TORONTO, CANADA -- (Marketwire) -- 02/24/11 -- BacTech Environmental Corporation ('BacTech' or the 'Company') (CNSX: BAC), today announced that it has signed an agreement with BioMinera S.A. ('BioMinera'), a company based in Santiago, Chile. The agreement sets out the participation of both parties going forward with respect to identifying tailings remediation projects in Chile and Argentina that are suitable for co-development.
BacTech's goal is to expand its business in South America using the model of partnering with local groups to identify potential projects amenable for bioleaching, both in the precious and base-metals sectors.
BioMinera holds the exclusive right to represent BacTech and its patented, commercial bioleaching technology for any tailings, waste rock or similar mine remediation projects in Chile and Argentina. BioMinera has the option to participate on an equity basis with BacTech in any project generated by BioMinera. In the event BioMinera opts to not participate on an equity basis, its stake will be diluted to a sliding scale net profits interest.
'This is a very effective way for us to cover a large territory for potential projects. Working with local partners will help us narrow the list of projects to a manageable level so we can be more focused on the right type of project for bioleaching,' said Ross Orr, President and CEO of BacTech.
'We believe that there is significant potential for BacTech in Chile and Argentina to expand the role of bioleaching, a process that offers the advantages of generating income while helping solve environmental issues', added Felipe Dalgalarrando, a director of BioMinera.
BacTech Environmental Corporation was created through a Plan of Arrangement completed on December 2, 2010, whereby shareholders of the former BacTech Mining Corporation ('BMC'), renamed REBgold Corporation, were issued, in exchange for their BMC shares, 1 share of REBgold Corporation and 1/5th of one share of BacTech Environmental. BacTech Environmental holds the exclusive rights to use the patented BACOX bioleaching technology for reclamation of tailings and mining waste materials.
BioMinera S.A. is a Santiago-based company focused on identifying tailings remediation projects in Chile and Argentina suitable for co-development using BacTech's patented, commercial bioleaching technology.
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BacTech Environmental Corporation
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