BioteQ Provides Operations Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/17/12 -- BioteQ Environmental Technologies Inc. (TSX: BQE), a leader in the treatment of industrial wastewater, has provided an update on plant operations and engineering activities for the first quarter of 2012.
BioteQ had two active water treatment operations contributing to revenue during the first quarter - the plant in Bisbee, Arizona, and the plant in Dexing, China. BioteQ's seasonal operations at the Minto and Raglan sites remained on stand-by and are expected to resume normal operations later this spring when water becomes available from the snow melt.
The Bisbee operation produced approximately 160,000 pounds of copper and treated approximately 310,000 cubic meters of water during the quarter. The plant is presently undergoing routine maintenance, and is expected to return to production by the end of April. BioteQ expects the Bisbee plant to recover approximately 630,000 pounds of copper in 2012.
The Dexing operation produced approximately 370,000 pounds of copper and treated 1.47 million cubic meters of water during the first quarter. Production at the Dexing plant is impacted by seasonal precipitation; the first half of the year is typically dry, while the rainy season usually begins in the third quarter. BioteQ expects the Dexing plant to recover approximately 1.7 million pounds of copper in 2012.
The new ion exchange circuit at the Dexing site has produced a commercial quality cobalt-nickel product. BioteQ has secured a short term contract for purchase of the nickel-cobalt product, and is working with potential concentrate buyers to secure a long-term sales contract. The plant is expected to gradually ramp up production over the balance of 2012.
BioteQ's operations staff are presently on site at the Minto facility in the Yukon, preparing for the 2012 operating season. Staff will mobilize to the Raglan site in May.
BioteQ completed the construction and delivery of a new mobile water treatment plant for an international mining customer for a mine site in Canada. The plant will be commissioned later this spring at the customer's site. The contract for this sale was announced on November 9, 2011.
BioteQ's recently expanded sales team is actively pursuing new project opportunities in mining markets in North and South America. The company also continues to work with its strategic alliance partners to expand market channels and diversify into new market verticals.
In March 2012, BioteQ's management provided guidance on expected financial results for 2012 which indicated expected revenues of at least $10 million and cash use of less than $1.5 million. The Company is on track with respect to the 2012 operations and financial guidance. The Company expects to release its first quarter financial results on Monday May 14th. Details about the timing of the release and investor conference call will be provided a week prior to the release.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained herein may not be based on historical fact and therefore constitutes 'forward-looking information' under applicable Canadian securities legislation. This includes without limitation statements containing the words 'plan', 'expect', 'project', 'estimate', 'intend', 'believe', 'anticipate', 'may', 'will' and other similar words or expressions. 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, uncertainties and other factors that may cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company's dependence on key personnel and contracts, uncertainty with respect to the profitability of the Company's technologies, competition, technology risk, the Company's ability to protect its intellectual property and proprietary information, fluctuations in commodity prices, currency risk, environmental regulation and the Company's ability to manage growth and other factors described in the Company's filings with the Canadian securities regulators at www.sedar.com (including without limitation the factors described in the section entitled 'Risks and Uncertainties' in the Company's Annual Report for the year ended December 31, 2011 and the section entitled 'Risk Factors' in the Company's Annual Information Form for the year ended December 31, 2011). Given these risks and uncertainties, the reader is cautioned not to place undue reliance on forward-looking statements. All forward-looking information contained herein is based on management's current expectations and the Company undertakes no obligation to revise or update such forward-looking information to reflect subsequent events or circumstances, except as required by law.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.