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BacTech Signs MOU with Hudbay
By: Marketwire .
Feb. 12, 2013 11:43 AM
TORONTO, CANADA -- (Marketwire) -- 02/12/13 -- BacTech Environmental Corporation ("BacTech" or the "Company"), (CNSX:BAC)(OTC:BCCEF)(WKN:A1H4TY) today announced that its wholly-owned subsidiary, BacTech Manitoba Corp. ("BMC"), has signed a Memorandum of Understanding ("MOU") with Hudbay for the Anderson Lake tailings site located in Snow Lake, Manitoba. Anderson Lake hosts tailings from ten past-producing mines in the Snow Lake area. Pursuant to the MOU, BacTech will conduct a drilling program to obtain samples from the Anderson Lake tailings.
Both Hudbay and BacTech are interested in evaluating the amount of precious metals contained in the tailings. More specifically, both parties would like to ascertain the ratio of oxide gold ounces to sulphide ounces (commonly known as refractory) in the Anderson Tailings. BacTech is interested in the identification of sulphide ounces as possible feed for the Company's bioleach plant to be built in Snow Lake.
BacTech, at its expense, will conduct the drilling program and, if the results prove to be of merit, BacTech will conduct an internal economic study to determine if the project is viable.
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.
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.
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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.
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