VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/30/12 -- BioteQ Environmental Technologies Inc. (TSX: BQE), a leader in the treatment of industrial wastewater, has commenced with plans for demobilization of the SART equipment located at NWM Mining's Lluvia Mine in Mexico. The Company is presently working with NWM Mining to establish a process and timetable for the orderly cleaning, disassembly, and removal of equipment from the site. NWM Mining has agreed to undertake clean up of the equipment to a standard sufficient for BioteQ to access to the site, disassemble and remove the equipment. Cleaning of the plant and planning for demobilization is expected to be complete by June 30, 2012. Demobilization is expected to be completed by September 30, 2012.
The plant demobilization follows the recent announcement that BioteQ has settled its legal action against NWM for unpaid lease payments. Under the terms of the agreement, NWM has agreed to pay BioteQ $1.3 million over the next 2 years; BioteQ retains ownership of the equipment.
BioteQ supplied NWM with a SART plant in 2008. The plant successfully recovered copper from gold leach solution to reduce the metallurgical interference of copper in the gold recovery process. The company provided a similar SART plant for a site in Turkey, which has been operating successfully since 2010. BioteQ is working with Kinross Gold to assist with the start-up of their SART facility in Chile.
BioteQ is presently reviewing alternative uses for the equipment from the NWM site. Some components in the plant remain valuable and could potentially be used in a number of water treatment applications. Options presently under consideration include:
-- re-deployment to a new site as part of a broader equipment package, or -- sale to a third party which would take responsibility for demobilization, sale and/or disposal of all plant components
When a final alternative is selected, the Company will provide an update by news release.
Jonathan Wilkinson, BioteQ's CEO, stated, 'The value of the SART plant equipment is dependent on a number of factors including the age and condition of the equipment. We plan to carefully review our options to find the alternative that will generate the best value for our shareholders.'
BioteQ Corporate Profile
BioteQ is an innovative clean technology leader in global industrial water treatment. The company's proven technologies have been applied at sites around the world to recover dissolved metals and remove sulphate, producing clean water and eliminating residual waste. BioteQ is headquartered in Vancouver, Canada and trades on the TSX under the symbol BQE. Please visit our website at www.bioteq.ca for additional information.
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