BacTech Signs A Second MOU For China Mining Projects.Business Editors TORONTO--(BUSINESS WIRE)--Jan. 23, 2004 New Mine Developments and Joint Venture BacTech Mining Corporation ("BacTech") announced today that it has signed a second Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. ("MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ") to participate in a Joint Venture Company ("JVCO") in China. BacTech has agreed to take part in a newly formed JVCO with Shandong Tarzan Gold (Group) Co., Ltd. ("STG stg abbr (= sterling) → ester "), a state enterprise organized under the laws of the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. The MOU sets out the terms and conditions whereby BacTech and STG will explore, develop and operate gold mining projects in China. JVCO will be owned equally by the two parties. It is also contemplated that the mining output, in the form of concentrate or otherwise, would be on-sold for processing to the previously announced joint venture between BacTech, Shandong Tarzan Biogold Co., Ltd and Michelago Limited. Under the terms of the JVCO, STG will identify at least 3 mineral deposits of merit, subject to review and acceptance by BacTech, to allow a preliminary assessment of the property potential for mining. BacTech will have 90 days to determine their participation in each new project presented to JVCO. If a project is accepted by BacTech, an independent valuation shall determine the value of the contribution to JVCO and BacTech will match such value to earn at least 50% ownership. The equity contribution by BacTech will include initial project expenditures such as technical and environmental studies, additional drilling, expansion capital or development capital. The initial term of the JVCO is 50 years. BacTech is currently reviewing the first project proposed by STG, the Guizhou Zhenfeng Beixie Gold Mine in Zhenfeng County, Guizhou Province. The initial review is being conducted by an independent Canadian geological consultant. CORPORATE PROFILE On August 5, 2003, BacTech announced the closing of its acquisition of a 55% interest in the Tonkin Springs Gold Mine located in north-central Nevada on the prolific Cortez Trend. On November 12, 2003 BacTech announced its second acquisition, the optioning of 100% of the MacKinnon Creek gold project in southeast British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography . On December 17, 2003 BacTech entered into a series of agreements that will see the Company participating in the Chinese gold industry through equity and project participation. BacTech has developed and patented bioleach technology for the treatment of refractory refractory Material that is not deformed or damaged by high temperatures, used to make crucibles, incinerators, insulation, and furnaces, particularly metallurgical furnaces. ores and concentrates to enhance the recovery of gold, silver and base metals. BacTech has commissioned three commercial bioleach plants for the recovery of gold and more recently has successfully demonstrated its technology in the selective recovery of precious and base metals from complex sulphide concentrates. Bioleaching is a commercially accepted and environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] alternative to conventional smelting smelting, in metallurgy, any process of melting or fusion, especially to extract a metal from its ore. Smelting processes vary in detail depending on the nature of the ore and the metal involved, but they are typified in the use of the blast furnace. operations and provides BacTech with a distinct market advantage in the acquisition and operation of mineral properties. BacTech's business is to own and operate mining projects independently or in joint venture. Shares Outstanding 34,347,625 The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept any responsibility for the adequacy or accuracy of this release. |
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