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Economic Exploration Principles Bear Creek's continued success is firmly rooted in several exploration principles for the discovery of economic mineral deposits: Discovery motivated The management and staff of Bear Creek share an unparalleled instinct for successful mineral projects. For instance, J. David Lowell, (former Chairman and current technical advisor to the CEO), has managed programs leading to the discovery of 10 ore deposits. Both Mr Lowell and Bear Creek's current Chairman Catherine McLeod-Seltzer have substantial Peruvian experience. In 1993 they co-founded Arequipa Resources, the most aggressive gold exploration company in Peru, which was taken over by Barrick in mid-1996. An additional 12 deposit discoveries are attributed to Andrew Swarthout, President, and David Volkert, Vice-President of Exploration. Bear Creek's board is comprised of experienced mining executives, including Gerald Van Voorhis, who has had a distinguished career leading successful exploration programs throughout the world for major mining companies. Agile decision-making Bear Creek's depth of experience leads to effective decision-making regarding potential prospects. A field-oriented management style and a flat organizational structure provide for timely decisions and a continued focus on the most prospective targets. Having successful and experienced explorationists in the field to rapidly determine the economic potential of a prospect and to complete the acquisition provides for opportune response to market conditions. Field-directed application of funds Bear Creek has expended, on average, over 80% of its budgets on direct project exploration such as geologic mapping, drilling, geochemical sampling, or metallurgical test work. Focus on Peru Bear Creek's Peru-based management team is a blend of U.S. and Peruvian expertise with over 16 years of exploration experience in the country. By focusing on Peru, Bear Creek has developed valuable relationships with local gold and silver companies and property holders, and the company's field programs are provided the full support of management including valuable technical oversight. Bear Creek's experience in Peru provides a unique, in-depth knowledge of legal aspects of the Peru mining business as well as the business contacts necessary to explore and negotiate effectively. The team also offers broad experience with the complex social and environmental issues involved in exploration and project development in Peru. Credibility Bear Creek Mining Corporation makes it a top priority to communicate results, and their implications, to its investors in a timely and professional manner. The corporation's Vancouver-based Corporate Development team is supported by the experience of Catherine McLeod-Seltzer, co-founder of Arequipa Resources and currently, Chairman of Pacific Rim Mining. About Bear Creek Mining Company Bear Creek Mining Company was formed in June 2000 by a management team previously involved in many of Peru's successful mining discoveries and reserve increases including the Pierina, Brocal, Tantahuatay, Los Chancas, and Toquepala deposits as well as Barrick Gold Corporation's recently announced Alto Chicama discovery. Bear Creek's strategy has focused on building a portfolio of properties in Peru while other mining companies were reducing budgets or dismantling exploration programs. As a result, the company is now in a position of excellent competitive advantage as metal prices rebound and high-quality prospects are in strong demand. Bear Creek will continue to focus on gold and silver, with emphasis on drilling as the most effective means to discover new mineral resources in order to meet the appetite of gold and silver producers and continue to add value to the company. Bear Creek Mining Company is now a wholly owned subsidiary of Bear Creek Mining Corporation. History of Bear Creek Mining Company Until 1994, Bear Creek Mining Company was Kennecott Copper Corporation's U.S. exploration subsidiary. As exploration managers of the Kennecott subsidiary, Andy Swarthout, and Gerry Van Voorhis played a large role in building Bear Creek's reputation of integrity, being a leader in innovation, and developing exploration technology applications for discovery. In June 2000, Mr. Swarthout and Mr. Van Voorhis rejoined forces to form and obtain financing for a private company to continue exploration in Peru. The Bear Creek name was chosen for its positive historical significance and its reputation for emphasis on diligent geologic field interpretation combined with sound business practices. The objective of the new company was to use its Peru experience to perform grass roots generative and acquisition programs for copper and gold during a period when exploration efforts were decelerating and attractive properties were becoming available within favorable Peru mineral belts. Field evaluations, followed by drilling, would then be performed to add value to the properties. Financing was finalized in July 2000 with the formation of Peru Exploration Ventures, a Limited Partnership. A commitment of US$1.9M was raised from a group of respected mining executives, including J. David Lowell, former executives of ASARCO and Southern Peru Copper Corp., ex-outside directors of ASARCO, and MK Gold Corporation. David Volkert, former exploration manager of Peru for Barrick, was hired as vice-president of exploration, and the Peru exploration program was initiated in July 2000. By 2001, Bear Creek had focused its efforts to concentrate solely on precious metals exploration, and the current portfolio reflects the emphasis on high-quality gold and silver targets. During the two-year program from 2000 to 2002, Bear Creek established itself as a competitive, effective, and credible exploration company in Peru. The success is largely attributable to our staff, but also, importantly, to our low overhead of less than 20% of expenditures. Over 80% of the budget was applied to direct fieldwork and property evaluations, with 21% of the total budget dedicated towards drilling. The strategy to effectively drill test a property following a positive field evaluation is a long-held belief by Bear Creek management as critical to the discovery of ore and adding value for our investors. About Bear Creek Mining Corporation Bear Creek Mining Corporation's focus is on gold and silver exploration in Peru. The property portfolio currently includes five prospects with high quality silver, gold or copper-gold targets. In addition Bear Creek maintains an active and aggressive exploration and property acquisition program. The corporation's former and present Chairman are world-renowned mine finders J. David Lowell and Catherine McLeod-Seltzer; and exploration is managed by Andrew Swarthout and David Volkert both based in Peru. Bear Creek will continue to dedicate itself to these principles as its shareholder base and access to capital markets expands. | |
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