Bear Creek Mining Announces Hiring of VP Exploration and Geology, and Drawdown of Funds Under Sandstorm Promissory Note
Bear Creek Mining announced the appointment of Donald Mc Iver as Vice President, Exploration and Geology. Mc Iver brings over 35 years of experience, especially in Latin America, and has held senior roles in companies like Barrick Gold and Ausenco. Concurrently, Eduard Roux will resign as Vice President, Project Development, effective August 13, 2024, to join Antamina copper-zinc operation in Peru.
The company also reported a drawdown of US$1,125,000 under the Sandstorm Promissory Note for ongoing exploration at Mercedes and general working capital. The total amount drawn to date is US$1,875,000, with a potential total principal amount of US$21,642,612.35 if all credits are drawn by August 2024. Sandstorm Gold holds the option to convert these amounts into shares before September 2028, pending TSX Venture Exchange approval.
Bear Creek operates the Mercedes gold mine in Mexico and the Corani silver-polymetallic deposit in Peru, noted for its significant reserves and low operating costs.
- Appointment of experienced geologist Donald Mc Iver as VP, Exploration and Geology.
- Successful drawdown of US$1,125,000 for exploration and working capital.
- Potential to draw up to US$21,642,612.35 under Sandstorm Promissory Note.
- Resignation of Eduard Roux, VP Project Development, effective August 13, 2024.
- Sandstorm Gold can convert drawn amounts into common shares, potentially diluting current shareholders.
Vancouver, British Columbia--(Newsfile Corp. - July 8, 2024) - Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) ("Bear Creek" or the "Company") announces the hiring of Mr. Donald Mc Iver in the position of Vice President, Exploration and Geology. Mr. Mc Iver is a geologist with over 35 years of international experience managing production geology teams and directing advanced exploration and development teams in Latin America and elsewhere. He has served in senior roles, primarily in Peru, for international and Latin America-focused mining and exploration companies and consulting firms, including Barrick Gold, Ausenco, Palamina, Mineral IRL, and others. Mr. Mc Iver holds a MSc degree in Exploration and Economic Geology from Rhodes University in South Africa and is a Fellow of both the SEG & AusIMM, a registered and recognized Qualified Person (as such term is defined in National Instrument 43-101) for more than 15 years, and a past member of the SEG Board of Trustees.
Mr. Eduard Roux, Vice President Project Development, has informed Bear Creek of his intent to resign from the Company effective August 13, 2024 in order to accept the position of Senior Manager for the Life Extension 2 program at the Antamina copper-zinc operation in Peru. The Board of Directors and management of Bear Creek thank Mr. Roux for his service to the Company over the past several years.
Drawdown
Funds in the amount of US
Pursuant to the terms of the Sandstorm Promissory Note, Sandstorm has made available to the Company credit in the amount of up to US
As of the date of this news release, an aggregate of US
About Bear Creek Mining
Bear Creek Mining is a precious metals producer with a world-class development asset. Our Mercedes mine in Sonora, Mexico is a cash flow generating gold mine with operational upside and exciting exploration potential. Our Corani silver-polymetallic deposit in Puno, Peru is one of the largest fully permitted silver deposits in the world and is highlighted by its substantial reserves and resources, low estimated operating costs and overwhelming community support. Bear Creek Mining has field offices in Hermosillo, Mexico and Lima, Peru, in addition to its head office at Suite 3200, 733 Seymour Street, Vancouver, BC V6B 0S6.
On behalf of the Board of Directors,
Eric Caba
President and Chief Executive Officer
For further information contact:
Barbara Henderson - VP Corporate Communications
Direct: 604-628-1111
E-mail: barb@bearcreekmining.com
www.bearcreekmining.com
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Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements regarding: the forthcoming resignation of Mr. Roux; the expected ability to draw down under the Sandstorm Promissory Note in the future; Bear Creek's ability to fulfill its obligations under the Sandstorm Promissory Note; Sandstorm's election to convert all or a portion of the Additional Credit or the principal of the Sandstorm Promissory Note into common shares of the Company; the Company obtaining approval from the TSX Venture Exchange; and other statements regarding future plans, expectations, exploration potential, guidance, projections, objectives, estimates and forecasts as well as the Company's expectations with respect to such matters.
These forward-looking statements are provided as of the date of this news release, or the effective date of the documents referred to in this news release, as applicable, and reflect predictions, expectations or beliefs regarding future events based on the Company's beliefs at the time the statements were made, as well as various assumptions made by and information currently available to them. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to: that the requisite regulatory approvals will be received; and that the Company will be able to meet its obligations under the Sandstorm Promissory Note.
Although management considers these assumptions to be reasonable based on information available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions on which they are based do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the expectations expressed in them. These risk factors may be generally stated as the risk that the assumptions expressed above do not occur, but specifically include, without limitation, risks relating to general market conditions and the additional risks described in the Company's latest Annual Information Form, and other disclosure documents filed by the Company on its SEDAR+ page at www.sedarplus.ca. The foregoing list of factors that may affect future results is not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on behalf of the Company, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215609
FAQ
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