BacTech Mining Corporation

BacTech Mining Corporation

November 27, 2008 09:15 ET

BacTech Provides Update on Government Grant Applications

TORONTO, CANADA--(Marketwire - Nov. 27, 2008) - BacTech Mining Corporation ("BacTech" or the "Company") (TSX VENTURE:BM) today announced that its Statement of Interest ("SOI") for a grant from the Federal government's Sustainable Development Technology Canada ("SDTC") fund has been selected to proceed to the Full Proposal Stage, and a detailed proposal will be submitted to SDTC prior to January 21, 2009.

In 2007, the $550M SDTC fund supported late-stage development and pre-commercial demonstration of clean technology solutions: products and processes that contribute to clean air, clean water and clean land, and that address climate change while improving the productivity and the global competitiveness of Canadian industry.

On October 22, 2008, BacTech submitted an application to the SDTC requesting up to $6M to be applied to the feasibility study and construction of a 200,000 tonne per year tailings plant to be built in the Cobalt, Ontario area. At the same time, BacTech also lodged an application with the Ontario government's Innovation Ontario fund in the amount of $4M. Both funds provide funding for the construction of demonstration plants where the technology is at the post-laboratory and pre-commercial stage.

The next stage of the process will provide a more detailed proposal for the project. The SDTC is anticipated to provide funds under this program sometime after July 31, 2009. At this time, the Company has not received any feedback from the Ontario government with respect to that grant application.

Ross Orr, President & CEO stated, "This is a significant development for BacTech. Given the current equity and debt market environment, we are pleased that the government recognizes the contribution bioleaching can provide for cleaning up a problem created many years ago. If we are successful in obtaining both commitments from the governments, we will have 50% of our funding in place for the plant."


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 signed an agreement to acquire Yamana Gold Inc.'s 33% interest in two refractory gold deposits in Papua New Guinea.

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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, 2007. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.

Shares outstanding 60,107,206

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