BCM News - Acceleration of warrants expiration: Proceeds to fund continued aggressive exploration in Peru
09:30 EST Wednesday, December 20, 2006
globeinvestor.com
/NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./
VANCOUVER, Dec. 20 /CNW/ - Bear Creek Mining Corporation (TSX Venture: BCM) ("Bear Creek" or the "Company") is pleased to announce that the "Accelerated Expiry Provision" described in the Series D and Series E share purchase warrants (collectively, the "Warrants") originally issued by the Company onApril 7, 2005 and August 30, 2005 , respectively, has occurred, in that over a period of 20 consecutive trading days the weighted average closing price of Company's shares on the TSX Venture Exchange has been greater than Cdn$1.90 and Cdn$5.24 per share, respectively.
The Company has elected to accelerate the expiry of the Warrants and the Expiry Date will now be January 22, 2007. Notice of the acceleration of the expiry of the Warrants is being mailed to the holders of the Warrants.
The holders may exercise the Warrants before 4:00 p.m. (Vancouver time) on January 22, 2007 by surrendering to the agent of the Warrants, Pacific Corporate Trust Company at 2nd Floor, 510 Burrard Street, Vancouver, BC V6C 3B9, Attention: Stock Transfer Dept., the Warrant certificate, together with (i) a duly completed and executed exercise form in the form attached to the Warrant certificate; and (ii) a certified cheque, bank draft or money order payable to Bear Creek Mining Corporation in an amount equal to the purchase price of the number of shares subscribed for.
There are currently 2,061,420 Warrants outstanding and if all the Warrants are exercised, the Company would receive Cdn$6,909,450. Bear Creek's largest shareholder, Silver Wheaton Corp. (270,000 Series E Warrants) along with management and directors of the Company (294,000 Series D Warrants) have committed to exercising and holding all of their Warrants This represents 27% of the total outstanding Warrants. Bear Creek plans to utilize the proceeds of the early warrant exercise to continue to add shareholder value through ongoing drill programs at both the Corani andSanta Ana silver deposits as well as completing a prefeasibility study at Corani during 2007. In addition, Bear Creek will be providing an update in early January on several additional new precious metals prospects being acquired that warrant initial drilling in 2007.Andrew Swarthout , President/CEO, states that "the early exercise of these warrants will provide the Company with additional capital to continue our fast-track development of Bear Creek's two exciting silver deposits and provide the opportunity to add further value by drilling several new targets that our exploration group is moving to the drill-ready stage. Importantly, these funds will be immediately available without additional shareholder dilution."
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information, please visit the Company's website
(www.bearcreekmining.com)
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 ofDavid 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. *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.
For further information: Andrew Swarthout, President and CEO, or Patrick De Witt, Investor Relations, Phone: (604) 685-6269, Direct: (604) 628-1111, E-mail: info@bearcreekmining.com |
