April 21st, 2017
BacTech turns to Crowdfunding for Bolivian Acid Rock Drainage Remediation Project
BacTech Press Release | Nov 12, 2013
Toronto, Canada, November 12, 2013 -- BacTech Environmental Corporation ("BacTech", CNSX: BAC, OTC: BCCEF, WKN: A1H4TY) announced today that it is launching a Crowdfunding campaign to raise capital for testwork for the Telamayu tailings remediation project in Bolivia. The acid rock drainage (ARD) runoff from the abandoned Telamayu tailings has been impacting the drinking water in downstream communities for many decades.
Should the test work prove positive, BacTech proposes to remediate the Telamayu tailings at no cost to the community or government by deploying its proprietary bioleaching technology. This unique approach is possible due to bioleaching's ability to recover leftover valuable metals during the remediation process.
BacTech is hoping to harness the power of Crowdfunding to raise $30,000 (CDN) to conduct all the necessary flotation and bioleach test work to determine if the project is viable. If bioleaching can be proven as an effective solution, BacTech believes the necessary funding can be arranged to build a bioleach plant to process the material. BacTech will reach out to ethical, socially responsible, cleantech and impact investment sources to finance a full-scale remediation project.
BacTech has the full support of the Municipality of Atocha, surrounding communities and the government of Bolivia to remediate the Telamayu tailings using its bioleaching technology.
BacTech's Crowdfunding campaign page can be viewed at bit.ly/BugsEatRocks
Telamayu is a former mill near the town of Atocha, Bolivia that processed ore from several local mines. The tailings at Telamayu contain over 5 million tonnes of tailings dating back 100 years. Preliminary assays conducted by BacTech showed very high levels of silver and copper as well as arsenic. The incidence of acid rock drainage is very high as a result of the tailings containing very high levels of sulphide minerals.
It is under these circumstances that the government of Bolivia approached BacTech in 2012 regarding the massive environmental problems facing communities all over the country. Remediation of the Telamayu tailings is the first step in permanently solving these problems.
Ross Orr, President and CEO of BacTech, stated, "In these challenging financial times companies are forced to be creative in their quest for capital. This situation is unique in that the problem is real, there is a human impact and the metal content is very high. We have an opportunity to raise capital for positive environmental projects in an innovative way."
Orr concluded, "A non-traditional approach such as our Crowdfunding campaign is especially necessary and relevant in a place like Bolivia, a difficult country for raising conventional capital. I hope people join us and assist in this first step of cleaning up a toxic problem which impacts the drinking water for the people of Atocha and communities all over Bolivia."
This innovative global campaign will be hosted by the Catalyst Crowdfunding platform. Catalyst is a collaboration between the Toronto-based Centre for Social Innovation and HiveWire and projects listed on Catalyst must aim to have a positive social or environmental impact.
BacTech is a pioneering, Canadian environmental technology company created in 2010 following completion of a Plan of Arrangement originated by BacTech Mining Corporation (now called REBgold). REBgold was originally responsible for the development and commercialization of the patented BACOX bioleaching technology. BacTech Environmental has been granted a perpetual, exclusive license by REBgold to use the BACOX technology for the remediation and reclamation of highly toxic tailings and waste rock resulting from abandoned mining operations.
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Source: Press release here