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Bactech Announces Termination Of Proposed Merger With Scorpio
Gold Corporation
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Toronto, Canada, March 19, 2008: BacTech Mining Corporation
("BacTech" or the "Company") today announced that its previously
announced merger with Scorpio Gold Corporation (SGC) has been
terminated. Among other things, the TSX Venture Exchange required a
working capital infusion of $4M into the combined company in order to
grant its approval to the merger. This money was to be raised by SGC,
but they were unable to complete an equity financing in current equity
market conditions.
Project Update
Over the past six months, BacTech has continued to push ahead on the
negotiations for two advanced projects. If successful, BacTech
shareholders will benefit from a much reduced dilution of its capital.
More specifically, the initial results from a large base metal tailing
project have been very encouraging. BacTech is in discussions with the
owner of the tailings about a possible commercial transaction. The
contained value of the metal in the tailings is considerable.
In addition, BacTech continues to pursue a 1.5 M ounce refractory gold
deposit that is owned by a state company. The project was the subject
of a bioleaching amenability study as far back as the early 1990s.
The Company's "2 Boys" uranium claims, located approximately 80 km
north of Godbout, Quebec, were staked by local prospectors who had
undertaken a field reconnaissance program for uranium. The property
consists of 64 map-designated claims covering an area of 3,558
hectares. It was discovered by the prospectors who were following up
strong lake bottom sediment uranium anomalies on government maps. Two
grab samples taken in July 2007, returned values of 0.81% U3O8 (16.2
lbs/t) and 0.65% U3O8 (13 lbs/t). The samples were assayed by ALS
Chemex of North Vancouver, B.C.
The showing is made up of a series of parallel pegmatite dykes in a
structure that is 150 m in width and can be followed for hundreds of
metres along strike. Mr. �tienne Forbes of Exploration Esbec, acting on
BacTech's behalf, visited the property and has confirmed the presence
of radioactivity in the pegmatite dykes. Radioactivity averages 1,000
counts per second ("CPS") within the dykes, with readings of 2,500 to
10,000 CPS common in many areas. The geology consists of a granitic
gneiss hosting pegmatite dykes, both comprising part of a geochemical
uranium anomaly that measures 5 km in length and 3 km in width.
An airborne magnetic and radiometric survey was flown over the property
late last year. The areas of pegmatites and elevated radioactivity
outlined by ground surveys are coincident with a NW-SE trending
airborne uranium anomaly approximately 1,500 metres long, which itself
is cut by potential structural zones highlighted by the magnetic
survey. The anomalies will be investigated by additional field surveys
this summer. The Qualified Person on the project, as defined under
National Instrument 43-101, is �tienne Forbes, P.Geo, of G�oforbes
Services Inc., Sept-Illes, Quebec.
With regard to the Godbout "A" and "B" properties, the Company has
decided not to pursue any further work on the properties, thereby
relinquishing its option rights.
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, 2006. Circumstances or management's estimates or opinions
could change. The reader is cautioned not to place undue reliance on
forward-looking statements.
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 57,607,206
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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