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Re: News Release - Wednesday, January 21, 2009
Bactech Receives Conditional Approval For Purchase Of Yamana Gold
Assets
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Toronto, Canada, January 21, 2009 - BacTech Mining Corporation
("BacTech" or the "Company", TSX.V: BM) today announced that it has
received conditional approval from the TSX Venture Exchange (TSX-V) for
the proposed acquisition of a 33% interest in two gold deposits in
Papua New Guinea from Yamana Gold Inc. ("Yamana"). BacTech will issue
to Yamana 15M shares for their interest, resulting in Yamana holding
19.97% of BacTech's common shares. The balance of ownership in the
projects (67%), is held by the current operator, Gold Aura Limited
("Gold Aura", ASX: GOA), of Brisbane, Australia (see news release dated
June 18, 2008 for additional details).
The conditions applied by the TSX-V are as follows:
- BacTech is to seek shareholder approval within 30 days supporting
the transaction. This can be accomplished by obtaining written
consent from at least 50.1% of its shareholders. Any shareholder
wishing to vote on this matter should contact the Company at numbers
provided below.
- BacTech must prove that it has the capital to carry out a work program
on the projects in 2009.
- BacTech satisfies its first year payment to Gold Aura. It is
anticipated that this will be done through the issuance of common
shares to Gold Aura. Once completed, BacTech's stake in the projects
will rise to 38%.
The Papua New Guinea ("PNG") assets are made up of 2 separate gold
deposits, Wapula and Gameta, located on the north shore of Fergusson
Island. Yamana has been involved with the project since the early
1990s, and is divesting its interest to focus on assets in North and
South America.
Recently, BacTech completed a technical report on the assets at the
request of the TSX-V which highlighted the need for additional drilling
to confirm historical results generated by Yamana and Gold Aura (and
its predecessors). The technical report is posted on SEDAR and also on
the Company's web site.
In discussions between BacTech and Gold Aura, it was decided that
BacTech should begin its initial work commitment by focusing on
bioleach amenability work prior to any additional drilling taking
place. The value of the assets could be enhanced through successful
bioleach test work, thereby removing any potential metallurgical issues
that exist.
Shareholders wishing to vote in favour of the proposed transaction are
asked to contact the Company at info@bactech.com to obtain the
requisite forms.
BACTECH PROFILE
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. In June 2008, the
Company signed an agreement to acquire Yamana Gold Inc.'s 33% interest
in two refractory gold deposits in Papua New Guinea. In July 2008,
BacTech signed an MOU to investigate the use of bioleaching to
reprocess arsenic-laden tailings in Cobalt, Ontario. This is the
Company's first foray into the cleantech industry. BacTech is
continuing to evaluate additional remediation projects.
For further information contact:
Ross Orr, President & CEO, 416-813-0303 ext 222
Investor Relations:
Pierre Anglos 1-800-436-2027 Email: capitalgainsco@shaw.ca
Shares outstanding 60,107,206
The TSX Venture Exchange has not reviewed and does not accept any
responsibility for the adequacy or accuracy of this release
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Copyright (c) 2009 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. |