TEMPE, Ariz., June 17 /PRNewswire-FirstCall/ -- Big Bear Mining Corp. (OTC Bulletin Board: BGBR) ("The Company") ("BGBR"), a U.S. based exploration and development company, focused on the acquisition and development of gold and other precious commodity projects, outlines corporate strategy and provides an update to shareholders in an open letter from Company CEO, Steven Rix.
Due to the high level of uncertainty in the global markets and recent erosion in our share price, I felt it would be prudent to provide an overview of our accomplishments since I joined the Company in April as well as outline our corporate goals over the next 6-12 months. Our goal at Big Bear Mining, first and foremost, is to enhance shareholder value. Our management team collectively holds approximately 40% of the shares outstanding, all of which are restricted shares. As a team, we are in this with you and see this as a long term commitment. I am very much excited about the potential of the projects we are working on currently as well as future projects we are seeking to acquire. Our ultimate goal is to develop a portfolio of projects of the highest quality and technical standards. We intend to accomplish our stated goals by adhering to the strictest standards of environmental and corporate compliance.
Below is an outline of what we have accomplished since I joined the company in April:
- $1.4M financing commitment received from Intosh Financial Services.
- BGBR works with well known prospector, Perry English to acquire 100% interest in its first group of claims in the Skinner and Shabu Lake townships in Ontario. The claims are located in the Birch Uchi Area of the Red Lake Mining District, Ontario Canada.
- BGBR acquires 100% interest in the Sol d'or Mine and other claims located in Ontario, Canada.
- BGBR acquires 100% interest in an additional group of claims in Steven's Lakes Group located in Ontario, Canada.
- John Glasscock, geologist with Cowboy exploration, accepts role as a director on the board with BGBR.
- BGBR engages Billiken Management to perform compilation work on all claims in Western Ontario.
- Jim Baughman, geologist and accomplished corporate businessman accepts role as a director with BGBR.
Below is a list of our goals over the next 6-12 months:
- Acquire an additional project with near term potential for drill testing - Q3
- Commence geologic surface evaluation on Red Lake district claims - Q3
- Build out Board of Directors and add to Management Team - Q3
- Report surface sample results in Red Lake and announce next phase of exploration - Q3
- Raise additional funds, between $1.5M to $3M, to fund ongoing exploration and acquisition strategy - Q4
- Report results from other properties and announce next phase of development - Q4
- Enter into joint venture property opportunity with a respected mining corporation - 1Q11
- Meet and speak with Retail and Institutional investors to enhance visibility - ongoing
We plan to meet each of our stated goals within the stated timeline. We understand shareholders will measure us by our accountability and our ability to execute. As we show shareholders we are able to do both, we believe our value will increase. Thank you for your support and we look forward to providing additional updates on our progress in the future.
Chief Executive Officer
Big Bear Mining Corp.
About Big Bear Mining Corp.:
Big Bear Mining Corp. is a US based exploration and development company, focused on the acquisition and development of Gold and other precious commodity projects which demonstrate high probability for near term production. Big Bear is a fully reporting company quoted on the OTCBB under the symbol BGBR.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the development of a portfolio of projects of the highest quality and technical standards, or that we will accomplish our stated goals by adhering to the strictest standards of environmental and corporate compliance or within the timelines referred to in this news release.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
(480) 366 – 5880
SOURCE Big Bear Mining Corp.