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�News Release - Thursday, July 26, 2007
Bactech Provides Mid-Year Update
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Toronto, July,
26, 2007 - BacTech is pleased to provide a mid year
update on the affairs of the Company.
BacTech continues to focus on projects that are
amenable to its
proprietary bioleaching technology for recovering metals from difficult
to treat ores and concentrates. At the time of this writing, the
Company is pursuing three gold projects and one base metal project for
further evaluation. The goal remains the same. We want to acquire
ounces/metal in the ground at a huge discount by solving the metallurgy
problems, thus turning resources to reserves and adding substantial
value on the balance sheet.
As we have written in the past, part of our challenge is the inability
to control the process in these projects. Time frames and agendas of
prospective partners don't always jive with the Company's. In addition,
we believe the key to future success is gaining equity interests in the
projects that already have an identified asset as opposed to securing a
license for our technology. This adds another layer of negotiation, due
diligence, and planning (financing models). Obviously, we are governed
by non-disclosure agreements that hinder our ability to discuss any of
these projects until such time as a deal can be announced.
These current negotiations are, in large part, a result of our
reconstituted Board who bring exceptional depth of experience and
knowledge, as well as a network of contacts to open new doors for the
Company. The Board has provided many more opportunities to us, and any
of the projects that we are evaluating could be considered a "company
maker". Although we were unsuccessful in acquiring Jeronimo last fall,
the process clearly illustrated that these types of deals can be done
and with companies the likes of Goldcorp. The difference this time
around is that we are not pinning our hopes on a single project. No
doubt, through perseverance, we will secure a deal on one or more of
these projects, thereby justifying the means. Your patience as
shareholders has been, and is, appreciated.
While our core focus is the aforementioned projects, we have also been
allocating some of our resources to the more traditional exploration
path. We continue to selectively examine opportunities that provide a
low cost entry into a significant exploration opportunity. Under a
deal with Quinto Mining, we secured the rights to earn 50% of the
Godbout "A" and "B" uranium properties near Baie Comeau, Quebec.
The
area has seen increased activity this season, with many new players
staking ground on the North Shore of the St. Lawrence River.
The Godbout "A" property had 9 holes drilled on it in April of this
year. The results of the 9 holes were mixed, but they did provide new
geologic understanding of mineralization on the property that has led
the team to discover numerous pegmatite dykes within a broad structural
zone situated at the western edge of the property.
Ground reconnaissance work on the properties has produced sufficient
encouragement to prompt the Company to stake additional claims in the
area. Furthermore, BacTech is currently in discussions with respect to
optioning additional claims to further enhance its land position. The
Company will continue to work our land holdings through the summer with
the objective of drill testing the key targets this Fall.
Although we have embarked on an aggressive program in the area, the
cost to conduct the program is relatively cheap. The Company has
further leveraged its initiative through access to flow through funds.
We will continue to work on the proper balance between the high
risk/high reward early stage exploration programs, and the much lower
risk but higher cost resource acquisitions
Finally, our decision to sell our back in rights to China to Golden
China Resources ("GCR") has so far proven to be the right choice. To
date, the value of our holdings in GCR has appreciated over $100,000 in
a short period of time. We continue to believe that Golden China's
future prospects in China
are positive, and we would hope to make a
substantial profit on our equity position.
In summary, there are a number of very positive things going on at
BacTech. We have a very talented team focused on generating
significant value-creation opportunities for the Company. While things
may appear to be quiet, we liken it to the calm before the storm. The
Company greatly appreciates the support it has received from its
shareholders and we believe that as projects are announced your
patience with us will be rewarded.
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.
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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 57,457,205
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 Thu Jul 26, 2007 at 7:47:09 AM Pacific Time
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