Canadian Orebodies Inc (CO)

[swissree]

e: News Release - Thursday, October 14, 2010
Title: Bactech Closes Debenture Financing
Toronto, Canada, October 14, 2010 -- BacTech Mining Corporation ("BacTech" or the "Company", TSX.V: BM) announces that it has closed the private placement of units announced on September 7, 2010 for gross proceeds of $430,000 (the "Offering"). Each unit is comprised of a $10,000 unsecured convertible debenture, maturing on October 13, 2011 (the "Maturity Date"), and 100,000 warrants. Each warrant entitles the holder to acquire one common share of the Company at an exercise price of $0.12 until October 13, 2011. The securities issued in connection with the private placement are subject to a statutory four-month hold period that expires February 14, 2011.

The convertible debentures may be converted by the holders at any time at a price of $0.10 per common share (the "Conversion Price"). In the event that the closing price of the Company's common shares on the TSXV is at or greater than $0.15, the Company shall have the right, in its sole discretion, to redeem the convertible debentures through the issuance of common shares at the Conversion Price. The interest rate on the convertible debentures will be 1.5% per month, which shall be paid semi-annually. The private placement is subject to requisite regulatory approval, including the final approval of the TSX Venture Exchange. The proceeds will be used for ongoing project evaluation and working capital.

The Company also announces that it will mail the Management Information Circular on October 22 to shareholders of record at September 27. Shareholders will be asked to vote on the Company's proposed Plan of Arrangement at a Special Shareholders Meeting. The date for this meeting has been changed to November 12 from October 28, as originally announced in a news release dated September 7.

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.

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For further information contact:

Ross Orr, President & CEO: 416-813-0303 ext 222
Email: [e-mail]
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.