VANCOUVER, Dec. 6 /CNW/ - Bear Creek Mining (TSX Venture: BCM / BVL: BCM) ("Bear Creek" or the "Company") is pleased to announce that Frank Tweddle will join the Bear Creek Board of Directors effective December 6, 2010. Mr. Tweddle, a Peruvian citizen residing in Lima, is currently the Deputy CEO of Mitsui del Peru S.A in charge of trading and new business development in the areas of natural resources, energy and infrastructure in Peru. He previously held executive positions with Standard Bank and Southern Peru Copper Corporation ("SPCC") where he managed commercial conditions for concentrate placement, commodities forecasting, and structured project financing. During his tenure at SPCC as Vice President/Commercial, Mr. Tweddle was a member of the executive committee responsible for providing strategic direction over the business activities of the corporation including, mine and infrastructure expansion plans, review of exploration activities, government, labor & community relations, human resources and logistics.
Andrew Swarthout, Bear Creek President and CEO stated, "On behalf of the Board of Directors, we welcome Frank Tweddle's decision to join the Board at an important juncture in the evolution of the Company. As Bear Creek develops two major silver deposits in Peru, Frank's experience will bring extensive financial and commercial expertise as we execute our business plan. In addition to his financial background, Frank has a solid technical understanding of new mining projects plus a keen interest in exploration and business development. He is highly respected in the Peruvian business community and maintains crucial contacts in the metals and concentrates businesses worldwide. Frank will make valuable contributions as we assess our alternatives on the path to development."
In addition, the Company will be granting Mr. Tweddle 75,000 incentive stock options at a price of Cdn$9.95 per share, exercisable on or before December 6, 2015. These options will vest according to the Company's stock option plan.
About Bear Creek:
Bear Creek is focused in Peru, a mineral-rich nation with a favorable investment climate. The Company has recently completed a Pre-Feasibility Study on its Corani Project and a Feasibility Study on its Santa Ana Project, which together estimate measured and indicated resources in excess of 500 million ounces of silver of which over 320 million ounces are in proven and probable reserves providing near-term production potential and excellent leverage to silver prices. The Feasibility Study for Santa Ana defines a low-cost "pure silver" mine producing 4.6 million ounces annually in the first six years of an estimated 11-year mine life. The Pre-Feasibility Study for the flagship Corani Project estimates average annual production of 10 million ounces for the first six years of an estimated 27-year mine life, with low cash costs and fast payback of capital costs. Santa Ana is proceeding towards permitting and construction while Corani is undergoing a Feasibility Study.
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: [email protected]
For further information, please visit the Company's website (www.bearcreekmining.com)