Mar 29 2014
Bearing Resources Ltd. ("Bearing", or the "Company") is pleased to announce that it has received notice from Newmont de Mexico, S.A. de C.V ("Newmont"), a wholly owned subsidiary of Newmont Mining Corporation, that it plans to commence drilling on Bearing's Pedro property in Durango Mexico this week.
Newmont is exploring the Company's wholly owned Pedro gold project in Durango, Mexico under an option agreement dated September 24, 2013 and plans to drill 600 metres of core and 2,400 metres of RC. Since signing the September agreement, Newmont has completed soil sampling in the gap area between the main Pedro grid and the smaller Pedro north grid where Bearing discovered extensive hydrothermal alteration and anomalous gold in rocks and soils. Newmont also completed a wide-spaced CSAMT geophysical survey over the anomalous area. CSAMT is a ground based geophysical system capable of estimating bedrock resistivity at depth and which could potentially detect silicified structures or horizons.
Robert Cameron states, "I am very pleased to see the Pedro property advance rapidly to the drill stage under the guidance of our partner, Newmont. This newly discovered, large footprint, epithermal gold system represents a newly recognised style of mineralization in a district known for its silver-rich endowment."
As previously announced in news release dated September 24, 2013 Newmont may earn an initial 51% interest over a 5 year period by paying US$50,000 on signing (paid) and US$750,000 at the end of year 5 and contributing US$2.2 million in exploration expenditures (US$150,000 by the first anniversary; a cumulative US$400,000 by the third anniversary and a cumulative US$2.2 million by the fifth anniversary of the Agreement) and additionally earn a further 24% interest by spending US$10 million, or by preparing a pre-feasibility study (whichever occurs first) within 5 years of earning the initial 51% interest. Bearing may then elect to have Newmont fund all costs to production for an additional 5% interest to Newmont. Bearing's share of these costs will be recouped by Newmont from 90% of Bearing's share of earnings from mine production.
Robert Cameron, P.Geo., President and CEO who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
About Bearing Resources
Bearing is a Canadian based precious and base metal exploration company with projects located in British Columbia, the Yukon and Mexico. In Mexico the Company's partner Newmont is advancing the Pedro epithermal gold project while in British Columbia the Company has discovered a gold-bearing skarn system on its October Dome property. The Company's Mount Polley project is located in near Imperial Metals Corporation's ("Imperial") Mt. Polley copper-gold mine and includes a production royalty on the Boundary property. The Company also holds interests in projects in the Yukon including the Flume Project in the White Gold District.
BEARING RESOURCES LTD.
Robert Cameron, President & CEO