(TheNewswire)
TORONTO, ON – TheNewswire - August 14, 2023 – BacTech EnvironmentalCorporation (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 announce industry partner MIRARCO MiningInnovation will receive $280,000 in grant money through the MiningInnovation Commercialization Accelerator (MICA) Network, a programfocused on developing initiatives for the commercialization of miningtechnology to increase productivity and sustainability within themining sector.
The funding will be used to help develop and completepilot testing of BacTech’s novel bioleaching process relevant to thetreatment of pyrrhotite to advance the recovery of Nickel and Cobaltbattery metals. Pyrrhotite is a very volatile sulphide mineralcontaining nickel and cobalt values that oxidizes rapidly and produceslarge amounts of Iron and Sulphur components as by-products which aretypically considered as wastes. Pyrrhotite tailings used in testingwill be provided to MIRARCO by industry partner Vale.
Dr. Nadia Mykytczuk, a leader in biomining technology,member of BacTech’s advisory board and President and CEO of MIRARCOMining Innovation, is leading the development and building of abioleach pilot plant to be located in Sudbury, Canada. Working closelywith BacTech’s scientific team, the plant is for the testing ofvarious bioleaching processes like the Company’s proposed approachfor pyrrhotite treatment.
“Focusing on ‘Made in Canada’ scientificsolutions for waste mine management makes sense, and bioleaching iswell positioned to complement modern mining practices and help extractcritical minerals from waste,” said Dr. Nadia Mykytczuk.“Partnerships with industry are important in accelerating thescale-up and commercialization of these types of technologies and theMICA grant will help deliver on these goals.”
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.
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.
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 https://vimeo.com/bactechgreen
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 be materially different from any future results,performance or achievements expressed or implied by theforward-looking statements. Forward-looking statements containedherein are made as of the date of this news release and the Companydisclaims, other than as required by law, any obligation to update anyforward-looking statements whether because of new information,results, future events, circumstances, or if management’s estimatesor opinions should change, or otherwise. There can be no assurancethat forward-looking statements will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, the reader is cautionednot to place undue reliance on forward-looking statements.
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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