BacTech Mining Corporation
TSX VENTURE : BM

BacTech Mining Corporation

October 20, 2009 14:47 ET

BacTech's Partner Caldera Receives Permission to Access the Lichkvaz-Tey Gold Project

TORONTO, CANADA--(Marketwire - Oct. 20, 2009) - BacTech Mining Corporation ("BacTech" or the "Company") (TSX VENTURE:BM) today announced that the Minister of Energy and Mines of the Republic of Armenia, the Honourable Armen Movsisyan, has issued an Order granting BacTech's partner, Caldera Resources ("Caldera") (TSX VENTURE:CDR) and its subsidiary, Biomine LLC, permission to access the Lichkvaz-Tey gold project, to conduct a sampling campaign. Caldera will be extracting fresh samples from the Lichkvaz-Tey gold project to provide concentrate for BacTech to conduct bioleaching test work to increase the gold recovery at the project.

As mentioned in our October 6, 2009 news release, 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.

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.

Finally, BacTech today announced that it has accepted the resignation of Mr. Shahzad Ashfaq as a director of the Company. The board of directors wishes Mr. Ashfaq success with his future endeavours.

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.

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