BacTech Mining Corporation
TSX VENTURE : BM

BacTech Mining Corporation

November 17, 2009 13:00 ET

BacTech Partner Caldera to Commence Collection of Samples at Armenian Gold Project for Bioleach Test Work

TORONTO, CANADA--(Marketwire - Nov. 17, 2009) - 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 Géologues du Québec 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:

Estimated Resources of the Lichkvaz deposit by the GKZ in 1986*
ElementUnitC1UnitGradeC2UnitGradeP1UnitGradeP2U nitGrade
OreKT1,291  1,490  4,700  2,000  
GoldKg10,144g/t7.857,063g/t4.7421,360g/t4.510,000g/t5
SilverT49.7g/t38.545.4g/t30.587g/t18.530g/t15
CopperKT6.2%0.485.3%0.35      
SulphurKT   240.3%8.64      
ZincKT   23.6%0.85      
LeadKT   15.1%0.54      
SeleniumT   15.1g/t5.4      
TelluriumT   23.7g/t8.5      
BismuthT   195.2%0.0038      

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.

  Summary of Total Metal by Category*
November 13th, 2009
CategoryAu (oz)Ag (oz)Cu (lb) Zn (lb)Pb (lb)
Measured325,8271,598,00313,661,603  
Indicated227,0681,461,09011,497,10527,921,54117,738,391
Total522,8943,059,09325,158,70927,921,54117,738,391
Inferred679,9882,795,505   
Mineralized Zone321,507964,522   

*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.

Contact Information

  • BacTech Mining Corporation
    Ross Orr
    President & CEO
    416-813-0303 ext 222