BacTech Environmental Corporation (“BacTech” or the “Company”) (CSE:BAC, OTC-BCCEF) today announced that it will not proceed with the reclamation of the Telamayu tailings project in Bolivia. After completing metallurgical test work on the project and evaluating the economics of the project it was decided that the project would be too difficult to finance. It was estimated that the project would cost up to $US 9M.
The inability to recover tin into a suitable concentrate severely hampered the economics of the project. Given the fact the value of the tin made up roughly 50% of the value of the contained metal in the tailings financing the project was deemed to be too difficult.
BacTech will continue to pursue arsenopyrite opportunities in Ecuador and other Andean countries that allow for the use of the Company’s proprietary bioleach technology. Bioleaching produces a stable form of arsenic, ferric arsenate, as a by-product of the bioleach process. Since the beginning of 2019 the Company has visited the Ponce Enriquez area of southern Ecuador to meet with small mine producers of arsenopyrite. BacTech hopes to establish a bioleach processing facility that would offer an alternative to the small miners who presently sell concentrates to Asia at reduced prices due to high arsenic levels.
Company Overview
BacTech is investigating the use of its proprietary bioleach processing technology to treat historic arsenic tailings and arsenopyrite concentrates produced in the Ponce Enriquez area of Southern Ecuador.
BacTech has recently agreed to participate with a group looking to reprocess the Arsenic Stockpile in Snow Lake, Manitoba.
For further information contact: Ross Orr, President & CEO, BacTech Environmental Corporation/ 416-813-0303 ext. 222, Cell 416-346-5529 and email: borr@bactechgreen.com
Robin Cook, Investor Relations: 416-809-1738, Email: robin@frontiermcg.com
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Special Note Regarding Forward-Looking Statements
This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to future tailings sites, sampling or other investigations of tailing sites, the Company’s ability to make use of infrastructure around tailings sites or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified using words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether because of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
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