TEMPE, Ariz., March 31, 2011 /PRNewswire/ -- Big Bear Mining Corp (OTCPK: BGBR), a U.S. based exploration company focused on the acquisition and development of gold and other precious commodity projects, announced today that it has received the commitment of an institutional investor to make an equity investment into the Company of approximately $500,000. The investment, which closed on 3/30/2011, will be priced at fifteen cents per share of the Company's common stock with no warrant coverage.
The Company is also pleased to announce that it has signed a letter of intent to acquire a series of contiguous properties in the Lewiston mining district of central Wyoming. Completion of the acquisition is subject to our successful completion of due diligence and to the execution of a definitive option agreement. The mining claims have a proliferation of high grade showings and represent an excellent project for drilling in the 2011 season.
Finally, the Company intends to announce detailed 2011 exploration plans for all of its projects upon completion of the most recent acquisition. CEO Steve Rix stated, "The equity commitment will allow us to begin our exploration initiatives in 2011 and we will provide additional updates regarding the acquisition of properties in the Lewiston mining district as they become available. This acquisition further strengthens our portfolio of gold projects which include claims located in the Red Lake Mining District, and Rattlesnake Hills." The Red Lake Mining District is home to the largest gold mine in Canada, owned by Gold Corp. Rattlesnake Hills is the location of Evolving Gold's Northstock project. Gold Corp purchased 15% of Evolving Gold in July, 2010.
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 accomplishment of any of our plans listed for 2011 such as any acquisitions, geophysics, drilling programs or results from such programs, and the timelines within which such items may be accomplished, as 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.
SOURCE Big Bear Mining Corp