 | BacTech announced on November 16, 2009, that it will now not be acquiring an equity interest in the Fergusson Island Gold Project ("Project") in Papua New Guinea. As part of a restructured agreement with the current owners, Yamana Gold Inc. and Gold Anomaly Limited (formerly Gold Aura Limited), Gold Anomaly will purchase Yamana's 33% interest, resulting in owning 100% of the project. BacTech will be providing bioleach support to Gold Anomaly as part of the bankable feasibility study of the Project.
For additional information on the Project, please refer to BacTech news releases dated May 12, 2009, April 15, 2009, January 21, 2009, November 19, 2008, July 23, 2008 and June 18, 2008.
Ross Orr, President & CEO said, "Given our focus on the Cobalt tailings project and recent entry into Armenia for gold, we feel this restructuring of the transaction for the Project enables us to better focus our limited resources. Although we will no longer have an interest in the Project, we believe BacTech can still be a major contributor to the understanding of this refractory gold project."
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