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Re: News Releases - Tuesday, April 13, 2010
BacTech Announces Agreement With Blackstone Development
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Toronto, Canada, April 13, 2010 -- BacTech Mining Corporation
("BacTech" or the "Company", TSX.V: BM) today announced that it has
signed an agreement with Blackstone Development Inc. ("Blackstone") of
Cobalt, Ontario, granting the Company access to Blackstone's
considerable tailings inventory in the Cobalt camp in Northern Ontario.
Under the terms of the agreement, BacTech will pay $10,000 to
Blackstone and issue 1,000,000 common shares in the BacTech reclamation
company that will be created following the proposed reorganization
(announced January 12, 2010). Also, an additional 100,000 shares will
be issued to Blackstone annually for the life of the project, and a 2%
NSR will be paid to Blackstone on any metals recovered from the
tailings.
It is believed that there are considerable amounts of silver, cobalt,
nickel and copper still in the tailings. BacTech will undertake a field
program to determine the grades of the various tailings deposits to
identify suitable production candidates. The initial workplan will
focus on investigating the use of the Company's proprietary technology
to stabilize the contained arsenic in the tailings, in addition to
recovering the contained metals deemed to be economically recoverable
for its own account.
The tailings are a result of extensive silver mining in the Cobalt area
from the early 1900s. Given the lack of environmental protocols and
technical inefficiencies during the historical mining, considerable
amounts of waste rock and tailings were deposited in and around lakes
in the area, and that has led to the liberation of heavy metals and
arsenic into the local water systems.
The Blackstone tails cover the majority of the Cobalt camp that, at one
time, was the most prolific silver mining camp in modern times. The
claim package includes more than 50 past-producing mines and their
related tailings. Blackstone estimates that as much as 8 to 10 million
tonnes of tailings are situated on their land package.
BacTech plans, subject to establishing economic grades of recoverable
metals, to build a demonstration plant in the Cobalt area to retreat
concentrates recovered from the existing tailings. A proposed site for
the plant was also identified on a recent visit to Cobalt.
Testwork was conducted by BacTech on samples collected last summer from
the Castle Mine tailings located near Gowganda (see news release June
24, 2009). Gowganda, located approximately 100 km from Cobalt, was
thought to contain mineral concentrations similar to those reported for
the Cobalt area. However, the Company was unable to duplicate the
reported metal content quoted by Gold Bullion Development Corp. at the
Castle tailings and, as a result, the Company will focus on the
Blackstone tailings going forward, with no further work planned at this
time for the Gowganda area tailings.
BACTECH PROFILE
In January the Company announced its intention to effect a divisive
reorganization whereby BacTech will transfer all of its interests in
mining projects and the rights to its bioleaching technology to a
wholly-owned subsidiary. The common shares of the subsidiary will be
distributed to the shareholders of BacTech upon completion of the
reorganization. BacTech will hold an exclusive and perpetual right to
use the bioleaching technology for projects related to environmental
remediation of mine tailings. Completion of the proposed reorganization
is subject to receipt of all required consents and approvals, including
without limitation, court approval, shareholder approval, and TSX
Venture Exchange approval. The special meeting of shareholders required
to approve the reorganization is scheduled for June 9, 2010.
BacTech owns patented bacterial oxidation technology for the treatment
of refractory ores and concentrates to enhance the recovery of gold,
silver and base metals. The Company's focus is the acquisition of
equity positions in projects amenable to bioleaching.
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For further information contact:
Ross Orr, President & CEO: 416-813-0303 ext 222
Shares outstanding 89,264,706
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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Copyright (c) 2010 BACTECH MINING CORPORATION (BM) All rights
reserved. For more information visit our website at
http://www.bactech.com/ or send mailto:info@bactech.com
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VanEck Vectors Global Alternative Energy ETF
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EXPLORATION STAGE |
CODE : BM.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
BacTech Mining is a gold development stage company based in Canada. BacTech Mining holds various exploration projects in Armenia. Its main exploration properties are FERGUSSON ISLAND in Papua New Guinea and LICHKVAZ-TEY in Armenia. BacTech Mining is listed in Canada and in United States of America. Its market capitalisation is 4.3 millions as of today (US$ 3.0 millions, € 2.7 millions). Its stock quote reached its highest recent level on January 30, 1998 at 99.50, and its lowest recent point on April 22, 2016 at 0.03. BacTech Mining has 47 442 200 shares outstanding. |