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BacTech Environmental Signs MOU to Finance Telamayu Tailings Plant
Toronto, Canada / TheNewswire / June 27, 2018 - BacTech Environmental Corporation ("BacTech or the Company"), (CSE:BAC, OTC:BCCEF) has signed a Memorandum of Un
About this update from Bactech Environmental Corp.
[{"type":"text","content":"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...