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BacTech Environmental Signs Letters of Intent to Supply Gold Concentrates to Tenguel Bioleaching Operation
LOI’s propose 58 tpd of minimum 50 gpt concentrates to be supplied TORONTO, ON – TheNewswire - July 13, 2022 – BacTech Environmental Corporation (CSE:BAC), (OTC
About this update from Bactech Environmental Corp.
[{"type":"text","content":"LOI’s propose 58 tpd of minimum 50 gpt concentrates to be supplied TORONTO, ON – TheNewswire - July 13, 2022 – BacTech Environmental Corporation (CSE:BAC), (OTC:BCCEF), (FSE:0BT1) (“BacTech” or the “Company”), a commercially proven, environmental technology company delivering eco-friendly bioleaching and remediation solutions for precious metal and critical mineral recovery, is pleased to announce that it has signed letters of intent (“LOIs”) with several government-licensed gold mining cooperatives for initial orders to deliver up to 58 tonnes per day of arsenopyrite gold concentrates at a cutoff grade of 50 grams per tonne. The Company will negotiate final commercial terms and execute definitive supply agreements prior to commissioning of the Tenguel bioleaching plant. The agreements cover production from 3 mines/processors and were signed on July 5th and 12th. Strategically situated to meet the processing needs of 90+ area government-licensed gold mining producers and companies, the project will be a regional hub for BacTech’s proposed bioleaching processing plant for gold and silver recovery. Ecuador’s Ministry of Energy and Non-Renewable Resources has already issued a permit for plant construction, while preliminary Detailed Engineering plans project an initial 20-acre plant footprint that allows for future expansion opportunities without disruption to existing production. “We’re taking proactive steps wherever we can to help solidify our plans and ensure that a steady stream of quality material will continuously feed this operation. With that said, we will not purchase any concentrates that have been pre-treated with cyanide or mercury,” said Ross Orr, President and CEO of BacTech Environmental. “We intend to capture the majority of the local small miner market by delivering environmentally friendly processing that supports fair business practices. We’re excited to showcase the sustainable benefits of bioleaching on a global stage that ultimately brings ethically sourced gold to market.” The Ponce Enriquez mining area is characterized by very high grades of refractory arsenopyrite-rich material. BacTech will continue to selectively negotiate for the purchase of additional high gold/arsenic concentrates. The intent is to return local miner compensation back to previous payment levels prior to severe price...