(TheNewswire)
TORONTO, ON, - TheNewswire- November 21, 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 updated progress report on its Tenguel – Ponce Enriquezbioleaching plant and project (the “Project”).
Detailed Engineering
COO David Tingey, based in Guayaquil, continues workingclosely with EPCM to finalize the Detailed Engineering report.Completion estimated for December 2022.
Detailed Engineering Processing Plant Updates:
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Company and EPCM actively engaged in pre-developmentactivities at the Project, with overall DetailedEngineering progress standing at 86% as at October 31, 2022.
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Technical team and Coffey Tetra Tech UK are completingthe final design and data review for the key BACOX area and associatedfacilities.
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Civil and structural discipline is nearing completion for the entire project with preliminaryconsultations being held with local civil contractors andmanufacturers.
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Architectural designs and construction drawings for thebuildings and facilities of the project completed and submitted forthe Municipal in relation to the construction permitting process.Local authorities have responded, issuing comments and revisions thatare now being addressed and completed to meet Municipalityrequirements.
Detailed Engineering 69kV 1.4 km Powerline andAssociated Sub-Station Updates:
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Company, Direct Project and CNEL are actively engagedin pre-development activities at the Project, with overall DetailedEngineering progress standing at 90% as of October 31, 2022.
Procurement
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Procurement standing at 62% as of October 31, 2022.
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Critical equipment suppliers have been identified forBall Mill, CCD Thickener, Filter Presses, Agitators, ElectricalTransformers, etc. have been identified. LOIs to follow.
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Tank mechanical design has been optimized. Uponapproval of the design of tanks and reactors, specifications andRFQ’s will be issued.
Environmental Assessment, Permittingand Communities
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Company has received official Technical ESIA(Environmental and Social Impact Assessment) approval from theMinistry of Environment, Water, and Ecological Transition.
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Company is in discussions with government officials fordirection to pursue the final community “environmentalconsultation” phase in order to secure its Environmental License.
“Detailed Engineering and Procurement progressremains steady, and the project interactions between BacTech, EPCM,Coffey Tetra Tech, National Government and the Municipality have beenpositive. Procurement will now begin to command greater attention inan effort to lock down key supplier relationships and equipmentpricing,” said David Tingey, COO of BacTech Environmental. “Ofcourse, project financing remains the ultimate priority, but a stronginterdependence exists between locking down assets, regulatoryrequirements, permitting and detailedengineering to consolidate dependable project financing. As previouslycommunicated, we already have LOIs secured for gold concentrate feedsof approximately 58 tonnes per day at a minimum 50 grams per tonne toensure a steady stream of quality material will continuously feed thisoperation.”
The Company also reports that ongoing discussionscontinue with several groups with respect to Project Financing.Details will be released to the market concurrent with a signedagreement.
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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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 these projects and ensure that they meet theCompany’s high expectations not only for environmental standards,but also for the highest standards in all ESG considerations.
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 OTCQB 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:173,358,891
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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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