BacTech Mining Corporation
TSX VENTURE : BM

BacTech Mining Corporation

November 12, 2008 09:15 ET

BacTech To Repurchase C$3 Million Debenture With Cash and Shares

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2008) - BacTech Mining Corporation ("BacTech" or the "Company")(TSX VENTURE:BM) announced today that it has reached an agreement with the Prudent Global Income Fund ("Prudent Global") of Dallas, Texas to repurchase its C$3 million principal amount unsecured five year term 10% Series I Debenture issued to Prudent Global on March 15, 2004, which was to mature on March 15, 2009. BacTech will pay C$400,000 in cash and issue 3,500,000 million common shares of BacTech to Prudent Global in full satisfaction of the outstanding debt obligation. Following the repayment of the debt, which is expected to occur on or before November 30, 2008, Prudent Global has agreed to cancel the outstanding debenture and discharge BacTech from any further debt obligations.

The proposed repurchase transaction is subject to, among other things, the approval of the TSX Venture Exchange and BacTech obtaining the necessary financing to satisfy the cash portion of the debt repayment.

Ross Orr, the Company's President & CEO, stated "The repurchase of this debenture eliminates potentially significant equity dilution to our existing shareholder base at maturity in 2009, based on our current stock price. The repurchase also eliminates approximately C$300,000 in annual interest charges. The cancellation of this debenture will strengthen the Company's balance sheet and is expected to result in a profit being recorded for the fourth quarter as a result of a reduction in the debt owing."

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 Peñoles 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 signed an agreement to acquire Yamana Gold Inc.'s 33% interest in two refractory gold deposits in Papua New Guinea.

Prospective and current shareholders are invited to join the Company's official investment forum exclusively at www.pinnacledigest.com. The forum allows for investor controlled discussion, questions, third party reports and articles, and progressive feedback from other shareholders and investors. See http://www.pinnacledigest.com/company/bm%Aca. Also, visit www.bactech.com for ongoing updates and to have your name added to our mailing list.

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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