Agreement with SAIC and Pintail for Commercial Application of Microbe-assisted Gold Leaching at Buffalo Valley and Further Projects
FAIRMILE GOLDTECH INC.
CDNX: FLA
For Immediate Release
October 2, 2000
Fairmile Agreement with SAIC and Pintail for Commercial Application of Microbe-assisted Gold Leaching at Buffalo Valley and Further Projects
Vancouver, BC: Fairmile GoldTech Inc. (Fairmile, formerly Fairmile Gold Corporation) is pleased to announce that it has signed an agreement allowing participation in the commercial application of a biotechnology process that uses microbes to greatly enhance the recovery of gold and silver in existing heaps. The process also shows promise as a replacement for cyanide in heaps, and may be ultimately utilized with in situ mining. Pintail Systems, Inc. (Pintail), a private Colorado Corporation, developed the environmentally friendly process as an outgrowth of their remediation work on cyanide-bearing heaps. Recent advancements in Pintail's process were funded by Science Applications International Corporation (SAIC), a Fortune 500 company and the largest employee-owned research and engineering company in the United States.
Fairmile will contribute to the program the Buffalo Valley heap and gold mineralization in section 28 of Fairmile's Buffalo Valley project. Initial test work on the heap has been encouraging, and final testing is in progress. Microbial leaching of the Buffalo Valley heap is anticipated to begin in the Spring of 2001, pending continued successful testing and modification of permits. Section 28 contains the Target F and Target C areas of gold mineralization. These areas have been included in this program because they may be suitable to develop as in situ mines. Pintail and SAIC will provide technology and funding for the program, with Fairmile retaining 1/3 of all gold produced after deducting operating and capital expenses. Fairmile's ABO resource is not included in this program, and Fairmile will continue to seek a partner to advance the remainder of the Buffalo Valley project.
The agreement also provides Fairmile with a first-right-of-refusal to participate in other projects that use the technology, subject to certain performance clauses. Pintail will provide technology, SAIC will provide funding and technical support, and Fairmile will provide business development and technical support.
Fairmile/Pintail/SAIC are currently conducting tests on heap material from other mines located in the western United States, with the goal of producing gold via microbial leaching at two heaps in addition to Buffalo Valley during 2001. Companies that would like further information regarding this technology should contact Fairmile's Reno office at (775)-746-5055.
To obtain general information about this technology, visit Pintail's Web Site at www.pintailsystems.com. To obtain general information about Fairmile, visit our Web Site at www.fairmile.com or contact Investor Relations at (604) 257-4254.
On Behalf of the Board of Directors,
“Joseph Anthony Kizis, Jr.”
Joseph Anthony Kizis, Jr., President and CEO
This News Release contains forward-looking statements that are subject to various risks and uncertainties. Such statements contained herein represent management’s best judgment as of this date based on information currently available. Actual results may differ materially from those currently anticipated in these statements.
The Canadian Venture Exchange has neither approved nor disapproved the information contained herein. |
