BacTech Mining Corporation
TSX VENTURE : BM

BacTech Mining Corporation

May 05, 2008 09:00 ET

BacTech Closes Flow-Through Financing

TORONTO, ONTARIO--(Marketwire - May 5, 2008) - BacTech Mining Corporation ("BacTech" or the "Company") (TSX VENTURE:BM) is pleased to report the closing of its previously announced non-brokered private placement (the "Offering") of 2,500,000 flow-through units (the "Units") of the Company at a price of $0.10 per Unit for aggregate gross proceeds of $250,000. Each Unit consists of one common share in the capital of the Company to be issued on a "flow-through" basis and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one non-flow-through common share at a price of $0.15 until May 2, 2009.

In connection with the Offering, and subject to approval by the TSX Venture Exchange, BacTech will pay to certain arm's length parties a finder's fee in cash of 6% of the gross proceeds raised by the parties in respect of the Offering, plus that number of finder's warrants equal to 6% of the number of Units sold by the parties under the Offering. Each Finder's Warrant entitles the holder to purchase common shares in the capital of the Company at a price of $0.15 until May 2, 2009.

All securities issued in connection with the offering and the underlying securities are subject to a four-month hold period that expires September 3, 2008.

The Company intends to use the proceeds of the Offering to fund exploration activities on its current properties in Canada. The expenses will be renounced for the 2008 taxation year.

BACTECH PROFILE

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.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

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

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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