TORONTO, CANADA--(Marketwire - March 30, 2009) - BacTech Mining Corporation ("BacTech" or the "Company")(TSX VENTURE:BM) today announced that it has received initial commitments for its financing of approximately $450,000 which will allow the Company to repurchase its $3 million debenture commitment. A second closing is anticipated shortly for the balance of the $750,000 financing announced on March 16, 2009.
Proceeds from the financing will be used for:
- retiring the debenture,
- closing the Papua New Guinea ("PNG") transaction with Yamana Gold Inc. (previously announced June 18, 2008), and,
- the environmental studies near Cobalt, Ontario for the Castle Mine tailings project.
BACTECH PROFILE
BacTech owns patented bacterial oxidation technology for the treatment of refractory ores and concentrates to enhance the recovery of gold, silver and base metals. The Company's focus is the acquisition of equity positions in projects amenable to bioleaching. In June 2008, the Company signed an agreement to acquire Yamana Gold Inc.'s 33% interest in two refractory gold deposits in Papua New Guinea. In September 2008, BacTech signed an MOU to investigate the use of bioleaching to reprocess arsenic-laden tailings in Cobalt, Ontario. This is the Company's first foray into the cleantech industry. BacTech is continuing to evaluate additional remediation projects.
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
FOR FURTHER INFORMATION PLEASE CONTACT:
BacTech Mining Corporation
Ross Orr
President & CEO
416-813-0303 ext 222
www.bactech.com
Investor Relations:
Pierre Anglos
1-800-436-2027
capitalgainsco@shaw.ca
The TSX Venture Exchange has not reviewed and does not accept any responsibility for the adequacy or accuracy of this release
