BM BC Moly Ltd

BacTech Mining Corporation ("BacTech" or the "Company") (TSX VENTURE: BM) today announced the closing of its Subscription Receipt financing transaction.

Pursuant to the financing, BacTech issued 850 Subscription Receipts at a price of $1,000 each, raising gross proceeds of $850,000. Upon completion of the planned corporate reorganization (the "Reorganization"), as previously reported on January 12, 2010, the Subscription Receipts will be automatically exchanged for that number of BacTech Gold Corporation ("BGC") shares that represent 25.5% of the outstanding BGC Shares immediately after the transaction (which number is expected to be approximately 10.25 million BGC Shares), together with 8.5 million warrants of BGC (the "BGC Warrants"). Each BGC Warrant will be exercisable for one BGC Share at a price of $0.10 per share for 18 months. BacTech will also pay to the holders of the Subscription Receipts interest at the rate of 10% per annum for the period from the date of closing of the Subscription Receipt financing to the effective date of the Reorganization. In the event the Reorganization is not completed within six months, BacTech will be obligated to repay the subscription price for the Subscription Receipts, together with interest at the rate of 10% per annum, and issue to the holders an aggregate of 6,800,000 BacTech warrants exercisable at $0.10 per share for 18 months.

Insiders of BacTech subscribed for $20,000 of the financing. The Subscription Receipts and the underlying securities are subject to a hold period that is four months and a day after the later of (i) March 4, 2010, and (ii) the date BacTech Gold Corporation becomes a reporting issuer in any province or territory.

In connection with the Subscription Receipt financing, and subject to approval by the Exchange, a finder's fee of $6,250 will be paid to an arm's length party.

Proceeds of the financing will be used to fund ongoing test work underway on various projects such as the Lichkvaz-Tey gold deposit in Armenia and a project under evaluation in Guatemala, together with the costs associated with the Reorganization.

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 focus is the acquisition of equity positions in projects amenable to bioleaching. 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.

Shares outstanding 89,264,706

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 (416) 596-9840 (FAX) info@bactech.com www.bactech.com