BacTech's Partner Caldera Receives Permission to Access the Lichkvaz-Tey Gold Project
October 20 2009 - 1:47PM
Marketwired
BacTech Mining Corporation ("BacTech" or the "Company") (TSX
VENTURE: BM) today announced that the Minister of Energy and Mines
of the Republic of Armenia, the Honourable Armen Movsisyan, has
issued an Order granting BacTech's partner, Caldera Resources
("Caldera") (TSX VENTURE: CDR) and its subsidiary, Biomine LLC,
permission to access the Lichkvaz-Tey gold project, to conduct a
sampling campaign. Caldera will be extracting fresh samples from
the Lichkvaz-Tey gold project to provide concentrate for BacTech to
conduct bioleaching test work to increase the gold recovery at the
project.
As mentioned in our October 6, 2009 news release, 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.
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.
Finally, BacTech today announced that it has accepted the
resignation of Mr. Shahzad Ashfaq as a director of the Company. The
board of directors wishes Mr. Ashfaq success with his future
endeavours.
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.
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.
Contacts: BacTech Mining Corporation Ross Orr President &
CEO 416-813-0303 ext 222
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