VANCOUVER, Jan. 28 /CNW/ - Bear Creek Mining (TSX Venture: BCM) ("Bear
Creek" or the "Company") announces that the board of directors has authorized
the grant of 1,155,000 incentive stock options under its incentive stock
option plan to directors, officers and employees of Bear Creek and a
consultant performing investor relations activities, at an exercise price of
$1.24 per share. These options are exercisable for a five-year period and the
grant is subject to vesting provisions in accordance with the Company's Stock
Option Plan. This grant represents the first stock option grant made by the
Company since May 2007 designed to compensate directors and incentivize key
employees remaining with the Company following recent staff reductions.
During recent months, the Company has taken measures commensurate with
current market and commodity conditions to reduce its staff by approximately
50% and decrease its total burn-rate to approximately CDN$450,000 per month,
while maintaining the focus upon moving forward its two advanced silver
deposits in Peru and continuing exploration for new gold opportunities. The
Company's current cash position is approximately CDN$15M.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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,
E-mail: firstname.lastname@example.org; please visit the Company's website