http://www.bearcreekmining.com/s/newsreleases.asp?ReportID=605107
Vancouver, B.C. - Bear Creek Mining (TSX Venture: BCM / BVL: BCM) ("Bear Creek" or the "Company") is pleased to announce that the Peruvian Ministry of Energy and Mines ("MEM") has approved the Environmental and Social Impact Assessment ("ESIA") for the Corani silver- lead-zinc project located in southern Peru.
Corani represents a rare asset class containing 270 million ounces of silver and 4.8 billion pounds of combined lead and zinc which is forecasted to produce over 13 million ounces of silver/year at a negative cost of $0.45 per ounce of silver, net of by-product credits, for the first 5 years of a 22 year mine life. Subsequent steps in the advancement of the Corani project are intended to include detailed engineering followed by construction permits flowing from the ESIA.
Andrew Swarthout, Bear Creek's CEO, states that "We sincerely appreciate the strong support from the local communities and the various Peruvian Ministries, including MEM, during the approval process. We also express our gratitude to the Peruvian central government for establishing investments in infrastructure along side of our life-of-mine community investment commitments. Bear Creek is excited to move this important project forward towards development."
Mr. Swarthout continues "We are also encouraged by recent conversations with the Peruvian government towards the resolution of issues regarding the Santa Ana silver project, which remains under the conditions of the Supreme Decree issued in June 2011. The successful resolution of these issues and returning Bear Creek's right to operate Santa Ana is critical to the Company's ability to raise financing for the construction of Corani. Based upon the successful acquisition of the social license through long-term community investment agreements at Corani, we strongly believe that the model has been demonstrated that will establish social license at Santa Ana. We look forward to working with the government and local communities in reaching a resolution thereby avoiding ongoing and future litigation while provid
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