BM BC Moly Ltd

BacTech Mining Corporation ("BacTech" or the "Company") (TSX VENTURE:BM) today
announced that its wholly-owned subsidiary, BacTech Gold Corporation ("BGC"),
has signed a Letter of Intent ("LOI") to acquire a past producing gold/antimony
mine in northwest Guatemala. The mine, namely the San Ildelfonso Ixtahuacan
Mine, includes approximately 500 hectares of land, a mill and associated
equipment. 


The San Ildelfonso Ixtahuacan mine has operated since 1969, primarily producing
a high-grade antimony concentrate averaging 70% Sb. The mine also produced, as a
byproduct, an arsenopyrite concentrate that graded greater than 60 g/t gold plus
some tungsten. The property hosts two past producing deposits, the Anabella and
the Los Lirios deposits. The deposits are located within a NW-SE trending
mineralized zone, with a possible strike length greater than 5 km. The Anabella
deposit has been exploited along a strike length of 350-400 m and vertically up
to 100 m. The Los Lirios deposit has been exploited over a length of 700 m and
vertically over 50-100 m. Both deposits appear open at depth. The mineralization
is in the form of multiple veins, with widths averaging 10 meters, grading
between 5 g/t and 7 g/t gold and 4% to 6% antimony.


Previous studies developed a resource containing approximately 1M ounces of gold
equivalent. (i)BGC has not verified the classification of the historic resource
reference and is not treating it as a National Instrument 43-101 ("43-101")
defined resource verified by a Qualified Person and should not be relied on. BGC
has engaged an independent consultant to provide a 43-101 report on the project
that should be completed within 30 days. The previous studies also indicated
that Anabella had the potential to host a Carlin style, sediment hosted
disseminated gold/antimony mineralization, as well as the existing high grade
vein systems. The previous studies are presented for historical reporting and to
provide a basis for assessing BGC's choices for its business activities and not
to be understood as indicating the existence of reserves or resources.


The mine temporarily suspended operations in January 2009, and the current owner
of the mine is in the process of re-starting the operations to produce an
arsenopyrite concentrate for delivery to a third-party roaster. With a working
mill on site and the potential for extracting gold from the old tailings, this
asset could present an opportunity for the Company to become a gold producer
relatively quickly.


Minas de Guatemala, S.A, is the current operator of the mine and BGC will
conduct a 3-month due diligence process, leading to the signing of a definitive
agreement for the option to purchase, should BGC be satisfied with its due
diligence. Upon signing the definitive agreement, the terms of the LOI call for
BGC to have an 18-month option period on the property. At any time during the
18-month period, BGC can exercise its right to acquire the mine. BGC will pay
CAD$80,000 per month during the option period, with the funds used to ensure
that the mine properties, licenses, and permits remain in good standing, and to
provide for local community initiatives.


If BGC elects to exercise its option to purchase the project, BGC will pay
CAD$10M to the parent company and owner, Caribbean Resources Group Corporation,
and assume control of operations. On the first and second anniversaries of the
purchase, BGC will pay CAD$5M, bringing the total purchase price to CAD$20M. In
addition, a 1.5% NSR will be paid on production.


During the option period, the company will undertake the necessary exploration,
metallurgical testing and techno-economic studies to confirm the potential for
developing a profitable and responsible operation. As part of its studies, BGC
will evaluate whether to build a bioleaching facility to process the ore or
whether to ship the concentrate to a third-party facility.


This is the first project to be optioned by BGC. BGC is in the process of being
spun out from BacTech Mining Corporation to form a new gold mining company that
plans to use its proprietary and proven bioleaching technology to support the
cost effective acquisition and development of gold projects. In addition to this
project, BGC is actively engaged in discussions and investigations on a number
of other suitable gold assets, with a view to selecting a manageable portfolio
of projects with good potential to become operating mines. BGC will seek both
partnership and control opportunities.


BACTECH PROFILE

In January the Company announced its intention to effect a divisive
reorganization whereby BacTech will transfer all of its interests in mining
projects and the rights to its bioleaching technology to a wholly-owned
subsidiary. The common shares of the subsidiary will be distributed to the
shareholders of BacTech upon completion of the reorganization. BacTech will hold
an exclusive and perpetual right to use the bioleaching technology for projects
related to environmental remediation of mine tailings. Completion of the
proposed reorganization is subject to receipt of all required consents and
approvals, including without limitation, court approval, shareholder approval,
and TSX Venture Exchange approval. The special meeting of shareholders required
to approve the reorganization is scheduled for June 2010.


BacTech owns patented bacterial oxidation technology for the treatment of
refractory ores and concentrates to enhance the recovery of gold, silver and
base metals. The Company's initial focus is the acquisition of equity positions
in projects amenable to bioleaching.


Shares outstanding 89,264,706

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