VANCOUVER, Jan. 15 /CNW/ - Bear Creek Mining (TSX Venture: BCM) ("Bear
Creek" or the "Company") is pleased to announce that the final payment of
US$3 million, has been made to Rio Tinto Mining and Exploration Ltd. ("Rio
Tinto") resulting in Bear Creek owning 70% of the Corani silver and
base-metals deposit, subject to certain success payments, purchase rights
provisions, and claw-back rights as previously disclosed.
According to the terms of the final Option and Shareholders Agreement
(the "Agreement") dated March 15th, 2007 upon Bear Creek earning its 70%
interest, the parties enter into a joint venture agreement, with Rio Tinto
having a 30% interest, and dilution provisions which conform to industry
practices for each party.
Andrew Swarthout, President and CEO of Bear Creek, states "We are
extremely pleased to have discovered and acquired the majority interest in
Corani; a major silver-lead-zinc deposit containing 278M ounces silver in
Measured+Indicated resources and 40M ounces silver in the Inferred category
plus 3.1 billion pounds of lead and 1.6 billion pounds of zinc in Measured and
Indicated resources. The project is on a path to potentially becoming one of
the top silver producers in the world. We look forward to continuing towards
mine development with such a strong joint venture partner as Rio Tinto, one of
the largest mining companies in the world."
Bear Creek is undertaking a scoping study and preliminary economic
assessment on the Corani deposit estimated to be completed before the end of
January. The Company is also preparing the first resource estimate on its
Santa Ana deposit; a major, open-pit silver discovery located 200 kilometers
south of Corani.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information, please visit the Company's website
For further information:
For further information: Andrew Swarthout, President and CEO, or Patrick
De Witt, Investor Relations, Phone: (604) 685-6269, Direct: (604) 628-1111,