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Message: Update on Prudent Global Debenture
| December 4, 2008 |
| BacTech Provides Update on Prudent Global Debenture |
| TORONTO, CANADA--(Marketwire - Dec. 4, 2008) - BacTech Mining Corporation ("BacTech" or the "Company")(TSX VENTURE:BM) today announced that it has been unable to obtain the necessary financing to pay the cash component of an agreement signed with the Prudent Global Income Fund ("Prudent Global") of Dallas, Texas, due to the current market conditions and the short period of time the Company had to raise the funds. The agreement, announced in a press release November 12, 2008, was to repurchase a CAD$3 million principal amount unsecured five year term 10% Series I Debenture issued to Prudent Global on March 15, 2004. Under the agreement, BacTech would have paid CAD$400,000 in cash and issued 3,500,000 million common shares of BacTech to Prudent Global in full satisfaction of the outstanding debt obligation. BacTech will continue to work with Prudent Global to try to negotiate a reasonable settlement of the outstanding debt obligation prior to the Debenture maturity date of March 15, 2009. 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 Penoles 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. In June 2008, the Company signed an agreement to acquire Yamana Gold Inc.'s 33% interest in two refractory gold deposits in Papua New Guinea. Prospective and current shareholders are invited to join the Company's official investment forum exclusively at www.pinnacledigest.com. The forum allows for investor controlled discussion, questions, third party reports and articles, and progressive feedback from other shareholders and investors. See http://www.pinnacledigest.com/compan... . Also, visit www.bactech.com for ongoing updates and to have your name added to our mailing list. |
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