TORONTO, CANADA--(Marketwire - Jan. 30, 2013) - BacTech Environmental Corporation ("BacTech" or the "Company") (CNSX:BAC)(OTC:BCCEF)(WKN:A1H4TY) today announced that it has signed a Memorandum of Understanding ("MOU") with the Corporación Minera de Bolivia ("COMIBOL"), the state-owned mining company, for the Telamayu tailings site in Bolivia.
Telamayu is a former mill site and consists of two tailings deposits created through custom milling for numerous mines in the area. BacTech had previously announced assay results from a composite sample taken in May 2012 from one of the two tailings. Silver and copper values were 282 g/t and 1.7% respectively, illustrating the high-grade nature of the tailings. This compares favorably with COMIBOL's results from 2005, that reported 258 g/t Ag and 1.05% Cu. The composite sample was bagged, sealed at the Telamayu mill and then shipped to Lima, Peru by SGS Bolivia S.A. ("SGS"), and subsequently transferred to Inspectorate Exploration and Mining Services Ltd. ("Inspectorate") for assaying. A representative of SGS supervised the sampling program. The assay work on the composite sample was conducted by Inspectorate in Vancouver, Canada.
The MOU is a result of recent, direct meetings with the President of COMIBOL. Highlights of the MOU include:
- COMIBOL and BacTech will be 50/50 partners in a Joint Venture ("JV") Bolivian company;
- COMIBOL will provide the JV with suitable tailings for reprocessing and make existing infrastructure available;
- BacTech will provide all capital necessary to undertake a study of the Telamayu tailings, including flotation and bioleach testwork.
Should the flotation and bioleach work prove to be economically positive, BacTech will install a flotation plant at Telamayu to create a flotation concentrate for export. BacTech holds the right to export concentrates for bioleaching at its discretion.
COMIBOL has estimated that there are approximately 2.3M tonnes of tailings attributable to the above assay results, and across the river lie an additional 3M tonnes of tailings from the same sources. To date, no investigation has been initiated at the larger site. In addition, there are two additional tailings sites within 50 km that could be investigated in the future.
At present, BacTech is entertaining different scenarios for locating a bioleach plant to process concentrates from Bolivian tailings. Access to limestone and power costs are just two factors that need to be taken into consideration. A decision will be made this year should the project prove to be economic.
"Bolivia has a long history of mining and metal production which offers many potential projects for BacTech. Obviously, the first project is very important to develop a long term partnership with COMIBOL. The ability to export the concentrates will help in gaining financing for a plant to be built for material, not only from Bolivia, but other South American opportunities as well," said Ross Orr, President and CEO of BacTech.
This news release has been reviewed by MaryAnn Mihychuk, P. Geo., a Qualified Person as defined by National Instrument 43-101. Ms. Mihychuk is the Vice President of Operations of BacTech Manitoba Corp., a wholly owned subsidiary of the Company.
BacTech Environmental Corporation holds the perpetual, exclusive, royalty-free rights to use the patented BACOX bioleaching technology for the reclamation of tailings and mining waste materials. In December 2011, BacTech signed a contract with the Mines Branch of the Manitoba Department of Innovation, Energy and Mines to remediate an Arsenopyrite Residue Stockpile ("ARS") situated at the Snow Lake Mine in Snow Lake, Manitoba, to eliminate further leaching of arsenic generated within the ARS into the surrounding watershed. The Company continues to field enquiries globally with respect to additional opportunities for remediation.
Follow us on:
Special Note Regarding Forward-Looking Statements
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future capital investments, transactions projects or operations of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Shares outstanding 48,755,027