BacTech Signs MOU with COMIBOL
30 Gennaio 2013 - 2:29PM
Marketwired Canada
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 Corporacion 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 profile
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.
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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
FOR FURTHER INFORMATION PLEASE CONTACT:
BacTech Environmental Corporation
Ross Orr
President & CEO
416-813-0303 ext 222
info@bactechgreen.com
BacTech Environmental Corporation
Bill Mitoulas
Investor Relations
416-479-9547
billm@bactechgreen.com
www.bactechgreen.com
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