Tickers: XCNQ:BAC, PINX:BCCEF, XOTC:BCCEF
Tags: Mining
Toronto, Canada / TheNewswire / June 27, 2018 - BacTech Environmental Corporation ("BacTech or the Company"), (CSE:BAC, OTC:BCCEF) has signed a Memorandum of Understanding ("MOU") with respect to financing its Bolivian tailings project.
The MOU was signed with CACS International Investment Co. Ltd.("CACSI"). CACSI is a leading company in the field of engineering, procurement and construction ("EPC") for the mining industry, power generation, renewable energy, infrastructure construction, energy transmission and environmental projects in China and abroad.
BacTech will grant CACSI the sole mandate to exclusively design, manufacture and install a mineral processing plant for the reprocessing the Antiguo tailings located at Atocha, Bolivia. In addition, CACSI will assist BacTech to arrange project financing from a Chinese financial institution for 85% of the cost of the project. The term of the MOU is 12 months.
BacTech has provided CACSI with the completed NI 43-101 resource report (Sedar+ Website) and will deliver the results of the metallurgical test work underway at Met-Solve in Vancouver when completed. The metallurgical report is expected to be completed by the end of August. The 2 reports will form the basis of a feasibility study to be submitted by CACSI to the financial institutions. BacTech will be responsible for arranging 15% of the capital for the project. Closing of the financing, should BacTech deliver acceptable results, would be in December of this year.
"This is a big step forward for BacTech and our project. Over the past 20 years a strong relationship has been established between Bolivia and China with China banking many of the infrastructure and mining projects over that time. This is just another example of the goodwill between the 2 countries," said Ross Orr, President and CEO of Bac Tech.
Project Overview
The Telamayu project involves the environmental remediation of the "Antiguo" tailings and a Company option on the larger "Nuevo" tailings, both situated at the Telamayu mill site near the town of Atocha in the Department of Potosi in Bolivia. As part of the remediation process BacTech will recover silver, tin, and copper utilizing a conventional processing technology.
The existing Telamayu mill concentrator has generated the Antiguo and Nuevo tailings by processing mineralized material from the surrounding mines for over 80 years. There is considerable infrastructure at the mill site including high voltage power, rail, mill housing, and a local workforce. The current infrastructure will contribute to a reduction in capital costs of the project. Currently metallurgical test work is underway to determine the percentage of metal to be recoverable.
For further information contact: Ross Orr, President & CEO?BacTech Environmental Corporation/ 416-813-0303 ext. 222?Email: borr@bactechgreen.com
Lalli Marrato, Investor Relations: 647-669-7646, Email: lalli@frontiermcg.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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