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Bear Creek Completes Earn-In On Corani Silver Deposit; Final
Payment To Rio Tinto Vests Ownership At 70%
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Vancouver, B.C. - 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.
- End -
Andrew Swarthout - President and CEO, or Patrick De Witt - Investor
Relations
Phone: 604-685-6269 Direct: 604-628-1111
E-mail: info@bearcreekmining.com
For further information, please visit the Company's website
(www.bearcreekmining.com)
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Copyright (c) 2008 BEAR CREEK MINING CORPORATION (BCM) All rights
reserved. For more information visit our website at
http://www.bearcreekmining.com/ or send mailto:info@bearcreekmining.com
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