VANCOUVER, March 23 /PRNewswire/ - Bear Creek Mining (TSX Venture: BCM / BVL: BCM) ("Bear Creek" or the "Company") announces that the board of directors has authorized the grant of 893,000 incentive stock options under its incentive stock option plan to directors, officers and employees of Bear Creek and a consultant performing investor relations activities, at an exercise price of $10.77 per share. These options are exercisable for a five-year period and the grant is subject to vesting provisions in accordance with the Company's Stock Option Plan. This represents the first stock option grant made by the Company since January 2009 and is designed to compensate directors and incentivize key employees. The grant also recognizes the Company having achieved significant milestones in the past two years, particularly the completion of the Santa Ana Feasibility Study leading to a financing in 2010 which fully funds the build-out of this robust silver project.
About Bear Creek:
Bear Creek is focused in Peru, a mineral-rich nation with a favorable investment climate. The Company has recently completed a Pre-Feasibility Study on its Corani Project and a Feasibility Study on its Santa Ana Project, which together estimate measured and indicated resources in excess of 500 million ounces of silver of which over 320 million ounces are in proven and probable reserves providing near-term production potential and excellent leverage to silver prices. The Feasibility Study for Santa Ana defines a low-cost "pure silver" mine producing 5 million ounces annually in the first six years of an estimated 11-year mine life. The Pre-Feasibility Study for the flagship Corani Project estimates average annual production of 10 million ounces for the first six years of an estimated 27-year mine life, with low cash costs and fast payback of capital costs. Santa Ana is proceeding towards permitting and construction while Corani is undergoing a Feasibility Study.
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SOURCE Bear Creek Mining Corporation