That's the idea. The bacteria were to be used at thermal vent sites on the ocean floor, once it had been determined that there was enough gold to do anything with. When I read about this, the gold (if I remember correctly) was not a solid, nor was it anything of immediate value. The bacteria were actually needed not only for recovery, but even more-so for processing of the highly-toxic levels of metals and other natural components.
Since that initial theory, some folks have been trying to figure out how to make the theory into reality. Whoever figures it out will be the rich one, but maybe more for selling the process, as it will likely only become nicely lucrative after the process has been in use and later refined to perfection.