VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2011) - Bearing Resources Ltd. ("Bearing", or the "Company") (TSX VENTURE:BRZ) is pleased to announce that the Company has acquired a 100% interest in the HY claims located in the Watson Lake Mining District of the Yukon from Freeport-McMoRan of Canada Limited, formerly Phelps Dodge Corporation of Canada Limited ("Freeport"). The HY claims are situated within the Upper Hyland Gold Belt, the south-eastern extension of the regional Tintina Gold Belt, which hosts a number of prospects including the nearby 3Ace discovery of Northern Tiger Resources Inc. The HY claims are comprised of 48 claims totalling 9,974 hectares and are surrounded by Bearing's Jay claims (view property map at www.bearingresources.ca).
Robert Cameron, Vice President of Business Development, commented, "The HY claims enhance the Company's existing land position in the Upper Hyland Gold Belt. HY hosts known occurrences of high grade gold mineralization and, in light of Northern Tiger's recent 3Ace discovery, it is a key target area within the belt."
Under the terms of the purchase agreement with Freeport, the Company has acquired a 100% interest in the claims through a one-time payment of $50,000. The claims are subject to a 2% net smelter royalty ("NSR") payable to Freeport which can be reduced to a 1% NSR through a one-time payment of $1,000,000. In addition, should Bearing sell, assign or option all or a portion of the property to a third party during the first year, Freeport will be entitled to 30% of the proceeds received that exceed the original purchase price up to $500,000 and 25% of the proceeds over $500,000. After the first year no further payments are due to Freeport other than the NSR.
Work completed by Freeport in 1997 and 1998 outlined two areas of anomalous gold in rock and soil, the West and East zones. The West zone anomaly trends north-northwest for 1.4 kilometres (defined by a 20 ppb gold in soil contour) with soil geochemical values up to 909 ppb* gold and 253 ppm* arsenic. The East zone anomaly is located 800 metres east of the West zone and is 900 metres in length (defined by 20 ppb gold in soil contour) with soil geochemical values up to 1,259 ppb* gold and 1,783 ppm* arsenic. Eight rock samples collected by Freeport from quartz veins hosted in meta-sediments returned values greater than one gram per tonne gold with one grab sample returning 144 grams per tonne gold. In 2005, a three hole, 232 metre drill program was conducted by Dentonia Resources Ltd. (who had optioned the property from Freeport) that attempted to test the West (1 hole) and East Zones (2 holes from 1 location), but failed to identify the bedrock source of the anomalies. (* ppb = parts per billion, ppm = parts per million)
The Company's Yukon exploration portfolio now includes six projects (HY, Jay, Jay East, VBA, VM and VF) in the Upper Hyland Gold Belt, one project (Big) in the Tombstone Gold Belt and one project (Flume) in the White Gold District. Initial exploration work was completed on all of the Yukon properties in 2011. This work is currently being reviewed and compiled.
Robert Cameron, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
About Bearing Resources
Bearing is a Canadian based precious and base metal exploration company with projects located in British Columbia, the Yukon and Mexico. Bearing has an option to earn up to a 65% interest in the 12,113 hectare Zymo copper-gold project ("Zymo"), located 45 kilometres west from the town of Smithers, British Columbia. The Company's Mount Polley and October Dome projects are located in British Columbia adjacent to Imperial Metals Corporation's ("Imperial") Mt. Polley copper-gold mine and includes a potential production royalty on the Boundary property, with Imperial. In the Yukon, Ryan Gold Corp. has been granted a right to earn up to 75% interest in Bearing's Flume property located within the White Gold District. Bearing also holds a portfolio of Yukon exploration properties located near Golden Predator's Clear Creek gold project and Northern Tiger's 3Ace gold project. In addition, Bearing is conducting generative exploration in Mexico and early stage exploration at the 26,849 hectare Parrandera copper-gold project located in the Mapimi region of eastern Durango, Mexico.
BEARING RESOURCES LTD.
Geoff Chater, President & CEO
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to exploration results involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Bearing to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of commodities, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia and Alberta.
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.