VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/20/11 -- BioteQ Environmental Technologies, Inc. (TSX: BQE), a leader in the treatment of industrial waste water, has provided an update on current water treatment operations.
BioteQ will report its first quarter financial and operating results after close of markets on Monday May 30, 2011, with a conference call scheduled for Tuesday May 31 at 11:00 am Eastern. Conference call details will be announced a week prior to the call.
BioteQ is currently on schedule to commence water treatment operations for the 2011 operating season in northern Quebec, to coincide with the spring snow melt. The company operates two water treatment plants at the site, including a ChemSulphide® plant that applies BioteQ's proprietary technology for selective metal recovery, and a conventional high density sludge lime treatment plant. Both plants are operated to ISO 14001 standards for environmental compliance. BioteQ is paid on a fee-basis; the customer is responsible for all reagent costs. The ChemSulphide® plant is expected to commence operations in June, and is budgeted to treat approximately 1 million cubic meters of water during the 2011 operating season, which typically runs from June to October. In addition, BioteQ's contract to provide operating services for the lime treatment plant has been extended for the next three years.
BioteQ's operating crews are preparing to commence water treatment operations for the 2011 season in the Yukon. The treatment season in the Yukon typically runs from July to September. BioteQ has a three year operating contract that commenced in 2010. The company is paid on a fee-basis; the customer is responsible for all reagent costs. The plant is budgeted to treat approximately 400,000 cubic meters of water during the 2011 operating season.
BioteQ reports a delay in the expected re-start of operations at its joint venture plant in Bisbee, Arizona. With the ramp-up of the bioreactor following re-inoculation earlier this spring, the company has discovered several air leaks in the bioreactor loop system, which were likely caused by freezing conditions in Arizona this past winter. BioteQ's engineering and operating staff are presently making repairs and installing additional oxygen monitoring detection systems. Plant production remains suspended. The company will provide an update when the repairs are complete and the timing of re-start of copper production is confirmed.
Water treatment plant operations at the Dexing Mine site in China continue to recover copper from mine drainage, using BioteQ's ChemSulphide® process. In the first three months of 2011, the plant recovered an estimated 334,000 pounds of copper and treated 1.8 million cubic meters of water. The plant is budgeted to recover 1.8 million pounds of copper in 2011. A new ion exchange plant, designed to recover cobalt and nickel, is currently in commissioning at the site, and is expected to enter into production during the third quarter, adding an incremental revenue source.
BioteQ continues to provide engineering and operations support services for four water treatment plants that are owned by customers, on a fee basis. These include: a SART plant operation that improves gold recovery and operating economics through the recovery of copper and regeneration of cyanide, and enhances long term environmental performance of the gold project for our mining customer; two ChemSulphide® plants that recover saleable zinc products and produce clean water for safe discharge to the environment; and a Sulf-IX? plant that removes sulphate directly from a groundwater source. The Sulf-IX? plant is the first large scale plant of its kind and is a new technology opportunity for the company, offering further growth potential for BioteQ in mining and other industrial sectors.
BioteQ Corporate Profile
BioteQ creates custom water treatment solutions to recover dissolved metals and remove sulphate from water impacted by mining, energy and industrial activities. The company's clean technologies convert wastewater into a useful resource while delivering lower life cycle costs for water treatment. BioteQ has designed and built 14 plants at sites in Canada, the US, Mexico, Australia and China, with additional projects in development.
BioteQ's sustainable water treatment solutions have been recognized with national and international awards for innovation and sustainability. BioteQ is headquartered in Vancouver, Canada, and trades on the TSX under the symbol BQE. For additional information, please go to www.bioteq.ca.
On behalf of the Board of Directors
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to the Company, certain information contained herein constitutes 'forward-looking statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. 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 'might' 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 development, construction and operation of water treatment plants, variations in water quality, 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 Annual Report for the Year Ended December 31, 2010. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.
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