Feb. 1, 2011 (Canada NewsWire Group) --
VANCOUVER, Feb. 1 /CNW/ - Bear Creek Mining (TSX Venture: BCM / BVL: BCM) ("Bear Creek" or the "Company") is pleased to announce that Mr. Brad Blacketor has been appointed Chief Financial Officer of the Company effective February 1st, 2011. Mr. Blacketor, is a Certified Public Accountant with over 19 years experience in the mining industry. During the past 2 years, Mr. Blacketor has served as a financial consultant providing contract financial and accounting services to the mining industry. Previously, he was Vice-President and Chief Financial Officer of Metallica Resources Inc. Prior to Metallica, Mr. Blacketor served as Chief Financial Officer of MinCorp Ltd., and held senior management positions with Pincock, Allen & Holt, Inc. and Touche, Ross & Co. Mr. Blacketor holds a Bachelors Degree in Business Administration from Indiana University, with distinction, and a Masters Degree in Business Administration from Colorado State University.
The Company is also pleased to announce the promotions of Marc Leduc to the position of President and Mr. Elsiario Antunez de Mayolo to the position of Vice President of Operations. Mr. Leduc currently Chief Operating Officer, will take on the new role of President and Chief Operating Officer where he will continue to head the project development team for the Company's Santa Ana silver deposit, scheduled for production in 2012 and the Company's Corani Project where a feasibility study is expected to be completed Q3 2011. Mr. Antunez de Mayolo will continue in his role as General Manager of the Peruvian Branch while assuming the role of VP Operations, the team leader on the ground in Peru. Mr. Andrew Swarthout will continue his role as CEO.
Andrew Swarthout, Bear Creek CEO stated "On behalf of the Board of Directors, we are pleased to make these critical appointments as Bear Creek continues to add value through the building of two important silver mines. The Company now requires a full-time CFO and we are fortunate to have Mr. Blacketor join our team. We sincerely thank Mr. Steve Krause who served as CFO since 2003 for his dedication and professionalism."
The Board of Directors of the Company has authorized the grant of 120,000 incentive stock options to Mr. Blacketor at a price of Cdn$8.30 per share, exercisable on or before February 1, 2016. These options will vest over an 18 month period and will expire in five years.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Andrew Swarthout - CEO, or Patrick De Witt - Investor Relations
Phone: 604-685-6269 Direct: 604-628-1111
For further information, please visit the Company's website (www.bearcreekmining.com)