BacTech Mining Corporation

BacTech Mining Corporation

October 24, 2007 09:24 ET

BacTech Arranges Bridge Financing

Provides Two Boys Update

TORONTO, ONTARIO--(Marketwire - Oct. 24, 2007) - BacTech Mining Corporation ("BacTech" or the "Company")(TSX VENTURE:BM) today announced that it has arranged a $250,000 bridge loan for working capital from Gould Leasing Ltd. As collateral for the loan, the Company has pledged 285,000 of the 423,729 common shares it owns in Golden China Resources ("Golden China"). The Golden China shares are subject to a four-month hold which will be removed on December 15, 2007. The Company anticipates liquidating enough Golden China shares after December 15th to satisfy its obligation. The Company determined that this was the best route for a financing, given the price of BacTech's common shares.

The bridge loan will carry a 2% transaction fee, a monthly interest rate of 1.5% and the lender will be issued 100,000 common shares of BacTech, subject to approval by the TSX Venture Exchange. The transaction is arm's length.

2 Boys Update: BacTech has signed a contract with EON Geosciences Inc. of Montreal to conduct a high resolution radiometric and aeromagnetic survey of the 2 Boys uranium property north of Godbout, Quebec. The outlined survey area, with a100 meter traverse line spacing and a 1,000 meter control line, will require approximately 830 line-kms. The program should start within 2 weeks.


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.

Shares outstanding 57,507,205

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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