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Re: News Release - Monday, May 05, 2008
Bactech Closes Flow-Through Financing
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Toronto, Canada, May 5, 2008 - BacTech Mining Corporation ("BacTech" or
the "Company") is pleased to report the closing of its previously
announced non-brokered private placement (the "Offering") of 2,500,000
flow-through units (the "Units") of the Company at a price of $0.10 per
Unit for aggregate gross proceeds of $250,000. Each Unit consists of
one common share in the capital of the Company to be issued on a
"flow-through" basis and one half of one common share purchase warrant
(each whole warrant, a "Warrant"). Each Warrant entitles the holder to
purchase one non-flow-through common share at a price of $0.15 until
May 2, 2009.
In connection with the Offering, and subject to approval by the TSX
Venture Exchange, BacTech will pay to certain arm's length parties a
finder's fee in cash of 6% of the gross proceeds raised by the parties
in respect of the Offering, plus that number of finder's warrants equal
to 6% of the number of Units sold by the parties under the Offering.
Each Finder's Warrant entitles the holder to purchase common shares in
the capital of the Company at a price of $0.15 until May 2, 2009.
All securities issued in connection with the offering and the
underlying securities are subject to a four-month hold period that
expires September 3, 2008.
The Company intends to use the proceeds of the Offering to fund
exploration activities on its current properties in Canada. The
expenses will be renounced for the 2008 taxation year.
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.
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.
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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 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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