The Betts Cove property hosts one of the province’s oldest past- producing copper mines. Late in the last century, about 130,682 tons of ore grading 10% copper were recovered from the property.
Earlier this year, Bitech acquired 100% control of Betts Cove Minerals, a private company, for 1.5 million shares of Bitech. Betts Cove owns mineral leases covering an area of some 2,140 acres, including the old mine, situated two miles southwest of Bitech’s Nugget Pond gold deposit.
The Betts Cove exploration program will consist of line cutting, geophysics, soil geochemistry, geological mapping, trenching and sampling in preparation for diamond drilling.
Bitech has agreed to subscribe for $75,000 worth of preferred shares of Betts Cove Minerals to provide working capital. The shares will eventually be convertible into common shares.
Bitech is also subscribing for flow-through shares totalling $350,000. The conversion price for those shares will be 115% of the average 20-day trading price from the date on which public trading of the common shares begins .
The shares of Bitech Corp. have traded recently at around 71 cents on the Alberta Stock Exchange, down from an earlier high of $2.25 reached in February.
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