(August 11, 2011)
Bearing Resources Ltd. ("Bearing", or the "Company") (TSX-V: BRZ) is pleased to announce that the Company has entered into an option agreement with Precipitate Gold Corporation ("Precipitate") whereby Precipitate can earn up to a 70% interest in the Company's Jay East Property ("Jay East"), located in the Watson Lake Mining District, the Yukon Territory.
To earn an initial 51% interest Precipitate must make cash payments totaling $480,000 and complete exploration expenditures totaling $2,000,000 over a five year period. Precipitate may earn an additional 19% interest by completing a feasibility study and making additional cash payments totaling $300,000.
Jay East comprises 108 claims covering 2,046 hectares and is located immediately to the east and south of Precipitate's REEF property. The REEF property contains a series of gold occurrences and gold-arsenic in soil anomalies originally known as "FER" that were discovered and outlined in the late 1990s, and which appear to be analogous to other reported occurrences in the Upper Hyland area. Jay East is thought to contain the same host rock and structural regime as the REEF property and will be explored for possible extensions of that gold mineralizing system.
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.
About Precipitate Gold
Precipitate Gold Corp is a private company focused on early phase gold exploration in southern Yukon and northern British Columbia. The REEF property is the most advanced in a group of properties held under option from Strategic Metals Ltd. Precipitate also owns the Bloom claims east and south of the Jay East property.
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