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Bactech'S Strategic Partner Receives Permit To Evaluate The
Lichkvaz-Tey Gold Deposit In Armenia
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Toronto, Canada, October 6, 2009 -- BacTech Mining Corporation
("BacTech" or the "Company", TSX.V: BM) announced today that it has
been advised by its Strategic Partner, Caldera Resources Inc.
("Caldera", TSX.V: CDR), that it has received permission from the
Ministry of Nature Protection of the Republic of Armenia, to conduct
geologic studies to evaluate the Lichkvaz-Tey refractory gold deposit,
located in Southern Armenia.
The Lichkvaz-Tey gold property has a Soviet-era GKZ mineral resource,
categorized as C1 and C2, of 3.4 million tonnes grading on average 5.1
g/t Au, 33.2 g/t Ag and 0.41% Cu. This translates to approximately
575,000 oz of gold, 3.7 million oz of silver and 33.4 million pounds of
copper.
All numbers are historical and there is no NI 43-101 compliant report
prepared for this project. The data presented above was referenced from
the Mining-Metallurgical Institute of Armenia in 1986 Protocol GKZ USSR
N 10081 dd.28/11/1986. Caldera is in the process of obtaining these
historical reports so as to establish a sampling and exploration
program in order to create a NI 43-101 compliant report. The
references to the GKZ mineral resource estimates appear in
independently prepared technical reports which are now in government
archives and were prepared for the former property owners. According to
the Committee for Mineral Reserves International Reporting Standards
(CRIRSCO), "C1" and "C2" classifications are equivalent to "indicated"
and "inferred" resources.
The property was explored during the Soviet era, resulting in 18 km of
drives and tunnels on 8 underground levels, spaced 40 m to 100 m apart
vertically and in numerous raises. The property is located 380 km south
of Yerevan, with access to power, water, a local workforce, and to the
main highway serving the area.
The project is being pursued jointly with Caldera. BacTech has the
option to acquire a 40% interest in Caldera's subsidiary, Biomine LLC,
in return for providing technical support and test work for the
project.
Dr. Paul Miller, BacTech's Vice President of Technology and
Engineering, who reviewed internal data on the project, commented that,
"The project is a good candidate for bioleaching due to the refractory
nature of the ore and the strong interaction of arsenic with both base
metals and gold. The limited amount of diagnostic work suggests that
high gold extractions should be readily achievable if an oxidation
technique such as bioleaching were used prior to cyanidation for either
ore or concentrate treatment."
Caldera is assembling a geological team to retrieve samples from the
Lichkvaz-Tey deposit which will allow for the bioleach test work to
begin. BacTech will undertake bioleach test work at the University of
Toronto to confirm the recoveries when using bioleaching to liberate
the gold and copper associated with the deposit.
The option in the project held by BacTech will reside in BacTech's gold
subsidiary which will be spun out to the shareholders shortly, as
announced in a news release May 12, 2009.
About Armenia
Armenia sits in a geological formation know as the Tethyan Belt, which
contains some of the world's largest gold porphyry deposits. The
Tethyan Belt is a major porphyry-related mineralized zone that extends
across central and South-eastern Europe, Turkey, Armenia, Iran,
Pakistan, through the Himalayan region into Burma, Malaysia, Indonesia
and Papua New Guinea.
There are currently several mining companies extracting copper, zinc,
molybdenum and gold in Armenia. Dundee Precious Metals operates the
Kappan polymetalic mine, extracting zinc, copper, silver and gold. On
the exploration front, Lydian Resources is drilling a 1 million plus oz
gold resource in its Amulsar project.
About BacTech
BacTech Mining Corporation (TSX.V: BM) 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 September 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.
About Caldera
Caldera Resources Inc. (TSX.V: CDR) is focusing on projects amenable to
utilizing bioleaching or chloride leaching technology for the economic
recovery of base metals and precious metals from mine waste and
tailings, with a focus on Southeastern Europe and the Caucuses.
Qualified Person
Andr� Laferri�re, M.Sc. P. Geo., is the Qualified Person for the
information contained in this press release and is a Qualified Person
within the meaning of National Instrument 43-101.
Certain exploration results referred to herein are historical in nature
and were compiled before NI 43-101 standards were created. Caldera has
not independently analyzed the results of the previous exploration,
therefore the historical results should not be relied upon. Caldera and
BacTech believe these historical results provide an indication of the
potential of the properties and are relevant to ongoing evaluation of
the project.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to the Company,
certain information contained herein constitutes "forward-looking
statements". Forward-looking statements are frequently characterized
by words such as "plan," "expect," "project," "intend," "believe,"
"anticipate" and other similar words, or statements that certain events
or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a
variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected in
the forward-looking statements.
These factors include the inherent risks involved in the exploration
and development of mineral properties, the uncertainties involved in
interpreting drilling results and other ecological data, fluctuating
metal prices, the possibility of project cost overruns or unanticipated
costs and expenses, uncertainties relating to the availability and
costs of financing needed in the future and other factors described in
the section entitled "Risks" in the Company's Management Discussion and
Analysis for the Year Ended December 31, 2008. Circumstances or
management's estimates or opinions could change. The reader is
cautioned not to place undue reliance on forward-looking statements.
For further information contact:
M. Ross Orr, President & CEO, 416-813-0303 ext 222
Shares outstanding 88,952,206
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) 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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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
BacTech Mining est une société développant des projet miniers d'or basée au Canada. BacTech Mining détient divers projets d'exploration en Armenie. Ses principaux projets en exploration sont FERGUSSON ISLAND en Papouasie-Nouvelle-Guinee et LICHKVAZ-TEY en Armenie. BacTech Mining est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 4,3 millions (3,0 millions US$, 2,7 millions €). La valeur de son action a atteint son plus haut niveau récent le 30 janvier 1998 à 99,50 , et son plus bas niveau récent le 22 avril 2016 à 0,03 . BacTech Mining possède 47 442 200 actions en circulation. |