BEAR CREEK AWARDS EPCM CONTRACT AND COMPLETES
posted on
Feb 28, 2011 06:17AM
Edit this title from the Fast Facts Section
MILESTONE PUBLIC HEARING FOR PERMIT PROCESS
cnw
VANCOUVER, Feb. 28 /CNW/ - Bear Creek Mining (TSX Venture: BCM / BVL:
BCM) ("Bear Creek" or the "Company") is pleased to announce the
awarding of the Engineering, Procurement and Construction Management
("EPCM") contract for the Santa Ana project to GMI S.A ("GMI"). The
work, to commence immediately, will proceed on a fast-track basis for
completion of detailed engineering and lead-time equipment procurement
in order that construction of the project can start on schedule in the
latter part of 2011. The engineering work will be carried out in Lima
at the GMI offices. Silver production is targeted for no later than
the latter half of 2012.
Additionally, on February 23, 2011, the company successfully completed
the public audience portion of the Environmental and Social Impact
Assessment ("ESIA") process. This is an important milestone in the
permitting process and the Company anticipates approval of the ESIA on
schedule in the middle part of this year.
According to Marc Leduc, President and COO, "We continue to aggressively
advance the development of the Santa Ana heap leach project for
start-up in 2012. The completion of the ESIA Public Audience and the
awarding of the EPCM work to a highly-qualified Peruvian firm are
important milestones along the path to production. Our experienced team
will be continuing to work hard to ensure a timely approval of the ESIA
by the Peruvian authorities who have demonstrated a great deal of
support for this important new mine in Peru."
ABOUT GyM AND ITS ENGINEERING SUBSIDIARY GMI
Grana y Montero ("GyM") and GMI, respectively, are the largest
construction and engineering companies in Peru, both part of the Grana
y Montero Group, a publically traded company. GyM has recently been
involved in the construction of Cerro Verde's Sulfide, Gold Field's'
Cerro Corona, San Cristobal (Bolivia), Barrick's Pueblo Viejo
(Dominican Republic), Votorantin's Cajamarquilla's expansion, Vale's
Boyovar Phosphates, Yanacocha's Gold Mill, Antamina's expansion as well
as Xstrata's Antapacay and Las Bambas projects. GMI's clients include
Antamina, Cerro Verde, Barrick, Yanacocha, Votorantin, Cormin
(Trafigura) and Pan American Silver. Sales for GyM and GMI for 2010
were US$640 and US$32 million respectively.
About Bear Creek:
Bear Creek is focused in Peru, a mineral-rich nation with a favorable
investment climate. The Company has recently completed a
Pre-Feasibility Study on its Corani Project and a Feasibility Study on
its Santa Ana Project, which together estimate measured and indicated
resources in excess of 500 million ounces of silver of which over 320
million ounces are in proven and probable reserves providing near-term
production potential and excellent leverage to silver prices. The
Feasibility Study for Santa Ana defines a low-cost "pure silver" mine
producing 5 million ounces annually in the first six years of an
estimated 11-year mine life. The Pre-Feasibility Study for the flagship
Corani Project estimates average annual production of 10 million ounces
for the first six years of an estimated 27-year mine life, with low
cash costs and fast payback of capital costs. Santa Ana is proceeding
towards permitting and construction while Corani is undergoing a
Feasibility Study.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
Andrew Swarthout - CEO, or Patrick De Witt - Investor Relations Phone: 604-685-6269 Direct: 604-628-1111 E-mail: For further information, please visit the Company's website (http://www.bearcreekmining.com/">www.bearcreekmining.com)