(TheNewswire)
Toronto, ON - TheNewswire - June 16 , 2023 - BacTech Environmental Corporation (CSE: BAC ) ( OTC: BCCEF ) ( FSE: 0BT1 )(“ BacTech ” or the “ Company ”), a commercially provenenvironmental technology company delivering eco-friendly bioleachingand remediation solutions for precious metal and critical mineralrecovery, is pleased to provide the following corporate update.
Financing
The Company today announces the closing of a 3rdtranche of its recent placement for $132,000. The financing includesthe issuance of 1,650,000 units consisting of one (1) common share ofBacTech and one (1) common share purchase warrant. The warrant allowsthe holder to purchase an additional common share in the Company at$0.12 for a period of two (2) years from the closing.
Green Bond Certification
Further to the Company’s selection of Moody’s toprovide third-party verification of BacTech as a qualified Green Bondissuer, BacTech confirms it has tendered all necessary documentationto Moody’s with respect to the Company’s pursuits of Green Bondcertification. As previously announced in its April 13, 2023 pressrelease , the Company has started the processto obtain the appropriate certification to be able to issue GreenBonds to fund its bioleach processing facility in Tenguel, Ecuador.BacTech, in concert with Analytica Securities in Quito, Ecuador,intends to raise up to US$20M in Green Bond funding.
Community Consultation ProcessUpdate
BacTech also wishes to advise shareholders that theCompany has been notified that the Government of Ecuador willofficially begin the final review process on June 19, 2023. As previously communicated in its June 1, 2023 pressrelease , this is the final major permitrequired to approve the Company’s planned project in Tenguel,Ecuador. Upon completion, the facility is expected to be the largestand most efficient bioleaching plant in South America using naturallyoccurring bacteria, harmless to both humans and the environment, totreat gold and base metal concentrates along with toxic tailingscreated through local mining operations. BacTech was granted itsEnvironmental Impact Study Permit in September 2022, furtherillustrating the government’s commitment to the launch of thisimportant project.
About the Tenguel – Ponce EnriquezBioleaching Project
BacTech is planning to build a new owner-operatedbioleaching facility in Tenguel, Ecuador, in a region where arsenic isassociated with sulphide gold ore (Arsenopyrite). The Company’s planis to build a 50 tpd bioleach plant capable of treating highgold/arsenic material. A 50 tpd plant, processing feed of 1.75 ouncesof gold per tonne, similar to feeds available to the Company fromlocal miners, would produce approximately 31,000 ounces per year.Plant designs are modular and can be expanded without affectingongoing production. The total concentrate market in the Ponce Enriquezarea is estimated to be between 200 and 250 tonnes per day, allowingfor increased throughput potential with a larger plant. BacTech hassigned an agreement with the government to builda Phase 2 plant that would see the addition of 150-200 tpd of capacitycapable of producing in excess of 100,000 ounces per annum.
Key economic highlights, assuming a base gold price @$1,600 per ounce:
• Pre-tax NPV (Net Present Value with 5%discount rate) of $60.7M
• Pre-tax IRR (Internal Rate of Return) of57.9%
• Annual Gold Production of 30, 900ounces
• Capital Cost of $17.0M
• Bioleach Operating Cost of $212 pertonne
• Pre-tax Earnings Prior to Employee Bonus– $10.9M annually
• Estimated local employee bonus pool –$1.64M
In total, there are over 100 small mines operating inthe area. BacTech continues to investigate the prospects ofestablishing additional modern bioleaching facilities across otherareas of Ecuador, Peru, and Colombia. Where possible, the Company willpartner with national and local governments, non-governmentalorganizations (NGOs) and others to assist with the funding of theseprojects and ensure that they meet the Company’s high expectationsnot only for environmental standards, but also for the higheststandards in all ESG considerations.
About BacTech EnvironmentalCorporation
BacTech Environmental Corporation is a company thatspecializes in environmental technology. We use a process calledbioleaching to recover metals like gold, silver, cobalt, nickel, andcopper, while also safely removing harmful contaminants like arsenic.This process is eco-friendly and uses naturally occurring bacteriathat are safe for both humans and the environment. By using ourproprietary method of bioleaching, we are able to neutralize toxicconcentrates and tailings while also creating profitableopportunities. The company is publicly traded on several stockexchanges, including the CSE, OTCQB, and Frankfurt StockExchange.
For further information contact:
Ross Orr
President & CEO
BacTech Environmental Corporation
416-813-0303 ext. 222,
borr@bactechgreen.com
Website: www.bactechgreen.com
Investor Presentation: www.bactechgreen.com/investors
Vimeo http://vimeo.com/bactechgreen
Disclaimer: Stated goals of raising US$20 million tofinance planned construction of the project in no way guaranteesprocess approval.
Special Note RegardingForward-Looking Statements
This news release contains “forward-lookinginformation”, which may include, but is not limited to, statementswith respect to future tailings sites, sampling or otherinvestigations of tailing sites, the Company’s ability to make useof infrastructure around tailings sites or operating performance ofthe Company and its projects. Often, but not always, forward-lookingstatements can be identified using words such as “plans”,“expects”, “is expected”, “budget”, “scheduled”,“estimates”, “forecasts”, “intends”, “anticipates”, orbelieves” or variations (including negative variations) of suchwords and phrases, or state that certain actions, events or results“may”, “could”, “would”, “might” or “will” betaken, occur or be achieved. Forward-looking statements involve knownand unknown risks, uncertainties and other factors which may cause theactual results, performance, or achievements of the Company to bematerially different from any future results, performance orachievements expressed or implied by the forward-looking statements.Forward-looking statements contained herein are made as of the date ofthis news release and the Company disclaims, other than as required bylaw, any obligation to update any forward-looking statements whetherbecause of new information, results, future events, circumstances, orif management’s estimates or opinions should change, or otherwise.There can be no assurance that forward-looking statements will proveto be accurate, as actual results and future events could differmaterially from those anticipated in such statements. Accordingly, thereader is cautioned not to place undue reliance on forward-lookingstatements.
The Canadian Securities Exchange (CSE) has not reviewedand does not accept responsibility for the adequacy or the accuracy ofthe contents of this release.
This press release does not constitute an offer to sellor a solicitation of an offer to buy any of the shares, nor is it asolicitation of interest from a prospective investor.
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