BacTech Mining Corporation (“BacTech” or the “Company”) (TSX VENTURE: BM) today announced its plans with respect to the Godbout uranium properties in Quebec. The two properties are the subject of a Joint Venture agreement with Quinto Mining Corporation (TSX VENTURE: QU) of Vancouver, B.C., that will see BacTech earn a 50% interest through the expenditure of $300,000 in the first 12 months of the agreement.
The Godbout “A” property, located 15 km north of the port of Godbout, Quebec, totals 132 claims consisting of numerous pegmatite dykes, one of which was worked in 1969. Geologist Etienne Forbes of the consulting firm Exploration Esbec of Sept Isles, Quebec, will oversee the program. A prospector, Mr. Phil Boudrias, was responsible for drilling the initial discovery hole in 1969. The hole returned values of 1.08 pounds of U3O8 over a 10 ft interval. The hole was only drilled to a depth of 65 ft at that time due to technical difficulties with the drill. The previous results are based on historical work that has not been verified as yet.
BacTech intends to move a drill rig on to the Godbout “A” property within the next few weeks to initiate an exploration program. The program will see BacTech drill at least 10 holes, the first of which will twin the existing discovery hole. The holes will be drilled to approximately 150 to 300 ft. It is expected that the initial program will cost up to $150,000. Further work will be undertaken in the late spring on the Godbout “B” property to complete the Company’s $300,000 commitment. The “B” property totals 19 claims and is located approximately 10 km east of Baie Comeau, Quebec. Based on the results of the initial program, BacTech will decide whether it will pursue further expenditures of $1M to acquire an additional 25% of the project.
Etienne Forbes, P.Geo., is the qualified person responsible for the drilling program.
The Company also announced the granting of options to purchase 350,000 common shares of the Company to two new Directors of BacTech. The options are exercisable at $0.20 cents for a period of 5 years. The total number of outstanding options under the Company’s plan is 3,685,000, or approximately 7.08% of the outstanding shares.
BacTech has developed and patented bacterial oxidation technology for the treatment of refractory ores and concentrates to enhance the recovery of gold, silver and base metals. BacTech has successfully commissioned three bioleach plants for gold and demonstrated its technology in the selective recovery of base metals from complex sulphide concentrates in a joint project with Industrias Penoles de C.V. of Mexico that was completed in 2001. The Company’s focus is the acquisition of equity positions in projects amenable to bioleaching. Recently, the Company expanded its focus through the establishment of a uranium Joint Venture with Quinto Mining Corporation in Quebec.
Shares outstanding 52,006,134
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