Soil samples collected from abounded mines of Boryeong area in South Korea were used in isolating bacterial strains and their capacity to solubilize inorganic phosphates and heavy metal tolerance were assessed in vitro. Three different inorganic phosphate sources (Ca phosphate, Fe phosphate, and Al phosphate) and four different heavy metals (Co, Cd, Pb and Zn) each with three concentrations ($100{mu}g;mL^{-1}$, $200{mu}g;mL^{-1}$, and $400{mu}g;mL^{-1}$) were used. The bacterial isolates PSB-1, PSB-2, PSB-3, and PSB-4 solubilized significantly higher amount of Ca phosphate during the first five days of incubation though subsequent drop in soluble phosphorus level in the medium was observed at the later stage (after 5 days) of the incubation. Solubilization of Ca phosphate and Fe phosphate was concomitant with the acidification of the culture medium compared to the control where it remained constant. Isolated strains could solubilize Fe phosphate to certain extent ($25-45{mu}g;mL^{-1}$) though solubilization of Al phosphate was found negligible. All the isolates were tolerant to heavy metals (Cd, Pb, and Zn) up to the concentration of $400{mu}g;mL^{-1}$ except PSB-1 and PSB-8, which were shown to be vulnerable to Co even at $100{mu}g;mL^{-1}$. Heavy metal tolerant strains should be further evaluated for plant growth promoting activities also under field conditions in order to assess their agricultural and environmental significance.