February 14, 2012 - Bearing Resources Ltd. ("Bearing", or the "Company") (TSX-V Symbol BRZ.V) is pleased to announce the Company has received its first royalty payment from Imperial Metals Corporation ("Imperial"). Bearing holds a royalty on a portion of the Boundary deposit at Imperial's Mt Polly mine in the Cariboo region of British Columbia.
The initial payment of $4,140 relates to 1,656 tonnes mined and milled in August, 2011.The royalty is $2.50 per tonne for the first 400,000 tonnes of material milled and then $1.25 per tonne for all tonnes milled in excess of 400,000 tonnes. The royalty per tonne in excess of 400,000 tonnes milled can be reduced to $0.62 per tonne by Imperial making a payment of $1,000,000. Bearing is entitled to 90% of the royalty payments.
Geoff Chater, President and CEO commented, "We are pleased that Imperial has begun to mine the open-pit portion of the Boundary zone at their Mount Polley mine. We expect to receive more meaningful periodic monthly royalty payments as Imperial develops the deposit. Imperial continues to conduct underground exploration below the open-pit with impressive results. Royalty revenue will be used to advance Bearing's exploration portfolio in British Columbia and Mexico."
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 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 26,474 hectare Parrandera copper-gold project located in the Mapimi region of eastern Durango, Mexico.
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