BacTech Mining Corporation

BacTech Mining Corporation

October 16, 2007 11:00 ET

BacTech Provides Update

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2007) - BacTech Mining Corporation ("BacTech" or the "Company")(TSX VENTURE:BM) resumed trading on the TSX Venture Exchange (the "TSX-V") on October 4th after receiving approval from the TSX-V. The stock had been halted on September 4, pending an announcement of the Company's proposed acquisition of Scorpio Gold Corporation ("Scorpio"). Full details are provided in news releases dated September 6 and October 3, 2007.

The following is a summary of recent events involving BacTech and/or Scorpio.

BacTech/Scorpio Merger - The proposed merger between BacTech and Scorpio Gold is proceeding as planned, with a Definitive Agreement to be signed shortly. BacTech will call a meeting of shareholders to vote on the merger which constitutes a change of control of BacTech pursuant to the policies of the TSX-V and, following conditional acceptance of the merger transaction by the TSX-V, will deliver an Information Circular to shareholders pursuant to which shareholders will be asked to vote upon and approve the proposed merger transaction. BacTech has secured expressions of support from over 40% of its shareholders.

Cochrane Hill, Nova Scotia - Scorpio's 60% joint venture partner on this property, Atlantic Gold of Australia, issued a press release on September 14th outlining an increase in grades at Cochrane Hill. Please refer to Atlantic Gold's press release at to view the details of the revised estimates. Atlantic is undertaking a complete re-assessment of the historical core to better understand the deposit, the results of which will determine a meaningful resource estimate and follow-up drill program.

Golden China Resources Corporation - On August 7, 2007, BacTech and Mintek of South Africa signed an agreement with Golden China to sell their back in rights and a gold license to use BacTech's patented BACOX technology in China, and North and South Korea. BacTech/Mintek received 847,000 shares of Golden China as compensation, with a deemed value of $0.59 per share, or $500,000. On August 13, Golden China received a friendly takeover offer from Sino Gold Mining Limited, an Australian based company with extensive holdings in China. The offer contemplates Sino issuing 1 share of their stock for every 4.5 shares of Golden China, which will result in BacTech/Mintek receiving 188,000 shares of Sino. Sino's stock recently has traded in the AUD$7-8 range, resulting in a value of AUD$1.2M to $1.5M. BacTech will own 50% of the shares to be issued by Sino.

2 Boys Uranium Property, Quebec - Last month, the Company optioned a uranium property located approximately 40 km north of Godbout, Quebec, as announced in a news release on September 17. The $5,000 finder's fee will now be paid to Exploration Esbec in cash, and not through the issue of 25,000 common shares of BacTech as previously announced. The property currently consists of 73 map designated claims covering an area of 4,058 hectares; 50 claims are 100% owned by BacTech and 23 claims were optioned from local prospectors.

The Company has received a detailed report for the property that outlines a two-phase work program. Phase 1 will include magnetic and radiometric geophysical surveys and follow up sampling, and will begin shortly. Phase 2 will be contingent on positive results from the initial program.

Recent interview - The link below is an interview with Ross Orr, BacTech President & CEO. It can also be found on the Company's website ( under Investor Relations - Related Info.


BacTech has developed and patented bacterial oxidation technology for the treatment of refractory ores and concentrates to enhance the recovery of gold, silver and base metals. BacTech has successfully commissioned three bioleach plants for gold and demonstrated its technology in the selective recovery of base metals from complex sulphide concentrates in a joint project with Industrias Penoles de C.V. of Mexico that was completed in 2001. The Company's focus is the acquisition of equity positions in projects amenable to bioleaching.

The Company recently agreed to purchase the gold assets of TSX-listed Scorpio Mining Corporation in exchange for common shares of BacTech, which will result in Scorpio Mining becoming the controlling shareholder of BacTech. It is expected, subject to the receipt of BacTech shareholder approval, that the resulting company will be renamed Scorpio Gold Corporation.


Except for statements of historical fact relating to the Corporation, 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, 2006. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.

Shares outstanding 57,457,205

The TSX Venture Exchange has not reviewed and does not accept any responsibility for the adequacy or accuracy of this release

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