BacTech Mining Corporation ("BacTech" or the "Company")(TSX
VENTURE: BM) announced today that it has been advised by its
Strategic Partner, Caldera Resources Inc. ("Caldera")(TSX VENTURE:
CDR), that it has received permission from the Ministry of Nature
Protection of the Republic of Armenia, to conduct geologic studies
to evaluate the Lichkvaz-Tey refractory gold deposit, located in
Southern Armenia.
The Lichkvaz-Tey gold property has a Soviet-era GKZ mineral
resource, categorized as C1 and C2, of 3.4 million tonnes grading
on average 5.1 g/t Au, 33.2 g/t Ag and 0.41% Cu. This translates to
approximately 575,000 oz of gold, 3.7 million oz of silver and 33.4
million pounds of copper.
All numbers are historical and there is no NI 43-101 compliant
report prepared for this project. The data presented above was
referenced from the Mining-Metallurgical Institute of Armenia in
1986 Protocol GKZ USSR N 10081 dd.28/11/1986. Caldera is in the
process of obtaining these historical reports so as to establish a
sampling and exploration program in order to create a NI 43-101
compliant report. The references to the GKZ mineral resource
estimates appear in independently prepared technical reports which
are now in government archives and were prepared for the former
property owners. According to the Committee for Mineral Reserves
International Reporting Standards (CRIRSCO), "C1" and "C2"
classifications are equivalent to "indicated" and "inferred"
resources.
The property was explored during the Soviet era, resulting in 18
km of drives and tunnels on 8 underground levels, spaced 40 m to
100 m apart vertically and in numerous raises. The property is
located 380 km south of Yerevan, with access to power, water, a
local workforce, and to the main highway serving the area.
The project is being pursued jointly with Caldera. BacTech has
the option to acquire a 40% interest in Caldera's subsidiary,
Biomine LLC, in return for providing technical support and test
work for the project.
Dr. Paul Miller, BacTech's Vice President of Technology and
Engineering, who reviewed internal data on the project, commented
that, "The project is a good candidate for bioleaching due to the
refractory nature of the ore and the strong interaction of arsenic
with both base metals and gold. The limited amount of diagnostic
work suggests that high gold extractions should be readily
achievable if an oxidation technique such as bioleaching were used
prior to cyanidation for either ore or concentrate treatment."
Caldera is assembling a geological team to retrieve samples from
the Lichkvaz-Tey deposit which will allow for the bioleach test
work to begin. BacTech will undertake bioleach test work at the
University of Toronto to confirm the recoveries when using
bioleaching to liberate the gold and copper associated with the
deposit.
The option in the project held by BacTech will reside in
BacTech's gold subsidiary which will be spun out to the
shareholders shortly, as announced in a news release May 12,
2009.
About Armenia
Armenia sits in a geological formation know as the Tethyan Belt,
which contains some of the world's largest gold porphyry deposits.
The Tethyan Belt is a major porphyry-related mineralized zone that
extends across central and South-eastern Europe, Turkey, Armenia,
Iran, Pakistan, through the Himalayan region into Burma, Malaysia,
Indonesia and Papua New Guinea.
There are currently several mining companies extracting copper,
zinc, molybdenum and gold in Armenia. Dundee Precious Metals
operates the Kappan polymetalic mine, extracting zinc, copper,
silver and gold. On the exploration front, Lydian Resources is
drilling a 1 million plus oz gold resource in its Amulsar
project.
About BacTech
BacTech Mining Corporation (TSX VENTURE: BM) 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.
About Caldera
Caldera Resources Inc. (TSX VENTURE: CDR) is focusing on
projects amenable to utilizing bioleaching or chloride leaching
technology for the economic recovery of base metals and precious
metals from mine waste and tailings, with a focus on Southeastern
Europe and the Caucuses.
Qualified Person
Andre Laferriere, M.Sc. 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.
Certain exploration results referred to herein are historical in
nature and were compiled before NI 43-101 standards were created.
Caldera has not independently analyzed the results of the previous
exploration, therefore the historical results should not be relied
upon. Caldera and BacTech believe these historical results provide
an indication of the potential of the properties and are relevant
to ongoing evaluation of the project.
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.
Shares outstanding 88,952,206
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 M. Ross Orr President &
CEO 416-813-0303 ext 222
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