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Re: News Release - Monday, August 24, 2009
BacTech Provides Funding and Project Update
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Toronto, Canada, August 24, 2009 - BacTech Mining Corporation
("BacTech" or the "Company", TSX.V: BM) hosted a site tour of legacy
silver mine sites in the Town of Cobalt and the Coleman Township
region of northeastern Ontario on August 13. The Company met with local
stakeholders, the township administration, local politicians, mining
and environmental regulators, as well as potential Federal and
Provincial program funding organizations, to explain its strategy for
reclamation of old mine tailings using its proprietary bioleaching
technology.
This meeting was the second stage of the Company's Feasibility Study
and Closure Plan, which is scheduled for completion by June 2010.
The Company is currently building a consortium of investors, mining
experts, environmental consultants, academics and technical advisors,
together with government stakeholders, to undertake base and precious
metal recovery from mine tailings in the Cobalt Camp. BacTech's "BACOX"
process also renders contaminant minerals such as arsenic into stable
compounds. The project will demonstrate bioleaching on a commercial
scale in Canada and a long overdue solution to acid mine drainage
pollution of soil and watersheds. BacTech has successfully deployed
bioleaching in several other nations to recover gold.
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 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.
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.
- 30 -
For further information contact:
Ross Orr, President & CEO, 416-813-0303 ext 222
Shares outstanding 83,857,206
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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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$ 549 643, € 512 542). 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. |