BacTech Mining Corporation
TSX VENTURE : BM

BacTech Mining Corporation

April 22, 2009 13:27 ET

BacTech Announces Private Placement

TORONTO, CANADA--(Marketwire - April 22, 2009) - BacTech Mining Corporation ("BacTech" or the "Company") (TSX VENTURE:BM) today announced that it has received commitments for $200,000 for a private placement of common share units at a price of $0.05 per unit. A unit consists of one common share and one common share purchase warrant with a two-year exercise period. Each warrant entitles the holder to acquire one common share at a price of $0.07 per share during the first year of the two year exercise period, and at a price of $0.10 per share during the second year. The units will be sold on a non-brokered basis.

The $200,000 raising is in addition to the $750,000 financing which closed on April 14, 2009. The proceeds will be used to begin the environmental assessment study near Cobalt, Ontario, for the Castle Mine tailings project, and for general working capital. Pinetree Capital subscribed for $100,000 of the financing.

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.

Shares outstanding 79,857,206

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
    or
    Investor Relations:
    Pierre Anglos
    1-800-436-2027
    capitalgainsco@shaw.ca