Bear Creek and Rio Tinto amend agreement to consolidate 100% of Corani silver deposit; extension of US$15 million payment to Sept 2009

    VANCOUVER, June 11 /CNW/ - Bear Creek Mining (TSX Venture: BCM) ("Bear
Creek" or the "Company") is very pleased to announce that it has entered into
an amendment agreement (the "Amendment Agreement") with its Joint Venture
partner Rio Tinto Mining and Exploration Ltd. ("Rio Tinto") in respect of its
purchase of Rio Tinto's remaining 30% interest in the Corani silver and
base-metals deposit as disclosed in its new release dated March 7, 2008.
    Under the Amendment Agreement, Rio Tinto has agreed to extend
US$15 million of the US$20 million cash payment which was payable under the
original agreement on the earlier of: December 31, 2008 or 15 business days
following a change of control of Bear Creek to the earlier of September 30,
2009 or 90 days following a change of control of Bear Creek. The total
purchase price remains at US$75 million and the other terms of the acquisition
remain the same. As consideration for the extension, Bear Creek has agreed to
issue, subject to stock exchange acceptance, to Rio Tinto on closing of the
acquisition 120,000 common shares at a price of Cdn$6.80 per share. It is
anticipated that the closing of the acquisition will occur later in June 2008.
    Andrew Swarthout, CEO and President, stated "We are very pleased to have
negotiated this extension with Rio Tinto which will provide greater
flexibility for the Company in arranging for future financing. We are
proceeding to complete the acquisition as soon as possible to consolidate our
ownership of the Corani deposit at 100 percent and look forward to having Rio
Tinto as a significant shareholder."

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    Regulatory footnotes:

    Certain disclosure in this release, including management's assessment of
Bear Creek's plans and projects, constitutes forward-looking statements that
are subject to numerous risks, uncertainties and other factors relating to
Bear Creek's operation as a mineral exploration company that may cause future
results to differ materially from those expressed or implied in such
forward-looking statements. (*)Any reference to the potential quantity & grade
of mineralization at Corani is conceptual in nature, there has been
insufficient exploration to define a mineral resource on the property and it
is uncertain if further exploration will result in discovery of a mineral
resource on the property. Readers are cautioned not to place undue reliance on
forward-looking statements. Bear Creek expressly disclaims any intention or
obligation to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise. Note: Bear Creek will
likely need to obtain further financing prior to year-end '08 to be able to
pay the balance of the purchase price in cash.

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:; For further information, please
visit the Company's website (

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