TORONTO, CANADA -- (Marketwire) -- 02/15/11 -- BacTech Environmental Corporation ('BacTech' or the 'Company') (CNSX: BAC) today announced that it has tendered a proposal for the remediation of an arsenopyrite stockpile at Snow Lake under a request for proposals from Manitoba Innovation, Energy and Mines. A decision on the proposal is expected within 60 days.
The arsenopyrite stockpile, situated at Snow Lake, Manitoba, was created from gold production in the 1950s from the Nor Acme Mine. Given the refractory nature of the ore and the high levels of contained arsenic, the material was stockpiled at the time of production. The material was subjected to treatment with cyanide at the time, but the refractory gold associated with arsenopyrite was not extracted. The deleterious elements in the stockpile include arsenic at 23% and high levels of thiocyanate, both of which have been leaching from the stockpile into the local environment.
A 1996 government study reported that this 250,000 tonne stockpile contained a gold grade of 8.7 grams per tonne. BacTech has not verified the classification of this historic estimate and is not treating it as a resource or reserve pursuant to National Instrument 43-101. The historic estimate has not been verified by a Qualified Person. However, based on the limited sampling program completed by BacTech in 2010, the Company believes that this historic estimate is relevant and reliable.
BacTech considers this opportunity to be of particular interest because of the Company's extensive knowledge and experience in working with arsenopyrite. All three of BacTech's commercial bioleach plants commissioned to date have focused on the treatment and stabilization of arsenopyrite. Bioleaching is particularly adept at stabilizing arsenic contained in arsenopyrite, reducing future monitoring and treatment costs.
BacTech completed some initial test work at its own expense in 2010 with encouraging results. The Company envisions the construction of a bioleach plant in Snow Lake to treat 150 tonnes of stockpiled material per day or 52,500 tonnes per year. The 5-6 year project would be the first operating bioleach plant of its kind in North America and could possibly be adapted, after completion of the Snow Lake clean up, to treat additional tailings issues in central Canada. BacTech's proposal includes a 'no-cost' to the government approach whereby BacTech will fund the operation through the recovery of the contained gold.
Ross Orr, President & CEO of BacTech, said: 'We are pleased to tender a proposal for the clean up of the Snow Lake stockpile and look forward to working with all levels of government and local partners to solve this long standing problem should our proposal be accepted. More importantly, we look forward to establishing North America's first bioleach plant in Manitoba and establishing a home base for our environmental remediation technology.'
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.
Special Note Regarding Forward-Looking Statements: Certain statements included or incorporated by reference in this news release, including information as to the future financial or operating performance of the Company, its subsidiaries and its projects, constitute forward-looking statements. The words 'believe,' 'expect,' 'anticipate,' 'contemplate,' 'target,' 'plan,' 'intends,' 'continue,' 'budget,' 'estimate,' 'may,' 'schedule' and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of gold production and prices, operating costs, results and capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Forward-looking statements are made as of the date of this press release and the Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise.
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BacTech Environmental Corporation
President & CEO
416-813-0303 ext 222