaffee as COO of EnviroXtract only cements the relationship between the two companies and ensures execution efficiency in our mutual business ventures," said Wingett.
This gold mining joint venture is another step toward achieving the Company's 2011 Cross-Tech Business Strategy that the Company has recently announced. Under that Strategy, Management plans to leverage the Company's various technologies across industries to move the Company into new markets and create new revenue opportunities for the Company while increasing shareholder value.
Western Sierra Mining Corp. will bring its considerable gold mining experience to the venture along with several properties that it already has targeted for production. The Company hopes to capitalize on its current projects by employing the innovative extraction technologies and capabilities of EnviroXtract, and if successful, will identify and recommend additional gold mining properties for the venture.
Michael Chaffee, CEO and President of Western Sierra Mining Corp., said, "We are very excited to be working with EnviroXtract. We believe that the Company's proprietary technologies coupled with our expertise will lead to some exciting opportunities for both of our companies."
The Gold Basin Mine is made up of 332 acres of claims located in central Arizona, approximately twenty miles south of Prescott on Prescott National Forest land. The site is near Arizona State Highway 89 and is easily accessible by vehicles. A Plan of Operations and Stipulations has been approved, and the Authorization to Commence Operations has been issued by the US Forest Service. Water is readily available on the site with two water wells drilled on the property and a river running through the claims. Production can take place year round.
About EnviroXtract, Inc.:
EnviroXtract, Inc. was founded as a technology development company focusing on proprietary environmental remediation applications for oil spills and other toxic chemical remediation applications that require a complete separation of hazardous or toxic chemicals from contaminated soil. The Company has recently expanded its business strategy to enter new markets including: gold, silver, and precious metals mining, precious metals processing, agricultural, and soil enrichment applications. The company will continue to develop and assess new technologies to enhance its business model.
About Western Sierra Mining Corp:
Western Sierra Mining is an aggressive gold and silver exploration and mining company focused on the historic mining districts of the Bradshaw mountains of Arizona with additional areas of interest within Nevada and Mexico. Current projects include Gold Basin, Oro Cache, Eagle, Treasure Gulch and the Big Chief mining group, all of which have demonstrated high-grade mineralization with previous histories of production. Long-term Company goals are to create maximum shareholder value by continuing to build a strong base of properties and advance these projects toward production.
EnviroXtract has retained The Wall Street Voice, LLC to provide the Company full and comprehensive corporate communications and a full advertisement and media campaign.
For questions, please contact The Wall Street Voice, LLC Corporate Communications at Phone # 407-282-9642. Email: info@thewallstreetvoice.com Please ask to speak to a Managing Member about EnviroXtract, Inc.
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of EnviroXtract, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
CONTACT: Carlton Wingett - President/CEO Email: Info@EnviroXtract.com Phone: 1-888-459-4889