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Re: News Release - Tuesday, February 20, 2007
Bactech Announces Increase In Flow-Through Financing To Meet
Investor Demand
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Toronto, February 20, 2007 -- BacTech Mining Corporation ("BacTech" or
the "Company") today announced that due to increased investor interest
in the flow-through unit financing announced on February 19, 2007, the
Board of the Company has approved an increase in the amount to be
raised pursuant to the financing from $325,000 to $500,000.
The terms of the Unit remain the same, each Flow-Through Unit, at a
price of $0.25 per Unit, being comprised of one flow-through common
share of the Company and one half of a common share purchase warrant.
Each warrant shall entitle the holder to purchase one non-flow-through
common share of the Company at a price of $0.30 until the date that is
12 months from the closing of the private placement. The closing is
anticipated to be on or about March 2, 2007.
The Company also announced that the TSX Venture Exchange has approved
the previously announced Joint Venture with Quinto Mining Corporation.
In connection with this transaction, and as reported on January 26,
2007, the Company will pay a finder's fee of $31,875 to Starlight
Capital Partners, by way of 303,572 common shares of the Company at an
issue price of $0.105. The common shares issued will be subject to a
four-month hold period from the date of issuance.
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 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.
Recently, the Company expanded its focus through the establishment of a
uranium Joint Venture with Quinto Mining Corporation in Quebec.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to the Corporation,
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, 2005. Circumstances or management's estimates or opinions
could change. The reader is cautioned not to place undue reliance on
forward-looking statements.
For further information contact:
Ross Orr, President & CEO, 416-813-0303 ext 222
Investor Relations:
Pierre Anglos 1-800-436-2027 Email: capitalgainsco@shaw.ca
Shares outstanding 52,006,134
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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Copyright (c) 2007 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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