(TheNewswire)
TORONTO, ON – TheNewswire- August 15, 2022 – BacTech EnvironmentalCorporation (CSE:BAC ) , ( OTC:BCCEF ) , ( FSE:0BT1)(“ BacTech ” or the “ Company ”), a commercially proven environmental technology company deliveringeco-friendly bioleaching and remediation solutions for precious metaland critical mineral recovery , is pleased toprovide an environmental permitting progress report on its Tenguel,Ecuador bioleaching plant project.
David Tingey, BacTech’s COO based in Guayaquil,reports that the technical observations made in the Company’s ESIA(Environmental and Social Impact Assessment) have been reviewed by thetechnical regulator and subsequent observations updated by BacTech.The Company's documentation has been uploaded to the Ministry of theEnvironment's electronic platform to obtain the official studyapproval. This ambitious but realistic timeline has been achievedthrough close collaboration with the Ministry of Environment, Waterand Ecological Transition technical team throughout the process, inaddition to the various teams of Ecuadorian consultants and thedetailed design engineering company, who have cooperated closely todevelop the EISA.
Currently, the Company is working to socialize theresults of the ESIA with the communities in the area of influence andsubsequently carry out the final community socialization phase in order to secure its Environmental License and associated permit approvals for theconstruction of the processing facilities and future bioleachingoperations.
“In keeping with our corporate commitments towardcommunities and sustainability, we’ve worked hard to understand andconsider all regional dynamics while building strong and lastingrelationships with the people of Tenguel and surroundingcommunities,” said Ross Orr,
President and CEO of BacTech Environmental. “Securing theMinistry’s alignment with our proposed ESIA enables us to moveforward with great confidence and work in lockstep to formallysocialize the scope and impact of our project plans. Securing ourEnvironmental License is a key component to moving plant constructionforward, and we’re pleased to share our progress.”
Beginning with a clear permitting schedule and relevantmilestones involving field studies, design evaluations and detaileddata gathering on local impacts, BacTech’s ESIA is comprised oflocal baseline studies where it has been documented to address thephysical (abiotic), biotic, social, economic, and culturalconsiderations to help strategic planning and project implementation.The ESIA contains an Environmental Management Plan (EMP), alongsections relating to the corporate Health, Safety and EnvironmentProgram (HSE) and an Emergency Response Plan (ERP). Guided by thisassessment, the Company plans to develop social, environmental, healthand safety procedures that not only satisfy all local regulations, butalso incorporate international best practices.
“To date, the guidance and support that theEcuadorian Government has shown for our Tenguel project has beengreatly appreciated. We’ve seen this demonstrated with ourInvestment Protection Agreement, and throughout the course of ourbusiness discussions about green resource development. I can’t sayenough about the help we have received to date,” Orr added.
Strategically situated to meet the processing needs of90+ area government-licensed gold mining
producers and processors, the project will be a regional hub forBacTech’s proposed bioleaching
processing plant for gold and silver recovery.Ecuador’s Ministry of Energy and Non-Renewable
Resources has already issued a permit for plant construction, whileDetailed
Engineering plans project an initial 20-acre plant footprint thatallows for future expansion
opportunities without disruption to existing production.
The Ponce Enriquez mining area is characterized by veryhigh grades of refractory arsenopyrite-rich material. BacTech will continue to selectively negotiate for the purchase of additional high gold/arsenic concentrates. Theintent is to return local miner compensation back to previous paymentlevels prior to severe price declines resulting from Chinesegovernment-directed import taxes placed on inbound arsenic goldconcentrates. Presently, area miners have no choice but to selltheir production at reduced prices to offshore buyers. BacTech intendsto eliminate financial penalties charged for arsenic and consequentlypay better prices for the miners’ material.
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 gold ore (Arsenopyrite). The Company’s plan is tobuild a 50 tpd bioleach plant capable of treating high gold/arsenicmaterial. A 50 tpd plant, processing feed of 1.75 ounces of gold pertonne, similar to feeds available to the Company from local miners,would produce approximately 31,000 ounces per year. Plant designs aremodular and can be expanded without affecting ongoing production. Thetotal concentrate market in the Ponce Enriquez area is estimated to bebetween 200 and 250 tonnes per day, allowing for increased throughputpotential with a larger plant.
Key economic highlights, assuming a base gold price @$1,600 per ounce:
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Pre-tax NPV (Net Present Value with 5% discount rate)of $60.7M
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Pre-tax IRR (Internal Rate of Return) of 57.9%
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Annual Gold Production of 30,900 ounces
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Capital Cost of $17M
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Bioleach Operating Cost of $212 per tonne
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Assumed Purchase Prices of Concentrate – 65% of thecontained gold value
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Pre-tax Earnings Prior to Employee Bonus – $10.9Mannually
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Estimated local employee bonus pool – $1.64M
In total, there are over 90 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.
This press release has been reviewed by Dr. Paul C. Miller Ph.D. Chem.Eng. C.Eng. MIMM., considered to be a qualified expert for reportingpurposes.
About BacTech EnvironmentalCorporation
BacTech is a proven environmental technology company,delivering effective and eco-friendly bioleaching and remediationsolutions to commercial operations to process and recover preferredmetals (gold, silver, cobalt, nickel and copper) smartly and safelyremove and transform harmful contaminants like arsenic into benignEPA-approved products for landfill. Tapping into numerousenvironmental and economic advantages of its proprietary method ofbioleaching, BacTech uses naturally occurring bacteria, harmless toboth humans and the environment, to neutralize toxic mining sites withhigh-pay potential. BacTech is publicly traded on the CSE under thesymbol “BAC”; on the OTC as “BCCEF”; and the Frankfurt StockExchange as “0BT1”.
For further information contact:
President & CEO, BacTech Environmental Corporation
416-813-0303 ext. 222,
Email: borr@bactechgreen.com
Website: https://bactechgreen.com/
Investor Presentation: https://bactechgreen.com/investors/
Vimeo http://vimeo.com/bactechgreen
Special Note Regarding Forward-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.
Shares outstanding:172,025,558
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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