BacTech Mining Corporation ("BacTech" or the "Company")(TSX
VENTURE: BM) today announced that its strategic partner, Caldera
Resources Inc. (TSX VENTURE: CDR) has engaged the services of Mr.
Ricardo Valls, M.Sc., P.Geo., to supervise and collect surface and
underground samples at the Lichkvaz-Tey refractory gold project in
Armenia. Mr. Valls is an independent geologist and member of the
Ordre du Geologues du Quebec and the Association of Professional
Geoscientists of Ontario.
All samples collected will be shipped to SGS Lakefield for
preparation and analysis. Concentrate samples from SGS will be
shipped to BacTech for bioleach analysis at the University of
Toronto. Results of the bioleaching study will provide firsthand
data, confirming that the refractory ore at the Lichkvaz-Tey gold
project is amenable to bioleaching. All sampling is expected to be
completed before the end of November 2009. BacTech has the right to
back into a 40% ownership stake in the project.
Ross Orr, President and CEO of BacTech stated: "The bioleach
testing is the first and most important step towards acquiring the
project for the group. We anticipate having results from the
bioleach work in 4-6 months from the date we receive the material
from SGS Lakefield."
Mr. Valls, P.Geo., has also completed his review of the GKZ
(Russian Federation State Commission on Mineral Resources) reports
that were received from the Armenian Ministry of Energy and Mines,
and has confirmed the following published mineral resources:
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Estimated Resources of the Lichkvaz deposit by the GKZ in 1986(i)
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Ele- Gr- Gr- Gr-
ment Unit C1 Unit ade C2 Unit Grade P1 Unit ade P2 Unit ade
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Ore KT 1,291 1,490 4,700 2,000
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Gold Kg 10,144 g/t 7.85 7,063 g/t 4.74 21,360 g/t 4.5 10,000 g/t 5
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Sil-
ver T 49.7 g/t 38.5 45.4 g/t 30.5 87 g/t 18.5 30 g/t 15
----------------------------------------------------------------------------
Cop-
per KT 6.2 % 0.48 5.3 % 0.35
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Sul-
phur KT 240.3 % 8.64
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Zinc KT 23.6 % 0.85
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Lead KT 15.1 % 0.54
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Sele-
nium T 15.1 g/t 5.4
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Tell-
urium T 23.7 g/t 8.5
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Bis-
muth T 195.2 % 0.0038
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According to the Committee for Mineral Reserves International
Reporting Standards (CRIRSCO), "C1" and "C2" classifications are
equivalent to "indicated" and "inferred" resources. Resources
identified as P1 and P2 in the same report can be considered in the
"Inferred" and "Mineralized Zone" categories respectively, as
defined by the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) in their document "Estimation of Mineral Resources
and Mineral Reserves Best Practices Guidelines".
(http://www.cim.org/committees/CIMDefStds_Dec11_05.pdf).
Mr. Valls, P.Geo., stated in his report that, taking into
consideration the solid geological and structural control on the
distribution of the mineralization within the Lichkvaz-Tey project,
he agrees with such classification.
The table below, prepared by Mr. Valls, P.Geo., presents the GKZ
data by metal and category using CIM classifications.
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Summary of Total Metal by Category(i)
November 13th, 2009
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Category Au (oz) Ag (oz) Cu (lb) Zn (lb) Pb (lb)
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Measured 325,827 1,598,003 13,661,603
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Indicated 227,068 1,461,090 11,497,105 27,921,541 17,738,391
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Total 522,894 3,059,093 25,158,709 27,921,541 17,738,391
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Inferred 679,988 2,795,505
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Mineralized Zone 321,507 964,522
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(i)All numbers are historical and there is no NI 43-101
compliant resource prepared for this project. Data was referenced
from Mining-Metallurgical Institute of Armenia in 1986 Protocol GKZ
USSR N 10081 dd.28/11/1986.
Qualified Person
Mr. Jim Steel, MBA, P. Geo., is the Qualified Person for the
information contained in this press release and is a Qualified
Person within the meaning of National Instrument 43-101.
BACTECH PROFILE
BacTech owns patented bacterial oxidation technology for the
treatment of refractory ores and concentrates to enhance the
recovery of gold, silver and base metals. The Company's focus is
the acquisition of equity positions in projects amenable to
bioleaching. In September 2008, BacTech signed an MOU to
investigate the use of bioleaching to reprocess arsenic-laden
tailings in Cobalt, Ontario. This is the Company's first foray into
the cleantech industry. BacTech is continuing to evaluate
additional remediation projects.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to the
Company, certain information contained herein constitutes
"forward-looking statements". 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 "may" 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
exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
ecological data, 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 Management Discussion and
Analysis for the Year Ended December 31, 2008. Circumstances or
management's estimates or opinions could change. The reader is
cautioned not to place undue reliance on forward-looking
statements.
Certain exploration results referred to herein are historical in
nature and were compiled before NI 43-101. Caldera has not
independently analyzed the results of the previous exploration,
therefore the historical results should not be relied upon. BacTech
believes these historical results provide an indication of the
potential of the properties and are relevant to ongoing evaluation
of the project.
Shares outstanding 89,264,706
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: BacTech Mining Corporation Ross Orr President &
CEO 416-813-0303 ext 222
BC Moly (TSXV:BM)
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