TORONTO, Dec. 30, 2003 (PRIMEZONE) -- BacTech Mining Corporation ("BacTech") (TSX Venture Exchange:BM) announced today that it has completed its previously announced private placement of 1,500,000 flow through units for proceeds of $1,500,000. Each flow through unit consists of one flow through common share and one half of a common share purchase warrant. One whole warrant entitles the holder to acquire an additional common share at $1.25 per share until December 29, 2004.
Canaccord Capital Corporation acted as agent for BacTech in connection with the private placement. Canaccord was paid a cash commission of $105,000 (7% of $1.5 million) and a $7,500 administration fee. In addition, Canaccord received 50,000 corporate finance units with each corporate finance unit consisting of one common share and one corporate finance warrant. Each corporate finance warrant issued to Canaccord entitles it to acquire one common share for a period of one year at a price of $1.25 per common share. An aggregate of 105,000 agents' warrants were also issued to Canaccord and the other members of the selling group. Each agents' warrant entitles the holder to purchase one common share for a period of one year at a price of $1.25 per common share. All of the securities issued to Canaccord and the other members of the selling group are subject to a four-month hold period expiring April 30, 2004.
The proceeds of the financing will be used at BacTech's newly optioned MacKinnon Creek gold project in south eastern British Columbia, Canada. Work planned for 2004 at McKinnon Creek includes pre-feasibility level engineering to support permit applications as well as baseline environmental assessment. Limited drilling will be included in the work plan next year to support the engineering and permit activities.
CORPORATE PROFILE
On August 5, 2003, BacTech announced the closing of its acquisition of a 55% interest in the Tonkin Springs Gold Project located in north-central Nevada on the prolific Cortez Trend. On November 12, 2003 BacTech announced its second acquisition, the optioning of 100% of the MacKinnon Creek gold project in southeast British Columbia. On December 17, 2003, BacTech entered into a memorandum of understanding that will see the Company participating in the Chinese gold industry through equity and project participation.
BacTech has developed and patented bioleach technology for the treatment of refractory ores and concentrates to enhance the recovery of gold, silver and base metals. BacTech has commissioned three commercial bioleach plants for the recovery of gold and more recently has successfully demonstrated its technology in the selective recovery of precious and base metals from complex sulphide concentrates. Bioleaching is a commercially accepted and environmentally friendly alternative to conventional smelting operations and provides BacTech with a distinct market advantage in the acquisition and operation of mineral properties. BacTech's business is to own and operate mining projects independently or in joint venture.
Shares Outstanding 32,447,625
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