BacTech Announces Newalta's Participation in the Snow Lake Bioleach Study
TORONTO, CANADA -- (Marketwire) -- 12/15/11 -- BacTech Environmental Corporation ('BacTech') (CNSX: BAC)(WKN: A1H4TY) today announced that it has entered into an agreement with Newalta Corporation ('Newalta') (TSX: NAL), pursuant to which Newalta has agreed to contribute to the Preliminary Economic Assessment ('PEA') for the previously announced project to remediate an arsenopyrite gold stockpile in Snow Lake, Manitoba.
'We are pleased to work with Newalta on this project and look forward to the opportunities from combining our proven technology with Newalta's engineering expertise and operating capabilities,' said Ross Orr, President and CEO of BacTech.
Newalta has agreed to contribute up to $300,000 as well as provide engineering resources and co-manage detailed engineering for the PEA and subsequent feasibility study. If the Snow Lake project proves economically feasible, the companies have agreed to engage in good faith negotiations for a 90-day exclusivity period concerning Newalta's participation in the development, construction and operation of the project.
BacTech is also pleased to announce that the contract to conduct the PEA has been awarded to Micon International. The PEA is being done at this time to quantify the value of the Project, within +/- 30%. The completion of a positive PEA will lead to the start of the feasibility study that will be undertaken in early 2012 in conjunction with the completion of the bioleach testing currently underway. It is anticipated that the PEA work will begin shortly and will be completed in six to eight weeks.
About Newalta
Newalta provides cost-effective solutions to industrial customers to improve their environmental performance with a focus on recycling and recovery of products from industrial residues. These services are provided both through our network of 85 facilities across Canada and at our customers' facilities where we mobilize our equipment and people to process material directly onsite. Our customers operate in a broad range of industries including the oil and gas, petrochemical, refining, lead, manufacturing and mining industries. The company has delivered strong, profitable growth for over 15 years and has established a leadership position in the industry with talented people, efficient and safe operations, innovative approaches and high ethical standards. Newalta trades on the TSX as NAL. For more information, visit www.newalta.com.
BacTech profile
BacTech Environmental holds the exclusive, royalty-free rights to use the patented BACOX bioleaching technology for the reclamation of tailings and mining waste materials. On April 25, BacTech was awarded a contract by the Mines Branch of the Manitoba Department of Innovation, Energy and Mines, to remediate an arsenopyrite gold stockpile situated at the Snow Lake Mine in Snow Lake, Manitoba.
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Contacts:
BacTech Environmental Corporation
Ross Orr
President & CEO
416-813-0303 ext 222
info@bactechgreen.com
