MARKETWIRED – August 5, 2015 – FOR IMMEDIATE RELEASE
Joshua Gold Resources Inc. (“Joshua” or the “Company”) reports that, following on from the announcement earlier in which the Company entered in to a Distribution Agreement with Clean Oil Innovations Inc. (“COI”) to acquire the Canadian rights to COI’s KBT-1 technology, it has been moving ahead to implement this new business direction.
COI, through independent laboratory testing, has proven the efficacy of their proprietary oil separation technology, KBT-1. The following summary of a core flood extraction test conducted by Core Laboratories on an oil sands sample shows the greatly increased recovery achieved through the use of KBT-1 alone as measured against a steam extraction test and a steam and diesel test. The results showed a 425% increase over the recovery of the Original Oil in Place of the steam injection test.
It should also be noted that the KBT-1 recoveries took place in about 1/5th of the time and without heat stimulation greatly decreasing the associated carbon footprint.
The Company is in the process of retaining an auditing firm to audit the Company’s financial statements in order to assist in bringing its corporate filings up to date. In addition the Company has prepared the necessary documents to request shareholder authority to proceed with its proposed name change. The Company has also divested its mineral properties in return for the cancellation of $100,000 of preferred shares.
Further updates are expected shortly.
On Behalf of the Board of Directors,
1 877 354 9991
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks described in the Company's SEC reports and filings.