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.
Bear Creek Announces The Acquisition Of Two New Precious Metals Exploration Targets, Peru
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