XERION ECOSOLUTIONS GROUP INC.
Filing Type: 8-K
Description: Current Report
Filing Date: July 14, 2003
Period End: July 3, 2003
Primary Exchange: Over the Counter Includes OTC and OTCBB
Ticker: XECO
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Table of Contents
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8-K
ITEM 5.....................................................................1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15d of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 3, 2003
XERION ECOSOLUTIONS GROUP INC.
(Exact name of registrant as specified in its charter)
Colorado 0-26760 84-1286065
(State of Incorporation) (Commission (I.R.S Employer
File Number) Identification No.)
Suite 132-3495 Cambie St. Vancouver BC Canada V5Z 4R3
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (604) 696-0073
Former name: IMMULABS CORPORATION
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ITEM 5. OTHER EVENTS.
The Company has signed a binding preliminary agreement for the reclamation of a
smelter slag project in Arizona. The agreement allows Xerion six months to
perform tests on the slag to validate the reported mineral content before
proceeding into production on a 50/50 joint venture basis.
The project consists of the recovery of minerals residing in smelter slag from
an out-of-production copper operation, most recently operated by Phelps Dodge
(NYSE:PD). The smelter was last operated over forty years ago when technologies
of the day did not allow for economic recovery of all the elements.
Over two hundred samples have been assayed by Mountain States lab in Vail, AZ,
as well as others, and the owners represent to Xerion that the slag consists of
at least 35 million tons of surface material containing economically recoverable
minerals including: Gold - 6,160,000 ozs., Silver - 14,875,000 ozs., Copper -
280,000,000 lbs., Iron - 20,825,000,000 lbs., Zinc - 1,400,000,000 lbs., Silica
- - 25,200,000,000 lbs.. Their pilot testing and calculations indicate that
processing costs are not expected to be greater than $51.82 per ton.
These calculations and numbers are included in the representations that the
owners have made to Xerion in the existing agreement. Many of the numbers have
been confirmed by independent assays, however, the report containing the
numbers, while comprehensive, is not a complete feasibility study. Therefore,
conducting additional assays and surveys, evaluating processing methods and
creating a detailed plan of operation will be the focus of the six-month test
period.
Upon validation of the data provided, Xerion will be obligated to fulfill its
commitment to process the slag and recover the minerals. The reclamation and
recovery project is expected to last up to ten years. Xerion is responsible to
provide capital and initial operational expenses for the project and will be
required to acquire funding to put this project into production.
Under the existing agreement, confidentiality terms dictate that the exact
location of the smelter reclamation project and the identity of the owners
cannot be announced until the definitive joint venture agreement is in place,
which will proceed only if Xerion gives notice to the other party by August 3,
2003 to indicate its intention to continue with validation of test data and
existing assays. The economics of Xerion's patent-pending XRS leach process have
yet to be validated on a production scale and this slag reclamation project
would provide the Company with an opportunity to do this.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: July 14, 2003
XERION ECOSOLUTIONS GROUP INC.
By: /s/ Ben Traub
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Ben Traub
President