BacTech's Partner Caldera Completes Gold Sampling Program in Armenia
posted on Dec 08, 2009 02:55PM
Responsible Mining through Green Technology
|December 8, 2009|
|BacTech's Partner Caldera Completes Gold Sampling Program in Armenia|
|TORONTO, CANADA--(Marketwire - Dec. 8, 2009) - BacTech Mining Corporation ("BacTech" or the "Company") (TSX VENTURE:BM) today announced that its strategic partner, Caldera Resources Inc. ("Caldera") (TSX VENTURE:CDR), has completed its sampling program at the Lichkvaz-Tey gold project in Armenia.
As mentioned in the November 17, 2009 news release, the Lichkvaz-Tey gold property has a Soviet-era GKZ mineral resource, categorized as C1 and C2, of 2.781 million tonnes grading on average 6.18 g/t Au, 34.2 g/t Ag and 0.41% Cu. This translates to approximately 553,895 oz of gold, 3 million oz of silver and 25 million pounds of copper.
Under the supervision of Mr. Ricardo Valls, M.Sc., P.Geo, independent geologist for Caldera, approximately 400 kg of samples were collected and have been packed for shipment from Yerevan, Armenia, to SGS Lakefield, Canada. Approximately 340 kg of these samples will arrive in Canada within the next 45 days.
The balance of the samples, approximately 60 kg, was brought directly to Canada by Mr. Valls, P.Geo., and will be delivered to SGS Lakefield this week. These initial samples will be processed and the concentrates will be received by BacTech to begin bioleach amenability test work.
Mr. Ross Orr, President and CEO of BacTech stated, "Caldera has moved very quickly to obtain material for us to work on considering the approvals were only received last month. The initial 60 kg sample that is coming directly back to Canada will allow us to get a good jumpstart on the test work."
"We are one step closer to our goal of acquiring the Lichkvaz-Tey polymetallic gold project. The cooperation of the staff at the Ministry of Energy and Mines and the support of the local workforce, made the process almost effortless. We thank the Ministry of Energy and Mines and especially thank Mr. Valls, our independent geologist, for his excellent work," said Bill Mavridis, President of Caldera.
About the Lichkvaz-Tey gold project
The Company is seeking to acquire and develop 40% of the Lichkvaz-Tey gold property, located in the Republic of Armenia. The project is currently owned by the Armenian government. Certain exploration results referred to herein are historical in nature and were compiled before NI 43-101. Caldera has not independently analyzed the results of the previous exploration, therefore the historical results should not be relied upon. Caldera and BacTech believe these historical results provide an indication of the potential of the properties and are relevant to ongoing evaluation of the project.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors described in the section entitled "Risks" in the Company's Management Discussion and Analysis for the Year Ended December 31, 2008. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.
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