VANCOUVER, Jan. 30 /CNW/ - Bear Creek Mining (TSX Venture: BCM) ("Bear Creek" or the "Company") is pleased to announce that further to the news release dated December 20, 2006, 2,072,210 warrants have been exercised resulting in the addition of CDN$6,955,000 to the Company's cash position. The Company is pleased to report that all of the outstanding Series D and E warrants outstanding were exercised.
With the addition of over CDN$6.9 million to the Company's treasury Bear Creek is in an excellent position to continue to add shareholder value through its ongoing drill programs on several of its precious metals prospects, including both the Corani and Santa Ana silver deposits. Bear Creek will also be fast tracking a pre-feasibility study at the world class Corani Silver deposit during 2007.
Andrew Swarthout, President/CEO, states that, "The early exercise of these warrants provides the Company with additional capital with which to continue our fast-track development of Bear Creek's two exciting silver deposits, Corani and Santa Ana, and provides the opportunity to add further value by drilling several new targets that our exploration group is moving to the drill-ready stage without adding any additional dilution."
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
All of Bear Creek's exploration programs and pertinent disclosure of a technical or scientific nature are prepared by or prepared under the direct supervision of David Volkert, P.Geo. Bear Creek's Vice President of Exploration, who serves as the qualified person (QP) under the definitions of National Instrument 43-101. All diamond drilling has been performed using HQ diameter core with recoveries averaging greater than 95%. Core is logged and split on site under the supervision of Bear Creek geologists. Sampling is done on two-meter intervals and samples are transported by Company staff to Cusco, Peru for direct shipping to ALS Chemex, Laboratories in Lima, Peru. ALS Chemex is an ISO 9001:2000-registered laboratory and is preparing for ISO 17025 certification. Silver, lead, and zinc assays utilize a multi-acid digestion with atomic absorption ("ore-grade assay method"). The QC/QA program includes the insertion every 20th sample of known standards prepared by SGS Laboratories, Lima. A section in Bear Creek's website is dedicated to sampling, assay and quality control procedures.
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. (x)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.