A $125,000 working capital loan has been arranged by Bitech Energy Resources. The loan was provided by D.C.C. Equities. Exploration funding for the year will come from two placements of flow-through shares totalling $650,000.
On the Tache property in Quebec, Bitech has the right to earn a 50% interest from Greenstone Resources by spending $1.5 million on exploration. Probable and possible reserves total 967,000 tons grading 4.12% zinc and 0.069 oz gold per ton. A large part of the reserves are amenable to open pit mining, Bitech says. Exploration work will focus on increasing reserves. Also a feasibility study will be considered.
In Newfoundland, Bitech has acquired a 64-claim property near Betts Cove. The claims are adjacent to the old Betts Cove mine. An exploration effort will include geophysical surveying, geological mapping and drilling.
Be the first to comment on "Bitech funded for exploration work"