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| | August 09, 2006
Bactech Receives Subscription Commitments For $1.1 Million
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| | NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
Toronto, August 9, 2006 - BacTech Mining Corporation ("BacTech") today announced that is has received subscription commitments for $1,100,000 under its Private Placement announced August 1st. "The Company is pleased with the quick response to the proposed Private Placement", stated Ross Orr, President of BacTech. "This financing provides an important step in laying a solid foundation for moving the company forward."
The financing consists of a unit comprised of one common share of BacTech at a price of $0.25 per share, and one common share purchase warrant. Each warrant is exercisable for two years and entitles the holder to purchase one common share of BacTech at $0.40 per share for the first year of the exercise period, and $0.50 per share in the second year. The proceeds will be used for general working capital. The completion of the financing is subject to receipt of all requisite regulatory approvals, including the approval of the TSX Venture Exchange.
BacTech recently joined forces with Intrepid Mines Limited to jointly purchase Goldcorp's 56.7% interest in the Jeronimo gold project in Chile. The acquisition is subject to a Right of First Refusal held by Codelco, the Chilean state mining corporation, which owns the remaining 43.3% of Jeronimo. Management of BacTech and Intrepid continue to advance discussions with Codelco on structuring this joint venture.
CORPORATE 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. The Company's focus is the acquisition of equity positions in projects amenable to bioleaching.
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For further information, contact Ross Orr, President & CEO (416) 813-0303 ext 222
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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| | You can view the Next News Releases item: Thu Aug 17, 2006, Bactech Closes Private Placement for $1.1 Million
You can view the Previous News Releases item: Tue Aug 1, 2006, Bactech Announces Private Placement
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