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Bear Creek Mining Corp.


Bear Creek Mining Corp.'s Corani and Santa Ana projects contain more than 500 Moz silver, including more than 330 Moz in reserves, providing near-term production potential and excellent leverage to silver prices. The feasibility study for the flagship Corani project estimates average annual production of over 13 Moz silver (plus lead and zinc credits) for the first five years of a 20-year mine-life, with extremely low cash costs and fast payback of capital costs. The project is proceeding towards permitting and construction.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Trevor Turnbull, Scotia Capital (10/15/14) "Bear Creek Mining Corp.'s optimized Corani feasibility study is expected in Q1/15. The company is focused on capex reductions, modified project design and optimization parameters. . .with CA$43M cash at the end of Q2/14, we believe Bear Creek has a liquidity runway of several years at current silver prices."

The Gold Report Interview with David Morgan (10/8/14) "One developer we are quietly bullish on is Bear Creek Mining Corp., as we think the government of Peru will return the Santa Ana project in full." More >

Eric Zaunscherb, Canaccord Genuity (9/8/14) "Bear Creek Mining Corp.'s primary asset is the wholly owned Corani silver-lead-zinc deposit in Peru, featuring 270 Moz silver in reserves and 136.7 Moz in additional resources. . .the company provided an update on progress in extensive optimization studies, which target maintaining capex at the $600M level, maintaining low operating costs and reducing the environmental footprint, thereby potentially easing the permitting process."

Trevor Turnbull, Scotia Capital (9/8/14) "Bear Creek Mining Corp. announced several cost-saving design modifications at its Corani silver-lead-zinc project in Peru following optimization studies. . .the company states that the proposed design modifications suggest construction costs could be kept in the $600M range, offsetting inflation since the 2011 feasibility study. . .importantly, Bear Creek does not expect the changes to require a new ESIA."

Andrew Kaip, BMO Capital Markets (8/12/14) "Bear Creek Mining Corp. announced that it intends to commence arbitration, under the Free Trade Agreement, against the government of Peru regarding the dispute to operate the Santa Ana project. . .at stake for the Peruvian government are claims of damages that exceed $400M and represent a strong incentive towards a negotiated settlement."

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Eric Zaunscherb, Canaccord Genuity (8/12/14) "Bear Creek Mining Corp. has submitted a formal request to commence arbitration proceedings concerning the Santa Ana silver project under the Canada-Peru Free Trade Agreement. . .this step is necessary to preserve the company’s rights with regard to the project."

The Gold Report Interview with Alberto Arispe (6/3/14) "There just was a Peruvian high court ruling in a dispute involving Bear Creek Mining Corp., which is a Canadian junior company with assets in southern Peru in Puno. In 2011, there was a revolt in Puno over the company's Santa Ana project and the local communities blocked the project. . .but the company stayed alive because during this time, it was able to keep working its Corani project, which is bigger than Santa Ana. Now the courts have ordered the government to restore Bear Creek's mining license. In Peru, mining investments represent nearly 12% of GDP. Mining represents 30% of governmental revenues and 60% of exports. The government needs this money from the mining industry to continue with its social programs. That is why it has turned more friendly to the industry. All of us want the government to be more proactive and accelerate permitting to get the mining industry moving faster." More >

Trevor Turnbull, Scotia Capital (5/14/14) "The Lima First Constitutional Court recognized Bear Creek Mining Corp.'s title to the Santa Ana property, returned the company's rights and reaffirmed that the project remains in the national interest. . .we consider this a positive development for the company."

Andrew Kaip, BMO Capital Markets (5/13/14) "Bear Creek Mining Corp. announced that the Lima First Constitutional Court has ruled on the action brought by the company against the Peruvian government regarding its right to operate the Santa Ana project. . .the decision states that company's constitutional rights were violated and that those rights are now unconditionally returned to operate the Santa Ana concessions. . .if the parties have not reached a negotiated resolution by the August 7, 2014, Bear Creek intends to initiate formal arbitration proceedings under the Free Trade Agreement."

The Gold Report Interview with Rick Rule (3/17/14) "Bear Creek Mining Corp. got its social license in Peru. There had been questions as to whether either of the company's development projects would be able to be developed given local opposition in Peru. Bear Creek got the backing of every prominent local group and a landmark agreement between the central government of Peru and the local government that would allow for more equitable distribution to the region of tax, royalties and the social rents from mining."

Andrew Kaip, BMO Capital Markets (2/26/14) "Bear Creek Mining Corp. is steadily progressing development of the Corani project, with the ESIA approved in late 2013. The feasibility study outlined average annual production of 23 Moz Ag eq over the first five years and mine-life average annual production of 14.7 Moz Ag eq. . .the study was based on reserves of 270 Moz silver, 3.1 Blb lead and 1.7 Blb zinc."

John Kratochwil, Canaccord Genuity (1/19/14) "We maintain our Speculative Buy rating on the shares of Bear Creek Mining Corp. . .we believe this would present a more palatable option for Bear Creek due to the lower upfront capital cost requirement. . .basing a valuation on the results of the technical report and assuming some capital cost inflation to $80M, we estimate that the project could be worth approximately $230M."

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