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MEI Online: Commodities: Metallic Ores: Gold: Latest News: December 18th 2003

 
 

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:: BacTech Signs MOU For China Gold Projects  

BacTech Mining Corporation (“BacTech”) has announced that it has signed a Memorandum of Understanding (“MOU”) to participate in a joint venture in China through an equity investment in Australian listed Michelago Limited and certain related transactions. BacTech, and its technology partner Mintek of South Africa, have agreed to participate in a newly formed joint venture company with Michelago and Shandong Tarzan Biogold Co., Ltd. (“Biogold”).

Biogold holds the rights to market the BacTech/Mintek bioleaching technology in China, Mongolia, Siberia and Korea and has been utilizing the technology at the gold bioleaching facility at Laizhou, Shandong owned and operated by Biogold. The bioleach plant has been operating since 2000 and has treated concentrates sourced from various mines in China. The plant has been producing approximately 50,000 ounces on an annual basis and has the capacity to increase production in the future.

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