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Re: News Release - Tuesday, June 19, 2007
Bactech Sells Back-In Rights to Gold Bioleach Technology in China
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Toronto, June 19, 2007 - BacTech Mining Corporation ("BacTech" or the
"Company") today announced that it, and Mintek of South Africa, have
jointly sold their back-in rights to future gold bioleach projects in
China and North and South Korea, to Golden China Resources Corporation
("Golden China"). Proceeds of the sale will be CAD$500,000, which will
be split evenly between BacTech and Mintek, and will be satisfied
through the issuance of 847,458 common shares in Golden China. Golden
China is the owner of the Biogold bioleach plant designed in 2001 by
BacTech and Mintek, and numerous gold exploration projects in China.
The common shares will be subject to a 4 month hold.
Ross Orr, President and CEO of BacTech stated, "This is a good way for
BacTech to participate in China and also have liquidity. Golden China
will be doubling the size of the Biogold plant later this year, they
have two advanced gold exploration projects in China, and a 24%
interest in Australian Solomon Mines, which is developing a gold mine
in the Solomon Islands scheduled to commence production next year. This
also allows us to focus our search for projects in North and South
America. We believe Golden China is undervalued, and we hope to realize
a significant capital gain down the road."
BacTech still retains the rights to develop base metal opportunities in
the above-mentioned countries. In addition, the Company retains the
gold and base metal rights to Mongolia and Siberia, which were part of
the original agreement with Golden China.
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 Tue Jun 19, 2007 at 6:51:09 AM Pacific Time
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