BacTech Mining Corporation

BacTech Mining Corporation

March 08, 2007 14:26 ET

BacTech Sets Mid-March Date to Drill Quinto Uranium Property

Company Closes Flow-Through Financing

TORONTO, ONTARIO--(CCNMatthews - March 8, 2007) - BacTech Mining Corporation ("BacTech" or the "Company") (TSX VENTURE:BM) today announced that it will mobilize a drill rig for the Godbout "A" uranium project on March 14th. The Godbout "A" project is the site of a shallow hole drilled in 1969 that encountered uranium mineralization. The drilling program will consist of 10 holes beginning with a twinning of the 1969 drill hole. The program is expected to take at least 3 weeks to complete.

The Godbout "A" and "B" claim blocks are the subject of a Joint Venture between BacTech and Quinto Mining Corporation pursuant to which BacTech can earn a 50% interest by incurring expenditures on the claim blocks of $300,000 in the first year of the agreement. The Godbout "A" property sits just north of Godbout, Quebec, 60 km east of Baie Comeau, on the north shore of the St. Lawrence River.

BacTech is also pleased to announce the closing of its previously-announced non-brokered private placement of 1,965,000 flow-through units (the "Units") of the Company at a price of $0.25 per Unit for aggregate gross proceeds of $491,250. Each Unit consisted of one flow-through common share and one half of a common share purchase warrant (the "Warrants"). Each Warrant entitles the holder to purchase one non-flow-through common share at $0.30 until March 8, 2008. A finder's fee of 5% of gross proceeds raised is payable to some arm's length parties in connection with the offering.

All securities issued in connection with the offering and the underlying securities are subject to a four-month hold period that expires July 9, 2007.


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. Recently, the Company expanded its focus through the establishment of a uranium Joint Venture with Quinto Mining Corporation in Quebec.

Shares outstanding 54,569,706

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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