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Message: BioteQ Terminates Management Contract in Mexico
| March 5, 2009 |
| BioteQ Terminates Management Contract in Mexico |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2009) - BioteQ Environmental Technologies Inc. (TSX:BQE), a leader in the treatment of metal and sulphate contaminated water, announced today that it has terminated contract services at the Lluvia de Oro - Jojoba gold mining project in Sonora, Mexico, owned by NWM Mining Corporation. As previously announced, BioteQ signed a management contract with NWM, commencing October 1, 2008, to provide process and operations services at the mine site in return for fees based on the quantity of metals recovered. Production quantities have not met expectations because mining remains inactive. BioteQ provided notice to NWM according to the terms of the contract. BioteQ has terminated all of its employee contracts at the site and has provided the current reagent inventory to NWM on a buy-back basis until March 31, 2009. This decision enables BioteQ to preserve capital. Ongoing financial and operational obligations associated with the mine site have been assumed by NWM. The Lluvia de Oro mine has provided BioteQ the opportunity to demonstrate SART technology, combined with BioteQ's sulphide technology, as an enabling technology for low grade gold-copper ores, providing a sustainable alternative for copper removal from wastewater and recycle of the gold leaching reagent. BioteQ's treatment plant has successfully removed high-grade copper concentrate from the gold solution, which allows gold recovery, removes the deleterious impact of soluble copper at the site and concurrently regenerates valuable leaching reagents for gold extraction. BioteQ has sold all copper produced from the new plant to Trafigura, an international metals trader, at commercially competitive rates. The gold heap leach plant and BioteQ's SART plant have successfully shown that low grade copper-gold deposits can be developed using the combined technology. The gold heap leach and gold recovery plant are operating. The SART plant is in standby mode, pending future copper production from heap leach activities, having successfully removed copper from the leach solutions. NWM is seeking additional financing in order to expand mining operations and increase gold and copper production to previously announced levels. BioteQ maintains ownership of the SART plant, and a first charge on the Lluvia de Oro - Jojoba project assets to secure its investment, including loan to NWM, and is currently exploring alternatives with third parties to recover its investment at the site. BioteQ Corporate Profile BioteQ is an industrial water treatment company that applies innovative technologies to solve complex water problems, reducing environmental liabilities while generating revenue from wastewater. The Company's commercially proven technologies treat industrial wastewater contaminated with dissolved heavy metals and sulphate, producing saleable by-products and clean water that can be discharged safely to the environment. BioteQ has built 8 plants at sites in Canada, the US, China, Australia and Mexico, with additional projects in design and construction. BioteQ is headquartered in Vancouver, Canada, and trades on the TSX under the symbol BQE. For additional information, please go to www.bioteq.ca. On behalf of the Board of Directors Brad Marchant |
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