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Re: News Release - Wednesday, May 26, 2010
BacTech Obtains Manitoba Government's Permission For Test Work On
New Britannia Arsenopyrite Concentrate Stockpile
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Toronto, Canada, May 26, 2010 - BacTech Mining Corporation ("BacTech"
or the "Company", TSX-V: BM) today announced that it has been given
permission to conduct a bioleach study on the arsenopyrite concentrate
stockpile located at former producer New Britannia Mine at Snow Lake,
Manitoba.
The government of Manitoba, owner of the stockpile and the party
responsible for the environmental liability, granted BacTech access to
the stockpile to collect drill samples from the estimated 300,000
tonnes of concentrate contained there. Historical data, provided by Dr.
Barbara Sherriff of the University of Manitoba, states the concentrate
grades approximately .32 oz/t, providing approximately 100,000 oz of
gold in place.
The concentrate, produced by flotation at the mill located onsite in
the 1950's, was stockpiled due to its high level of arsenic. Over a
number of years, the arsenic has become mobilized and is leaching into
the local water supplies and soil. The presence of the arsenic and the
potential to recover the associated gold through bioleaching led
BacTech to this project. The advantage of BacTech's patented
bioleaching technology is its ability to capture certain precious and
base metals, as well as treat and neutralize arsenic from concentrates.
The release of arsenic and its subsequent bonding with iron during the
bioleaching process, produces an end product of stable ferric arsenate
that is classified as benign by the Unites States Environmental
Protection Agency.
Dr. Sherriff has informed BacTech that she has non-oxidized drill core
samples from the site generated from a previous study she conducted on
the project. These samples were frozen and can be used by BacTech for
bioleach test work in lieu of disturbing the site to obtain samples.
BacTech will undertake assay work on the concentrates provided by Dr.
Sherriff. The bioleach work should begin within one month, with initial
results expected by July. Should the test work prove positive, it would
be BacTech's intention to seek permission and the necessary approvals
to process the stockpile material, which would involve building a
bioleach plant in the vicinity to reprocess the arsenopyrite
concentrate, stabilize the arsenic and recover a high percentage of the
contained gold. The process will extract the gold and produce a stable
residue in a manner which is economic, efficient, effective, and would
result in a financial saving to the government of Manitoba. BacTech is
committed to working with all parties associated with the potential
reclamation of the Snow Lake site.
Given the fact that the stockpile has already been concentrated, the
capital cost associated with building a bioleach plant could be
significantly reduced. In addition, Manitoba's low energy prices would
provide for a beneficial reduction in operating costs, as power can
consume as much as 40% of the operating costs for bioleaching.
BACTECH PROFILE
In January, the Company announced its intention to effect a divisive
reorganization whereby BacTech will separate its technology into two
separate companies, being a mining company and a cleantech company. The
common shares of a subsidiary will be distributed to the shareholders
of BacTech upon completion of the reorganization. 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. A special
meeting of shareholders is required to approve the reorganization.
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 initial focus is the acquisition
of equity positions in projects amenable to bioleaching.
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For further information contact:
Ross Orr, President & CEO, BacTech Mining Corporation: 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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BacTech Mining Corp
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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 CA$ 751 120 as of today (US$ 553 923, € 499 528). Its stock quote reached its highest recent level on January 30, 1998 at CA$ 99.50, and its lowest recent point on April 22, 2016 at CA$ 0.03. BacTech Mining has 8 836 707 shares outstanding. |