BacTech Mining Corporation
TSX VENTURE : BM

BacTech Mining Corporation

October 06, 2009 14:00 ET

BacTech's Strategic Partner Receives Permit to Evaluate the Lichkvaz-Tey Gold Deposit in Armenia

TORONTO, CANADA--(Marketwire - Oct. 6, 2009) - 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

Contact Information

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