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Re: News Release - Wednesday, October 24, 2007
Bactech Arranges Bridge Financing
Provides Two Boys Update
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Toronto, Canada, October 24, 2007: BacTech Mining Corporation
("BacTech" or the "Company") today announced that it has arranged a
$250,000 bridge loan for working capital from Gould Leasing Ltd. As
collateral for the loan, the Company has pledged 285,000 of the 423,729
common shares it owns in Golden China Resources ("Golden China"). The
Golden China shares are subject to a four-month hold which will be
removed on December 15, 2007. The Company anticipates liquidating
enough Golden China shares after December 15th to satisfy its
obligation. The Company determined that this was the best route for a
financing, given the price of BacTech's common shares.
The bridge loan will carry a 2% transaction fee, a monthly interest
rate of 1.5% and the lender will be issued 100,000 common shares of
BacTech, subject to approval by the TSX Venture Exchange. The
transaction is arm's length.
2 Boys Update: BacTech has signed a contract with EON Geosciences Inc.
of Montreal to conduct a high resolution radiometric and aeromagnetic
survey of the 2 Boys uranium property north of Godbout, Quebec. The
outlined survey area, with a100 meter traverse line spacing and a 1,000
meter control line, will require approximately 830 line-kms. The
program should start within 2 weeks.
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 agreed to purchase the gold assets of TSX-listed
Scorpio Mining Corporation in exchange for common shares of BacTech,
which will result in Scorpio Mining becoming the controlling
shareholder of BacTech. It is expected, subject to the receipt of
BacTech shareholder approval, that the resulting company will be
renamed Scorpio Gold Corporation.
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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 57,507,205
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
Message sent on Wed Oct 24, 2007 at 7:31:00 AM Pacific Time
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