VANCOUVER, May 10, 2018 /CNW/ - Bear Creek Mining
Corporation ("Bear Creek" or the "Company") (TSX Venture: BCM) is
pleased to announce that a Mine Construction Permit and an
Accreditation of Water Availability have been granted by the
Peruvian Ministry of Energy and Mines ("MEM") and the Water
Authority within the Ministry of Agriculture, respectively, for the
Corani silver-lead-zinc project located in southern Peru.
The Mine Construction Permit authorizes the stripping and
extraction of ore according to the Corani Mine plan, and the
construction of auxiliary and complementary mine facilities such as
access roads, the mine camp and maintenance and storage buildings.
The Accreditation of Water Availability confirms that the water
resources required for construction and operation of the Corani
Mine are available for use in the project. A separate permit for
the construction of the Corani process plant, waste and tailings
disposals, water storage system and processing-related facilities
(the "Process Plant Construction Permit") is currently under review
and pending approval. These permits, together with the Company's
approved Environmental and Social Impact Assessment ("ESIA") that
underlies them, are the key authorizations required to construct
the Corani mine and the granting of these permits represents a
substantial mitigation of project development risk.
Tony Hawkshaw, President and CEO,
states, "Corani is one of the largest undeveloped
silver-polymetallic deposits in the world. The Corani mine design
is world-class and utilizes proven, modern technologies to achieve
robust economic returns while minimizing environmental impacts. We
appreciate the timely review of our permit applications by the
various Peruvian Ministries involved, including the Ministries of
Energy and Mines, Agriculture, and Culture. Bear Creek Mining is
committed to supporting the communities around the Corani project
by promoting productive economic activities representative of the
historic and cultural practices of the area. These efforts,
undertaken jointly by the Company and the communities, have helped
to establish an excellent relationship with local communities
throughout the project's history including during the permit
approval process. Our Board of Directors will consider a Corani
construction decision when a compelling project financing structure
is arranged. Receipt of these key permits is a major step that will
help attract sources of capital."
In the near future, Bear Creek will commence Phase 2 detailed
engineering work, which is expected to lead into an Engineering,
Procurement and Construction ("EPC") or EPC Management ("EPCM")
contract. Additionally, with the Mine Construction Permit approved,
the Company may commence early works projects including the
construction of the Corani camp facilities and the access road from
the camp to the project area, a distance of approximately 12 km.
Permitting for the construction of an electrical substation and
power line near the town of Macusani is underway, which will also
improve the electrical system of the districts of Macusani and
Corani.
On behalf of the Board of Directors,
Anthony Hawkshaw
President and CEO
Caution Regarding Forward Looking Information
This
news release contains forward-looking statements regarding: the
Company's planned work programs for the Corani project during 2018;
the conditions under which the Company may consider a construction
decision for the Corani project, the Company's expectations
regarding environmental effects and economic returns; and, future
permits the Company expects to receive. 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. 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 and estimates expressed above do not occur, but
specifically include, without limitation, risks relating to: the
Company's receipt of future permits to conduct work at the Corani
project; the nature of work planned pursuant to the Company's
existing permits; the Company's ability to secure financing, on
favourable terms, to construct the Corani mine; sufficiency of the
Company's working capital to complete its anticipated work
programs; and the additional risks described in the Company's
latest Annual Information Form, and other disclosure documents
filed by the Company on SEDAR. The foregoing list of factors that
may affect future results is not exhaustive. When relying on
our forward-looking statements, 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.
The 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.
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SOURCE Bear Creek Mining Corporation