Re: News Release - Tuesday, November 17, 2009
Title: BacTech Partner Caldera to Commence Collection of Samples at Armenian Gold Project for Bioleach Test Work
Toronto, Canada, November 17, 2009 - BacTech Mining Corporation ("BacTech" or the "Company", TSX.V: BM) today announced that its strategic partner, Caldera Resources Inc. (TSX-V:CDR) has engaged the services of Mr. Ricardo Valls, M.Sc., P.Geo., to supervise and collect surface and underground samples at the Lichkvaz-Tey refractory gold project in Armenia. Mr. Valls is an independent geologist and member of the Ordre du G�ologues du Qu�bec and the Association of Professional Geoscientists of Ontario.
All samples collected will be shipped to SGS Lakefield for preparation and analysis. Concentrate samples from SGS will be shipped to BacTech for bioleach analysis at the University of Toronto. Results of the bioleaching study will provide firsthand data, confirming that the refractory ore at the Lichkvaz-Tey gold project is amenable to bioleaching. All sampling is expected to be completed before the end of November 2009. BacTech has the right to back into a 40% ownership stake in the project.
Ross Orr, President and CEO of BacTech stated: "The bioleach testing is the first and most important step towards acquiring the project for the group. We anticipate having results from the bioleach work in 4-6 months from the date we receive the material from SGS Lakefield."
Mr. Valls, P.Geo., has also completed his review of the GKZ (Russian Federation State Commission on Mineral Resources) reports that were received from the Armenian Ministry of Energy and Mines, and has confirmed the following published mineral resources:
Estimated Resources of the Lichkvaz deposit by the GKZ in 1986* |
Element |
Unit |
C1 |
Unit |
Grade |
C2 |
Unit |
Grade |
P1 |
Unit |
Grade |
P2 |
Unit |
Grade |
Ore |
KT |
1,291 |
|
|
1,490 |
|
|
4,700 |
|
|
2,000 |
|
|
Gold |
Kg |
10,144 |
g/t |
7.85 |
7,063 |
g/t |
4.74 |
21,360 |
g/t |
4.5 |
10,000 |
g/t |
5 |
Silver |
T |
49.7 |
g/t |
38.5 |
45.4 |
g/t |
30.5 |
87 |
g/t |
18.5 |
30 |
g/t |
15 |
Copper |
KT |
6.2 |
% |
0.48 |
5.3 |
% |
0.35 |
|
|
|
|
|
|
Sulphur |
KT |
|
|
|
240.3 |
% |
8.64 |
|
|
|
|
|
|
Zinc |
KT |
|
|
|
23.6 |
% |
0.85 |
|
|
|
|
|
|
Lead |
KT |
|
|
|
15.1 |
% |
0.54 |
|
|
|
|
|
|
Selenium |
T |
|
|
|
15.1 |
g/t |
5.4 |
|
|
|
|
|
|
Tellurium |
T |
|
|
|
23.7 |
g/t |
8.5 |
|
|
|
|
|
|
Bismuth |
T |
|
|
|
195.2 |
% |
0.0038 |
|
|
|
|
|
|
According to the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), "C1" and "C2" classifications are equivalent to "indicated" and "inferred" resources. Resources identified as P1 and P2 in the same report can be considered in the "Inferred" and "Mineralized Zone" categories respectively, as defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) in their document "Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines". (http://www.cim.org/committees/CIMDefStds_Dec11_05.pdf).
Mr. Valls, P.Geo., stated in his report that, taking into consideration the solid geological and structural control on the distribution of the mineralization within the Lichkvaz-Tey project, he agrees with such classification.
The table below, prepared by Mr. Valls, P.Geo., presents the GKZ data by metal and category using CIM classifications.
Summary of Total Metal by Category* November 13th, 2009 |
Category |
Au (oz) |
Ag (oz) |
Cu (lb) |
Zn (lb) |
Pb (lb) |
Measured |
325,827 |
1,598,003 |
13,661,603 |
|
|
Indicated |
227,068 |
1,461,090 |
11,497,105 |
27,921,541 |
17,738,391 |
Total |
522,894 |
3,059,093 |
25,158,709 |
27,921,541 |
17,738,391 |
Inferred |
679,988 |
2,795,505 |
|
|
|
Mineralized Zone |
321,507 |
964,522 |
|
|
|
*All numbers are historical and there is no NI 43-101 compliant resource prepared for this project. Data was referenced from Mining-Metallurgical Institute of Armenia in 1986 Protocol GKZ USSR N 10081 dd.28/11/1986.
Qualified Person
Mr. Jim Steel, MBA, 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.
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 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 INFORMATIONExcept 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.
Certain exploration results referred to herein are historical in nature and were compiled before NI 43-101. Caldera has not independently analyzed the results of the previous exploration, therefore the historical results should not be relied upon. BacTech believes these historical results provide an indication of the potential of the properties and are relevant to ongoing evaluation of the project.
- 30 -For further information contact:
Ross Orr, President & CEO: 416-813-0303 ext 222
Shares outstanding 89,264,706
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.
Copyright � 2009 BACTECH MINING CORPORATION (BM) All rights reserved. For more information visit our website at
http://www.bactech.com/ or send email to
info@bactech.com ..
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BacTech Mining Corp
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EXPLORATEUR |
CODE : BM.V |
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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 751 120 CA$ (549 643 US$, 512 542 €). La valeur de son action a atteint son plus haut niveau récent le 30 janvier 1998 à 99,50 CA$, et son plus bas niveau récent le 22 avril 2016 à 0,03 CA$. BacTech Mining possède 8 836 707 actions en circulation. |