Corporate Profile:
Bear Creek Mining was formed in 2000 as an exploration
and development company focused on Peru, a mineral-rich
nation with a favorable investment climate. The
Company's Corani and Santa Ana Projects collectively
host reserves and resources containing more than
500 million ounces of silver, plus by-product
base metals, and provide near-term production
potential and excellent leverage to silver prices.
A positive Pre-Feasibility Study for the flagship
Corani Project estimates average annual production
of 10 million ounces for the first six years
of a 27-year mine life, with low cash costs
and fast payback of capital costs. A positive
scoping study for Santa Ana has examined a proposed,
low-cost "pure silver" mine producing
5 million ounces annually in the first six years
of an estimated 12-year mine life.
Bear Creek Mining maintains aggressive exploration
programs to expand resources at its core projects
and add shareholder value to other quality properties.
The Company is led by a socially responsible
management team with an exceptional track record
of mineral discovery and mine development success
in Peru.
History of Bear Creek Mining Company
Until 1994, Bear Creek Mining Company was Kennecott
Copper Corporation's U.S. exploration subsidiary.
As exploration managers of the Kennecott subsidiary,
Andy Swarthout, and Gerry Van Voorhis played
a large role in building Bear Creek's reputation
of integrity, being a leader in innovation,
and developing exploration technology applications
for discovery.
In June 2000, Mr. Swarthout and Mr. Van Voorhis
rejoined forces to form and obtain financing
for a private company to continue exploration
in Peru. The Bear Creek name was chosen for
its positive historical significance and its
reputation for emphasis on diligent geologic
field interpretation combined with sound business
practices. The objective of the new company
was to use its Peru experience to perform grass
roots generative and acquisition programs for
copper and gold during a period when exploration
efforts were decelerating and attractive properties
were becoming available within favorable Peru
mineral belts. Field evaluations, followed by
drilling, would then be performed to add value
to the properties.
Financing was finalized in July 2000 with the
formation of Peru Exploration Ventures, a Limited
Partnership. A commitment of US$1.9M was raised
from a group of respected mining executives,
including J. David Lowell, former executives
of ASARCO and Southern Peru Copper Corp., ex-outside
directors of ASARCO, and MK Gold Corporation.
David Volkert, former exploration manager of
Peru for Barrick, was hired as vice-president
of exploration, and the Peru exploration program
was initiated in July 2000. By 2001, Bear Creek
had focused its efforts to concentrate solely
on precious metals exploration, and the current
portfolio reflects the emphasis on high-quality
gold and silver targets.
During the two-year program from 2000 to 2002,
Bear Creek established itself as a competitive,
effective, and credible exploration company
in Peru. The success is largely attributable
to our staff, but also, importantly, to our
low overhead of less than 20% of expenditures.
Over 80% of the budget was applied to direct
fieldwork and property evaluations, with 21%
of the total budget dedicated towards drilling.
The strategy to effectively drill test a property
following a positive field evaluation is a long-held
belief by Bear Creek management as critical
to the discovery of ore and adding value for
our investors.
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