BM BC Moly Ltd

BacTech Mining Corporation ("BacTech" or the "Company") (TSX VENTURE: BM) announces that it has closed the private placement originally announced on July 15, 2010, for total gross proceeds of $2 million. The placement consisted of 26,663,333 units (the "Private Placement Units") priced at $0.075 per unit. Each Private Placement Unit consists of one common share and one Series A Warrant. Each Series A Warrant is exercisable for one additional common share at a price of $0.105 per share until August 6, 2013. In connection with the offering, BacTech will pay to arm's length parties finder's fees totaling $3,125.00.

The Company also announces the closing of the subscription receipt conversion originally reported on June 23, 2010. All of the arm's length participants who invested in the subscription receipts agreed to accept, in satisfaction of the Company's obligations under the subscription receipts, units of BacTech (the "Exchange Units") at an effective price of $0.05 per unit (20,500 Exchange Units per subscription receipt). Each Exchange Unit consists of one common share and one Series B Warrant exercisable at $0.10 until July 17, 2015. A total of 830 subscription receipts were satisfied by the issuance of 17,015,000 common shares and 17,015,000 Series B Warrants of BacTech.

Pursuant to the private placement, Yamana Gold Inc. ("Yamana") acquired ownership and control over 13,333,333 Private Placement Units for an aggregate purchase price of $1 million, representing approximately 10.03% of BacTech's outstanding common shares on the closing of the private placement, on an undiluted basis, and approximately 20.06% assuming only Yamana exercises its 13,333,333 Series A Warrants. Yamana did not own any securities of BacTech prior to the acquisition of the Private Placement Units. The Private Placement Units are held by Yamana for investment purposes only. Yamana does not own or control any securities of BacTech nor is Yamana a joint actor with another entity. Yamana expects to acquire additional common shares of BacTech in the future, as further detailed in Yamana's early warning report. Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties and land positions in Brazil, Argentina, Chile, Mexico and Colombia.

In addition, Baker Steel Resources Trust Ltd. ("Baker Steel") of London, England, purchased 6,666,667 Private Placement Units for $500,000, and received 10,250,000 Exchange Units in satisfaction of 500 subscription receipts. Baker Steel, and other entities under common management with Baker Steel, now hold approximately 18.2% of outstanding shares of BacTech on an undiluted basis. Baker Steel Capital Managers is a specialist investment manager in the natural resources and gold sector.

The Private Placement Units and the Exchange Units, as well as the underlying securities, are subject to a four-month hold period that expires December 7, 2010.

BacTech will now focus on its corporate reorganization. The ultimate result will be separate companies for two operating segments, namely, the use of bioleaching to liberate gold and base metals from primary mining, and, secondly, the use of bioleaching for the remediation of mine tailings.

BACTECH PROFILE

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 132,943,039

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: BacTech Mining Corporation Ross Orr President & CEO 416-813-0303 ext 222 info@bactech.com