GREENVILLE, S.C., March 11, 2014 (GLOBE NEWSWIRE) -- After consultation with Geological experts and a careful analysis of current trends in mining exploration, Unitronix Corporation (OTC Pink:UTRX) has decided that its proprietary software tool, "Geo Sleuth" should be updated and tested over a new area of interest, followed by an upgrade of software to reach the broad spectrum of mining companies engaged in early stage mining exploration.
Geo Sleuth tm is a GIS Predictive mineral potential assessment knowledge driven approach that has been successfully applied by Unitronix over three large mining areas in Canada. It's focus is Volcanogenic Massive Sulfide (VMS) presently and will expand the coverage to another VMS area, probably in Europe.
The substantial list of criteria used in the tool to date has been reviewed in detail and some minor updating is recommended along with the inclusion of Geochemistry, which has come into prominence since Geo Sleuth was completed. The updated list of criteria will be completed before proceeding to testing over the new VMS area.
The existence of advanced software technology in the early mining exploration cycle is minimal and innovation for the most part has been ignored. Technology that does exist for the most part is proprietary and owned by major mining companies who do not make their technology available for analysis, its frequency of use or its status. In any event the technology is far behind its prominence and use in the gas and oil industry and Unitronix believes that Geo Sleuth is a good place to start to fill the gap.
The continued escalation of mining exploration costs have seriously affected the ability of the junior mining industry, who have historically found most of the deposits that have become producers to operate and raise funds, while costs continue to escalate. Geo Sleuth is a tool that will substantially cut the cost of early stage exploration and provide the ability to enable the user to concentrate on areas of interest based on the software tools findings, quickly and efficiently Geo Sleuth will also assist the user to decide if the area under review has sufficient merit as a potential prospect.
With the completion of the criteria updates and the final mapping of the area selected, the first phase will be completed and will be used to attract potential joint venture partners to both market and undertake a software project to make Geo Sleuth more user friendly and add certain features that will enhance the output, such as 3-D technology.
The plan to proceed is dependent on the cost of completing this first phase of the project and Unitronix's ability to fund it. Best efforts to raise the funds will be taken; nevertheless, there is no assurance that the company can raise the funds required.
SAFE HARBOR
This press release contains forward looking statement. Such statements without limitation, statements regarding future results of operation, performance and achievements of the company and subsidiaries, including business or financing plans, business trends and other numerous factors can cause the actual results to differ materially from those stated and implied. Unitronix Corporation expressly does not undertake to update such statements.
Jack E. Shaw 126 Milport Cir., Suite 200 Greenville, SC 29607 USA (310) 626-0800 www.unitronixcorp.com
