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Re: News Releases - Wednesday, November 12, 2008
BacTech to Repurchase C$3 Million Debenture with Cash and Shares
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Toronto, Canada, November 12, 2008 - BacTech Mining Corporation
("BacTech" or the "Company", TSX.V: 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 Pe�oles 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.
- 30 -
For further information contact:
Ross Orr, President & CEO, 416-813-0303 ext 222
Investor Relations:
Pierre Anglos 1-800-436-2027 Email:
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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Copyright (c) 2008 BACTECH MINING CORPORATION (BM) All rights
reserved. For more information visit our website at
http://www.bactech.com/ or send mailto:info@bactech.com
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