Re: News Release - Thursday, December 04, 2008
BacTech Provides Update on Prudent Global Debenture
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Toronto, Canada, December 4, 2008 - BacTech Mining Corporation
("BacTech" or the "Company", TSX.V: 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 Peñoles 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.
