TORONTO, CANADA--(Marketwired - April 5, 2017) - BacTech Environmental Corporation ("BacTech" or the "Company"), (CSE:BAC)(OTC PINK:BCCEF) today announced that Leduc Drilling has completed the 60-hole drill program at the Company's Telamayu tailings project, a co-venture with COMIBOL, the Bolivian state mining company.
The Company will continue to release the assay results as they become available. The three holes released to date returned average grades of 16 opt of silver, 2.5% tin and 1.75% copper from the 10 meter depth of the tailings. The results were generated from 47 samples (35 routines and 12 control samples) from 3 holes drilled at site. In addition to determining the grades of the contained tin, silver and copper in the tailings, the core will be used to conduct metallurgical studies to determine the recoverability of the contained metals. In addition, a National Instrument 43-101 report will be completed, in an attempt to estimate a mineral resource for the Telamayu tailings. Completion of this phase is the next step required to take the project to feasibility.
To get Telamayu to a production decision, including engineering, will require approximately CAD$750,000. The initial $250,000 is needed for final payments on the drilling contract, metallurgical studies and to complete a National Instrument 43-101 report.
The Company also announced today its' intention to raise $250,000 in a debenture. All figures are Canadian. The debenture will carry an interest rate of 12% for 2 years and will be accompanied by a common stock bonus of 20% of the subscribed amount. The stock bonus will be deemed to have a value of $0.05 per share. For illustration purposes, a $10,000 debenture would be accompanied by 40,000 common shares of the Company, with a value of $2,000 worth of common shares. The number of common shares is based on a deemed issue price of $0.05 per share and the 40,000 common shares would be subject to a 4-month hold period for the investor.
The $250,000 will allow the Company to significantly enhance its position as it moves toward a production decision at Telamayu. A small amount of the capital raised will also be used to purchase up to 300 kg. of concentrate in southern Ecuador. This concentrate would then be shipped to Laurentian University in Sudbury, Canada, where it will undergo 6 months of bioleach test work. The goal is to provide an enhanced return to artisanal miners as a trade-off for the use of mercury as an amalgamator for gold and silver. To date, lead orders for $60,000 have been received.
Pierre O'Dowd, P.Geo., who is the Qualified Person under NI 43-101, has visited the property, has read and approved this release.
BacTech Environmental Corporation holds the perpetual, exclusive, royalty-free rights to use the patented BACOX bioleaching technology for the reclamation of tailings and mining waste materials. The Company's principal focus is a high-grade silver/copper/tin tailings project called Telamayu, located in Atocha, Bolivia, in association with COMIBOL, the state mining group. Investigation has begun to identify opportunities in Ecuador. The Company continues to field enquiries globally with respect to additional opportunities for remediation, including licensing transactions for the technology.
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Special Note Regarding Forward-Looking Statements
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to future tailings sites, sampling or other investigations of tailing sites, the Company's ability to make use of infrastructure around tailings sites or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Shares outstanding 58,882,930
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