The field program will commence next month and include mapping, trenching, and geophysics in preparation for Phase I drilling anticipated in the fourth quarter of 2013. Drilling will define the various veins for grade continuity laterally and at depths up to 300 meters. In addition, drilling may test the potential of the Cu-Au-Mo target pending further field work.
Under the option agreement with a private Peruvian third party, Bear Creek Mining may acquire 100% of Maria Jose (3,500 hectares) by making escalating payments totaling US$4 million over 4 years. The initial option payment is US$300,000 and the second payment of US$250,000 is due in 18 months, allowing the Company sufficient time to complete initial drill testing to define the potential in advance of larger, balloon payments. An additional payment of US$2 million must be made if the deposit is greater than 1 million ounces gold in resources as defined by NI 43-101 technical report. There are no royalty provisions under the agreement.
Consistent with the Company's aggressive generative exploration philosophy, several additional prospects in the portfolio are being evaluated for future acquisition or drilling.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."Regulatory footnotes: 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 Marc Leduc, P. Eng., President and COO, Christian Rios, P.Geo. Exploration Manager and the CEO, Andrew Swarthout, P.Geo., who serve as the Qualified Persons under the definitions of NI 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 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. These risks, uncertainties and other factors are disclosed in Bear Creek's continuous disclosure filings with Canadian securities regulators including its most recent annual information form, available on www.sedar.com. 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. SOURCE Bear Creek Mining Corporation