BacTech Mining Corporation
TSX VENTURE : BM

BacTech Mining Corporation

August 24, 2009 09:24 ET

BacTech Provides Funding and Project Update

TORONTO, CANADA--(Marketwire - Aug. 24, 2009) - BacTech Mining Corporation ("BacTech" or the "Company") (TSX VENTURE:BM) hosted a site tour of legacy silver mine sites in the Town of Cobalt and the Coleman Township region of northeastern Ontario on August 13. The Company met with local stakeholders, the township administration, local politicians, mining and environmental regulators, as well as potential Federal and Provincial program funding organizations, to explain its strategy for reclamation of old mine tailings using its proprietary bioleaching technology.

This meeting was the second stage of the Company's Feasibility Study and Closure Plan, which is scheduled for completion by June 2010.

The Company is currently building a consortium of investors, mining experts, environmental consultants, academics and technical advisors, together with government stakeholders, to undertake base and precious metal recovery from mine tailings in the Cobalt Camp. BacTech's "BACOX" process also renders contaminant minerals such as arsenic into stable compounds. The project will demonstrate bioleaching on a commercial scale in Canada and a long overdue solution to acid mine drainage pollution of soil and watersheds. BacTech has successfully deployed bioleaching in several other nations to recover gold.

BACTECH PROFILE

BacTech owns patented bacterial oxidation technology for the treatment of refractory ores and concentrates to enhance the recovery of gold, silver and base metals. The Company's focus is the acquisition of equity positions in projects amenable to bioleaching. In June 2008, the Company signed an agreement to acquire Yamana Gold Inc.'s 33% interest in two refractory gold deposits in Papua New Guinea. In September 2008, BacTech signed an MOU to investigate the use of bioleaching to reprocess arsenic-laden tailings in Cobalt, Ontario. This is the Company's first foray into the cleantech industry. BacTech is continuing to evaluate additional remediation projects.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur.

Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors described in the section entitled "Risks" in the Company's Management Discussion and Analysis for the Year Ended December 31, 2008. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.

Shares outstanding 83,857,206

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • BacTech Mining Corporation
    Ross Orr
    President & CEO
    416-813-0303 ext 222