With us today is Frank C. Smeenk President & Chief Executive Officer of KWG Resources Inc. Mr. Smeenk discusses recent conversation with Noront Resources after proposed acquisition of Cliffs Chromite was announced.
Toronto, Canada, November 17, 2009 - BacTech Mining Corporation ("BacTech" or the "Company", TSX.V: BM) today announced that its strategic partner, Caldera Resources Inc. (TSX-V:CDR) has engaged the services of Mr. Ricardo Valls, M.Sc., P.Geo., to supervise and collect surface and underground samples at the Lichkvaz-Tey refractory gold project in Armenia. Mr. Valls is an independent geologist and member of the Ordre du Géologues du Québec and the Association of Professional Geoscientists of Ontario.
All samples collected will be shipped to SGS Lakefield for preparation and analysis. Concentrate samples from SGS will be shipped to BacTech for bioleach analysis at the University of Toronto. Results of the bioleaching study will provide firsthand data, confirming that the refractory ore at the Lichkvaz-Tey gold project is amenable to bioleaching. All sampling is expected to be completed before the end of November 2009. BacTech has the right to back into a 40% ownership stake in the project.
Ross Orr, President and CEO of BacTech stated: "The bioleach testing is the first and most important step towards acquiring the project for the group. We anticipate having results from the bioleach work in 4-6 months from the date we receive the material from SGS Lakefield."
Mr. Valls, P.Geo., has also completed his review of the GKZ (Russian Federation State Commission on Mineral Resources) reports that were received from the Armenian Ministry of Energy and Mines, and has confirmed the following published mineral resources:
Estimated Resources of the Lichkvaz deposit by the GKZ in 1986*
Element Unit C1 Unit Grade C2 Unit GradeP1 Unit Grade P2 Unit Grade
According to the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), "C1" and "C2" classifications are equivalent to "indicated" and "inferred" resources. Resources identified as P1 and P2 in the same report can be considered in the "Inferred" and "Mineralized Zone" categories respectively, as defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) in their document "Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines". (http://www.cim.org/committees/CIMDefStds_Dec11_05.pdf).
Mr. Valls, P.Geo., stated in his report that, taking into consideration the solid geological and structural control on the distribution of the mineralization within the Lichkvaz-Tey project, he agrees with such classification.
The table below, prepared by Mr. Valls, P.Geo., presents the GKZ data by metal and category using CIM classifications.
Summary of Total Metal by Category* November 13th, 2009
Category Au (oz) Ag (oz) Cu (lb) Zn (lb) Pb (lb)
*All numbers are historical and there is no NI 43-101 compliant resource prepared for this project. Data was referenced from Mining-Metallurgical Institute of Armenia in 1986 Protocol GKZ USSR N 10081 dd.28/11/1986.
Mr. Jim Steel, MBA, P. Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.
BacTech owns patented bacterial oxidation technology for the treatment of refractory ores and concentrates to enhance the recovery of gold, silver and base metals. The Company's focus is the acquisition of equity positions in projects amenable to bioleaching. In September 2008, BacTech signed an MOU to investigate the use of bioleaching to reprocess arsenic-laden tailings in Cobalt, Ontario. This is the Company's first foray into the cleantech industry. BacTech is continuing to evaluate additional remediation projects.