GTSO is interested in potentially developing the mine into a domestic source of rare earth elements.
The Rio Del Monte property and assets include 400 deeded acres and 20 federal patent claims as well as the associated rights needed to operate the mine.
The property has most recently been used as a gravel operation though gold and silver were once mined at Rio Del Monte.
Once both parties sign the letter of intent, GTSO will have 90 days to negotiate a potential purchase.
GTSO president and CEO John Shearer said that this property has never been mined for rare earths before, but based on our analysis, Rio Del Monte could become a very profitable domestic source of such critical materials.
GTSO could help provide an domestic supply of the critical materials by turning disused mines such as Rio Del Monte into productive domestic sources of rare earth elements.
