TORONTO, CANADA–(Marketwired – March 16, 2016) – BacTech Environmental Corporation (“BacTech” or the “Company”), (CSE:BAC)(OTC PINK:BCCEF) (WKN: A1H4TY) announced today that it has engaged two highly specialized consultants as a result of attending the recent Prospectors and Developers Association of Canada conference in Toronto, Canada. Both specialists were engaged to pursue the Company’s mercury reduction in Ecuador and Peru initiative that was announced in 2015.
Since 1997, Dr. Marcello Veiga has worked as a professor at the Norman B. Keevil Institute of Mining Engineering within the University of British Columbia. He has published over 300 papers on issues related to mining and the environment. From 2002 to 2008, he worked as an expert and Chief Technical Advisor of the Global Mercury Project for the United Nations Industrial Development Organization (“UNIDO”) in Vienna, Austria. The work included environmental and health assessments of mercury pollution in artisanal gold mining in Asia, Africa and South America, as well as the implementation of national policies and procedures to reduce mercury emissions and increase gold recovery. Since 2008, he has been a key consultant for many mining concerns and international agencies dealing with the issues of artisanal mining. His work has led him to over 20 countries globally.
The second specialist engaged by BacTech relates to the dissemination and awareness of news associated with the problems created by artisanal mining in developing countries. Mr. Ellis Martin created The Ellis Martin Report in 1999 as a radio and media resource that assists small and mid-cap public companies in getting their message out to shareholders and prospective investors. Mr. Martin will be working with Dr. Veiga to raise the public’s awareness of artisanal mining and its’ related mercury and arsenic issues.
“There is a need to educate people about the devastating effects of mercury use in small mining centers. I believe deploying BacTech’s proprietary environmental remediation technologies with respect to mine tailings and artisanal mining problems will lead to increased health and wealth amongst afflicted communities. The answer is raising the awareness of the problem and subsequently bringing technology to alleviate the environmental problems,” stated Ellis Martin.
Late in 2015, BacTech announced a mercury reduction initiative using bioleaching as the treatment process for high-grade gold and arsenic concentrates in Peru. Bioleaching is an effective tool in stabilizing arsenic as a ferric arsenate and liberating the contained metals for economic recovery.
Presently, BacTech and Duran Ventures Inc. (“Duran”), (TSX VENTURE:DRV) have a signed Memorandum of Understanding to review the possibility of building a bioleach plant to treat Arsenic rich concentrates. Duran is in the final stages of completing a 100 tpd flotation circuit at their site near Trujillo and once completed, a bioleach plant will be proposed to be built at Duran’s site. The first task for Dr. Vega is to locate potential feed material for the proposed bioleach plant in Peru, as well as the possibility of another plant in southern Ecuador. It is anticipated that these plants will be built on a small-scale model, processing less than 50 tpd of concentrate. The reduced capital for the plant, along with the high-grade gold feeds should allow for very rapid debt repayment and positive cash flow once operating.
With respect to Bolivia, the management of BacTech met with the Minister of Mines for Bolivia at PDAC to discuss the lengthy delays in signing an association contract with COMIBOL, the state mining company. The Minister pledged his support in getting a contract to process the Telamayu Tailings signed as soon as possible. In addition, the Company discussed with the Minister other potential sites that could use the Company’s bioleaching technology in Bolivia.
Finally, the Company announced today that the Board of Directors have approved the issuance of 2,850,000 options to purchase common shares of the Company to directors, officers, employees and consultants of the Company. The exercise price of the options is $0.07. They are subject to a four-month hold and have a term of 5 years.
The total number of outstanding options under the Company’s plan, including the grant above, is now 3,203,000 options or approximately 7.6% of the outstanding shares. The Stock Option Plan allows for up to 10% of the outstanding common shares to be reserved for stock options.
BacTech Environmental Corporation holds the perpetual, exclusive, royalty-free rights to use the patented BACOX bioleaching technology for the reclamation of tailings and mining waste materials. The Company’s principle focus is a high-grade silver/copper tailings project called Telamayu, located in Atocha, Bolivia, in association with COMIBOL, the state mining group. Recently, the Company signed an MOU with Duran Ventures Inc. to explore the viability of building a BACOX plant in Peru to treat high-grade gold/arsenic ores. The Company continues to field enquiries globally with respect to additional opportunities for remediation, including licensing transactions for the technology.
Visit Minelife.org to learn more about BacTech’s projects.
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Special Note Regarding Forward-Looking Statements
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 by the use of 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 as a result 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.
Shares outstanding 42,393,994
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