BacTech Joins Team to Pursue Snow Lake Project
Through this agreement, BacTech received a $20,000 cash payment as an advance on the right to utilise the BacTech's proprietary bioleach technology on the Project. In addition, BacTech will earn 3% undivided equity interest in the net income of the project. GMR is relying on BacTech's historical research conducted in 2011/12 that showed oxidation rates of 95% and gold recovery of 88.6% on material obtained from the arsenic stock pile. Due to a lack of iron in the stockpile the residual material could not be stabilized and was abandoned.
Ross Orr, CEO of BacTech commented, "Our return to Snow Lake is predicated on Dundee Sustainable Technologies providing a solution to the unstable arsenic product we generated in our earlier work that killed the project. The stockpile has a deficiency in iron leading an unstable ferric arsenate product after bioleaching. By passing this unstable material to be vitrified the arsenic can be safely disposed. We look forward to re-engaging in the Snow Lake project."
Mr. David LeClaire, the CEO of GMR Inc. stated, "BacTech's historic work on the Project and its proprietary bioleach technology teamed with DST's vitrification technology is a promising solution to the remediation of a longstanding environmental concern of the community of Snow Lake without cost to the taxpayer.
The Project, located in Snow Lake, Manitoba consists of a stockpile of arsenopyrite concentrate proven to contain residual gold and silver contents. BacTech drilled and assayed the stockpile in 2011 and produced a NI43-101 report that can be found on SEDAR (December 9, 2011). The concentrate stockpile is currently the responsibility of the Government of Manitoba. The Project is developing a "no cost to the taxpayer" solution to remediation of the stockpile. Current Measured Mineral Resource estimates were generated in 2012 by BacTech estimating the Snow Lake concentrate stockpile contains 264,596 tonnes grading 9.76 g/t of gold and 2.17 g/t of silver. In addition, Indicated Resource estimates include 9,300 tonnes grading 9.2 g/t Au and 2.15 g/t Ag and an Inferred Mineral resource of 28,000 tonnes of 7.0 g/t Au and 2.4 g/t Ag.
N. Ralph Newson, M.Sc., P.Eng., P.Geo. was the Qualified Person on the project. His report was titled "BacTech Environmental Corporation, NI43-1 01 Preliminary Economic Assessment Study for the BacTech Snow Lake Reclamation Project, Snow Lake, Manitoba, Canada, dated effective August 27, 2012."
The Telamayu project involves the environmental remediation of the "Antiguo" tailings with an option on the larger "Nuevo" tailings, both situated at the Telamayu Mill site near the town of Atocha in the Department of Potosi, Bolivia.
The existing Telamayu mill concentrator has generated the Antiguo and Nuevo tailings by processing mineralized material from the surrounding mines for over 80 years. There is considerable infrastructure at the mill site including high voltage power, rail, mill housing, and a local workforce. A Feasibility Study is expected to be completed in March 2019.
A second project entails BacTech investigating the use of bioleach processing to treat historic arsenic tailings and arsenopyrite concentrates produced in the Ponce Enriquez area of Southern Ecuador.
For further information contact: Ross Orr, President & CEO, BacTech Environmental Corporation/ 416-813-0303 ext. 222, Cell 416-346-5529 and
Robin Cook, Investor Relations: 416-809-1738, Email: firstname.lastname@example.org
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This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to future tailings sites, sampling or other investigations of tailing sites, the Company's ability to make use of infrastructure around tailings sites or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified using 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 because 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.
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