BacTech Mining Corporation

BacTech Mining Corporation

March 28, 2006 14:37 ET

BacTech Closes Private Placement

TORONTO, ONTARIO--(CCNMatthews - March 28, 2006) - BacTech Mining Corporation ("BacTech" or "the Company") (TSX VENTURE:BM) today announced that it has closed the previously announced private placement dated February 22, 2006.

BacTech received $250,000 under the unit financing. A unit, priced at $0.10, is comprised of one common share and one half of a share purchase warrant. One full warrant entitles the holder to purchase an additional common share of BacTech at $0.15 per share for a period of one year. The common shares will be subject to a four-month hold period, which expires July 20, 2006.

Contrary to the press release issued in February stating that no insiders would participate in the financing, Ross Orr, President and CEO, purchased 190,000 units in this offering. In addition, John Gingerich, who recently agreed to join BacTech's Board of Directors, purchased 200,000 units in the offering.

The Board of Directors of BacTech has also approved the issuance of 2.2 million options to purchase common shares of the Company to directors, management, employees and consultants. The exercise price for the options has been set at $0.12 and they will have a term of 5 years. The total number of outstanding options under the Company's plan is 2,875,000 or approximately 5.9% of the outstanding shares.

BacTech continues to evaluate projects in which it can participate either as a licensor or an equity partner.


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.

Shares outstanding: 47,606,134.

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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