TORONTO, CANADA -- (Marketwire) -- 03/18/13 -- BacTech Environmental Corporation ("BacTech" or the "Company", (CNSX: BAC)(OTC: BCCEF)(WKN: A1H4TY) is pleased to announce that it has awarded a drilling contract to Rodren Drilling Ltd. of Winnipeg, Manitoba, for its Anderson Lake winter drill program. The program will begin today. All permits for the drill program have been received.
On February 12, 2013, BacTech Manitoba Corporation signed a Memorandum of Understanding ("MOU") with HudBay Minerals Inc. ("Hudbay") (TSX: HBM)(NYSE: HBM) for the Anderson Lake tailings site located in Snow Lake, Manitoba. Anderson Lake hosts tailings from ten past-producing mines in the area. Pursuant to the MOU, BacTech is to conduct a drilling program to obtain samples from the Anderson Lake tailings.
The purpose of the drill program is to quantify the grade of gold and silver in the tails, as well as establish an oxide gold/sulphide gold ratio with special attention to refractory type sulphides for the tailings. The Company expects to drill 25 holes over an area of 728 sq meters at 100 meter intervals.
The tailings were created through deposition from a number of local mines including, but not limited to, the Chisel, Photo, Stall, Spruce Point, Osborne, Rod, and Anderson Mines. Assay results from the drill core will be reported once received. BacTech is interested in the identification of refractory sulphide ounces as possible feed for the Company's bioleach plant to be built in Snow Lake.
Hudbay has over 60 years of mining and metal production in the Snow Lake area. The Snow Lake-Flin Flon "Greenstone Belt" of Manitoba and Saskatchewan is one of the most prospective areas in the world for volcanogenic massive sulphide ("VMS") polymetallic deposits. It is also the largest paleoproterozoic VMS district in the world (Symes et al, 1999) and the richest Greenstone Belt in Canada per square kilometre (Franklin, 1995). BacTech continues to investigate other opportunities in the Greenstone Belt that have potential to be additional feeds for the proposed Snow Lake bioleach plant.
The Company also announces that, pursuant to the stock option plan, the Board of Directors has approved the issuance of 750,000 options to purchase common shares of the Company to certain directors, employees and consultants of the Company. The exercise price of the options is $0.20. They are subject to a four-month hold and have a term of 5 years. The total number of outstanding options under the Company's plan is now 4,150,000, or approximately 8.5% of the outstanding shares.
BacTech Environmental Corporation holds the perpetual, exclusive, royalty-free rights to use the patented BACOX bioleaching technology for the reclamation of tailings and mining waste materials. In December 2011, BacTech signed a contract with the Mines Branch of the Manitoba Department of Innovation, Energy and Mines to remediate an Arsenopyrite Residue Stockpile ("ARS") situated at the Snow Lake Mine in Snow Lake, Manitoba, to eliminate further leaching of arsenic generated within the ARS into the surrounding watershed. The Company continues to field enquiries globally with respect to additional opportunities for remediation.
Follow us on:
Special Note Regarding Forward-Looking Statements
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future capital investments, transactions projects or operations of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Shares outstanding 48,755,027
The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
BacTech Environmental Corporation
President & CEO
416-813-0303 ext 222
BacTech Environmental Corporation
Most Popular Stories
- NSA Defends Global Cellphone Tracking Legality
- Top Websites for U.S. Hispanics
- Networks Vie for U.S. Hispanic TV Viewers
- Ad Counts Rise in 2013 for Hispanic Magazines
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Apple Wants Samsung to Pay $22M for Patent Dispute Legal Bills
- Apple Activates Customer-Tracking iBeacon
- Starbucks Gets Grinchy; No Gingerbread Lattes for Tampa Customers
- A Biography of Jonathan Ive, Apple's Creative Chief
- Jobs Report Brings Cheer As Unemployment Drops to Five-year Low