BacTech Mining Corporation

BacTech Mining Corporation

September 17, 2007 13:37 ET

BacTech Acquires Additional Uranium Claims

Options "Two Boys" Claims

TORONTO, ONTARIO--(Marketwire - Sept. 17, 2007) - BacTech Mining Corporation ("BacTech" or the "Company")(TSX VENTURE:BM) today announced that it has acquired the "Two Boys" uranium claims located approximately 40 km north of the existing Godbout "A" property held by BacTech and Quinto Mining Corporation. Etienne Forbes of consulting firm Exploration Esbec, acting on BacTech's behalf, visited the property and has confirmed the presence of radioactivity in a series of pegmatite dykes.

The property consists of 64 map designated claims covering an area of 3,558 hectares. It was discovered by prospectors who were following up strong lake bottom sediment uranium anomalies on government maps. The showing is made up of a series of parallel pegmatite dykes in a structure that is 150 m in width and can be followed for hundreds of meters along strike. Radioactivity averages 10 times background within the strike, with readings of 25 to 100 times background in many areas. The geology consists of a granitic gneiss hosting pegmatite dykes. Both form part of a geochemical uranium anomaly that measures 5 km in length and 3 km in width.

Two grab samples taken by the prospectors returned values of 0.81% U3O8 (16.2 lbs/t) and 0.65% U3O8 (13 lbs/t). The samples were assayed by ALS Chemex of North Vancouver, B.C.

A follow up ground survey consisting of line cutting, radiometrics, magnetic and geological surveys will commence shortly. Access to the property is by forestry roads from Baie Comeau, Quebec.

BacTech will pay $40,000 and issue 50,000 common shares at a price of $0.20 to the prospecting group on signing of an option agreement, $80,000 and 50,000 common shares after one year, $80,000 and 50,000 common shares after year two, and $100,000 and a 2% NSR on the third anniversary. BacTech can cancel the agreement at its discretion at any time, and there are no specific work commitments. The issuing of common shares to the prospecting group will be subject to approval by the TSX Venture Exchange ("TSX-V"), and the shares will have a four-month hold from the date of issue.

In connection with the transaction, a finder's fee of 25,000 common shares of BacTech at a price of $0.20 per share will be paid to Exploration Esbec of Sept-Illes, Quebec, subject to approval by the TSX-V, and the shares will have a four-month hold from the date of issue.

The Qualified Person on the project, as defined under National Instrument 43-101, is Etienne Forbes, P.Geo, of Exploration Esbec, Sept-Illes, Quebec. Mr. Forbes is responsible for the preparation of all technical information provided in this press release and has reviewed and approved the contents of this press release.


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 in late November, that the resulting company will be renamed Scorpio Gold Corporation.


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, 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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